Bitcoin Depot Makes A Move Beyond Crypto ATMs – Buys Social Betting Platform Kutt
Synopsis
Kutt will retain its name and leadership team but abolish the sportsbook "house" approach.
Bitcoin Depot (BTM) has acquired Kutt, a peer-to-peer social betting site, marking a step beyond its Bitcoin ATMs.
The fintech company based in Atlanta announced on Monday that the deal is part of a broader plan to expand into other digital financial services. Kutt, which launched in 2022, lets users place bets on sports, entertainment, and other events.
Bitcoin Depot, which operates over 8,000 Bitcoin ATMs, has not disclosed any pricing on the deal. The company was also the first-ever Bitcoin ATM to go public in 2023.
The purchase comes at a time when U.S. sports betting volumes are over $165 billion. After the deal, Kutt will keep using its current brand while keeping its leadership team intact, but will eliminate the traditional sportsbook "house" model, according to the press release.
Bitcoin Depot (BTM) was up 4.56% in pre-market hours after closing down 14% on Friday. On Stocktwits, retail sentiment around BTM remained in ‘bullish’ territory, accompanied by ‘extremely high’ chatter levels over the past day.
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