Form 4: Bitcoin Depot President Sells Shares

Bitcoin Depot Inc. President and Director Christopher Scott Buchanan sold 7,000 shares of Class A Common Stock for a weighted average price of $1.42 per share under a pre-arranged trading plan.

Summary

• Christopher Scott Buchanan, President, Director, and 10% Owner of Bitcoin Depot Inc. (BTM), reported a sale of Class A Common Stock.
• On December 1, 2025, Buchanan disposed of 7,000 shares.
• The shares were sold at a weighted average price of $1.42 per share, with individual transactions ranging from $1.40 to $1.45.
• Following this transaction, Buchanan directly beneficially owns 619,276 shares of Class A Common Stock.
• The sale was executed pursuant to a Rule 10b5-1 trading plan established on April 8, 2025.

Sentiment

Score: 4

Explanation: The sale of shares by a key executive, even if pre-planned under a 10b5-1 plan, can be perceived as a slight negative as it reduces insider ownership. However, the pre-planned nature mitigates concerns about immediate negative catalysts.

Positives

• The sale was conducted under a Rule 10b5-1 trading plan, indicating a pre-scheduled transaction rather than a reaction to recent material non-public information.

Negatives

• A reduction in direct beneficial ownership by a key executive and director, Christopher Scott Buchanan, who sold 7,000 shares.

Future Outlook

This Form 4 filing is a transactional report and does not contain forward-looking statements or guidance regarding the company's future outlook.

Management Comments

• The sale of stock reflected in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan entered into by the Reporting Person on April 8, 2025.
• The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions on December 1, 2025 at prices ranging from $1.40 to $1.45, inclusive.
• The reporting person undertakes to provide to the issuer, any security holder of the issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

Industry Context

This filing reports an individual insider transaction and does not provide information relevant to broader industry trends or competitive analysis.

Comparison to Industry Standards

• This filing is a standard insider transaction report (Form 4) and does not contain information suitable for comparison to global benchmarks, specific comparable companies, projects, or results.

Corporate Governance

Stakeholder Impact

• Shareholders: May view the reduction in insider ownership by a key executive as a slight negative signal, although the pre-planned nature of the sale under a 10b5-1 plan suggests it is not based on new, adverse information.

Next Steps

• The reporting person undertakes to provide full information regarding the number of shares sold at each separate price within the reported range upon request from the issuer, security holders, or the SEC staff.

Key Dates

Recommendation

This Form 4 reports a routine, pre-planned sale of a relatively small number of shares by an insider under a Rule 10b5-1 plan. While it reduces insider ownership, it does not indicate a change in the company's fundamental outlook or suggest any immediate negative catalysts. Therefore, it does not warrant a change in investment thesis based solely on this transaction.

Keywords

Bitcoin Depot, BTM, insider trading, Form 4, stock sale, executive transaction, 10b5-1 plan, Christopher Scott Buchanan