U.S.-based Bitcoin ATM operator Bitcoin Depot Inc (NASDAQ:BTM) said its board of directors has authorized a share repurchase program of up to $10 million of its outstanding shares.
The share repurchase will commence immediately and will continue through and including June 30, 2024.
Pursuant to the authorization, repurchases may be made from time to time using a variety of methods, including open market purchases, privately negotiated transactions or by other means in accordance with U.S. securities laws and regulations.
The timing and total amount of share repurchases will be determined by the company at its discretion.
The company held $27.4 million in cash and equivalents as of June 30, 2023.
Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space.
Price Action: BTM shares are trading higher by 5.55% at $2.47 on the last check Friday.
