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Joele Frank is working the media for Atlanta’s Bitcoin Depot as the country’s largest operator of bitcoin ATMs (BTMs) files for Chapter 11 to begin the wind-down of its business.
Bitcoin Depot CEO Alex Holmes blamed the shifting regulatory environment among the reasons for the company’s financial downfall.
He said “states have imposed increasingly stringent compliance obligations, including new transaction limits, and in some jurisdictions, outright restrictions or bans on BTM operations; and operators have faced increasing litigation and regulatory enforcement.”
Holmes said Bitcoin Depot examined various options before deciding to initiate the court-supervised process to facilitate an orderly wind-down of operations and a sale of the Company’s assets.
The Company’s network of BTMs has been taken offline.
Launched in 2016, Bitcoin Depot is in 47 states and operates more than 9K kiosks globally.
Joele Frank, Wilkinson Brimmer Katcher’s Michael Freitag and Aaron Palash provide strategic communications services to Bitcoin Depot.
BGR Group represents Noble Supply and Logistics as it files for Chapter 11 due to a change in its weapons support contract with the Defense Logistics Agency.
C Street Advisory Group is handling the Chapter 11 filing of LIV Golf following the move by Saudi Arabia’s Public Investment Fund to pull the financial plug on the League. (Updated)
Teneo handles Bamboo Insurance Services as the Midvale, UT-based marketer of homeowner policies files a Form S-1 statement with the SEC for an initial public offering.
FTI Consulting handles West Marine as the nation’s leading retailer of marine parts and accessories for boating, fishing and sailing enthusiasts emerges from Chapter 11 bankruptcy.
Throughline Global Advisors represents Principal Mineral as it acquires Conductive Group, manufacturer of advanced materials for the aerospace, telecommunications and electronics sectors.
