Crypto ATM operator Bitcoin Depot seeks to allocate part of its cash reserves into Bitcoin

Bitcoin Depot, which has more than 7,400 Bitcoin ATMs in the United States, has announced that it will seek to allocate part of its cash reserves into Bitcoin. The company explained that this strategy puts it in line with other forward-looking institutions that use Bitcoin as a hedge against inflation and benefit from its assets in the future. Bitcoin Depot said its Bitcoin purchases will be "opportunistic in nature" and will not include funds required for its operations. CEO Brandon Mintz said the move demonstrates the company's "long-standing belief in Bitcoin as an important financial asset and store of value." The company did not disclose how much of its cash reserves it intends to convert into Bitcoin, nor did it disclose whether it has set any percentage target for this task. (Bitcoin.com)