Bitcoin Depot has appointed Alex Holmes as its new chief executive, less than three months after a planned leadership transition placed Scott Buchanan in the role. Buchanan has resigned as both CEO and as a director, according to a filing with the SEC on Tuesday. The filing notes that his departure was not the result of any disagreement with the company over its operations, policies, or practices.
Alongside Buchanan’s exit, company founder Brandon Mintz has stepped down as executive chairman, though he will remain on the now six-member board and is expected to continue advising the incoming CEO. The departures unwind a succession plan announced in November, under which Buchanan was set to assume the CEO position while Mintz transitioned to an executive chairman role. That arrangement lasted fewer than three months.
Holmes, who has served as a Bitcoin Depot director since August of last year, brings more than 16 years of experience in payments, spanning remittances, banking, and regulatory compliance. He previously led financial services firm MoneyGram as both CEO and chairman from 2016 to 2024. In a statement, Holmes outlined his priorities as achieving operational stability, advancing regulatory progress, and steering the company toward becoming a more diversified fintech platform.
The leadership change comes as Bitcoin Depot confronts significant challenges to its core kiosk business. Connecticut shut down the company’s ATMs in the state last week, alleging that it had been overcharging users and failing to issue refunds to fraud victims. The company has also warned investors in its latest financial report that core revenue could decline by 30% to 40% this year, citing a dynamic regulatory environment and tightened compliance standards.
Bitcoin Depot is not alone in facing heightened scrutiny. Coinhub was fined $675,000 by California for overcharging customers, while Crypto Dispensers, based in Chicago, is reportedly weighing a $100 million sale after its founder was charged with money laundering. The broader crypto ATM sector appears to be under increasing pressure from state and federal regulators across the country.
Despite the turbulence, Bitcoin Depot remains the largest Bitcoin ATM operator in North America, a position it has held since its founding a decade ago. The company currently operates more than 9,000 kiosk locations globally. Shares fell more than 14% on Tuesday to $2.80, approaching their lowest level over the past year, according to Google Finance data. Bitcoin Depot did not immediately respond to a request for comment.
Originally reported by Decrypt.
