Bitcoin Depot ousted CEO Scott Buchanan less than three months after a planned succession and named former MoneyGram chief Alex Holmes as CEO and chairman. Founder Brandon Mintz stepped down as executive chairman but stays on a reduced six-member board. Holmes, a director since August, prioritizes operational stability, regulatory progress and diversifying into fintech. The change coincides with tighter state oversight — Connecticut shut down Bitcoin Depot ATMs over alleged overcharging and refund failures — and a company warning that core revenue could fall 30–40% this year. Bitcoin Depot operates over 9,000 kiosks globally; shares fell more than 14% to $2.80 after the news.

CEO and chairman replaced within three months; founder stepped down from executive chair; company warned core revenue could fall 30–40%; Connecticut shut down ATMs for alleged overcharging/refund failures; shares dropped >14% to $2.80. These concrete negative developments justify a bearish sentiment and are likely to move the company’s short-term market price.