- Bitcoin Depot acquired peer-to-peer betting platform Kutt as part of its expansion into broader digital financial services.
- Kutt will retain its brand and leadership team while removing the traditional sportsbook “house” model.
- The deal comes at a time when crypto-linked prediction markets, including Polymarket, have seen record volumes amid heightened geopolitical and political trading activity.
The US-based Bitcoin ATM and fintech company based in Atlanta announced that the deal was part of a broader plan to expand into other digital financial services. Kutt, which launched in 2022, allows users to place bets on sports, entertainment, and other events. Kutt is available in 40 to 45 U.S. states.
Bitcoin Depot, which operated over 8,000 Bitcoin ATMs, did not disclose any pricing details on the deal. The company was also the first-ever Bitcoin ATM to go public in 2023.
The purchase came at a time when U.S. sports betting volumes were over $165 billion. After the deal, Kutt would keep using its current brand while keeping the leadership team intact. However, according to the press release, they would eliminate the traditional sportsbook "house" model.
Bitcoin Depot (BTM) was trading at $4.38, down 0.04% at midday on Monday. The stock closed down by 14% on Friday. On Stocktwits, retail sentiment around BTM remained in ‘bullish’ territory, accompanied by ‘extremely high’ chatter levels over the past day.
BTM Expansion Amid Growth In Prediction Markets
The acquisition comes at a time when digital betting and prediction markets have seen rising activity.
Polymarket, one of the largest crypto-native prediction platforms, recorded an all-time high in trading volume of $478 million on Sunday, driven by geopolitical events and U.S. political developments. Recent contracts linked to global conflicts and election outcomes have drawn significant trading activity, highlighting growing user participation in event-based markets, according to on-chain analytics platform Bubblemaps.
The expansion of prediction platforms coincided with rising regulatory scrutiny in the U.S., as lawmakers debated oversight of event-driven wagering markets.
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