PANews reported on May 16 that according to Decrypt, Bitcoin ATM operator Bitcoin Depot's revenue in the first quarter was $164.2 million, a year-on-year increase of 19%, and a net profit of $12.2 million, turning losses into profits. The company's stock price rose 22% to $2.04 that day, but it was still 79% lower than the listing price in July last year. The value of Bitcoin held by Bitcoin Depot increased from $600,000 to $7.8 million, measured using new fair value accounting standards. The company is applying for a New York State operating license and expects the state market to accommodate 3,000 devices.