Bitcoin Depot initiated with a Buy at H.C. Wainwright

H.C. Wainwright analyst Mike Colonnese initiated coverage of Bitcoin Depot with a Buy rating and $6 price target. Bitcoin Depot is the largest bitcoin ATM operator in North America with over 6,350 kiosks installed across the U.S. and Canada, the analyst tells investors in a research note. The firm says the company is one of the very few investment vehicles that provides investors with exposure to the secular growth in bitcoin adoption, and a “durable and growing earnings stream” that isn’t directly correlated to bitcoin price levels. It sees a “significant disconnect” between Bitcoin Depots valuation and its “strong fundamentals, presenting an attractive entry point for investors.”