Bitcoin Depot announced on May 30, 2025, the simplification of its organizational and capital structure by eliminating its Up-C Restructuring. This involved the merger of BT Assets, Inc., an entity controlled by CEO Brandon Mintz, with a company subsidiary. Mintz received 41,193,024 shares of Class M common stock, carrying 10 votes per share, and all Class V Common Stock was cancelled.
Following the restructuring, Bitcoin Depot now wholly-owns its principal operating subsidiaries. The company anticipates several benefits from this simpler structure, including better stock liquidity, easier use of stock for future acquisitions, and a clearer corporate profile.
Financially, the elimination of the Up-C structure extinguishes a $2.2 million Tax Receivable Agreement liability. Bitcoin Depot estimates this change will reduce its cash tax rate by an estimated 12 percentage points and lower other professional services costs related to tax, accounting, and legal matters.
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