Bitcoin Depot Chief Operating Officer Sells 10,000 Stock Shares

Should Bitcoin Depot (BTM)) investors be concerned that the Bitcoin Depot’s COO Christopher Scott Buchanan just sold off 10,000 shares of his BTM stock?

The sale netted a value of $15,100 and left the Chief Operating Officer with 231,276 shares in a publicly disclosed transaction through the Securities & Exchange Commission. Buchanan’s stock holding now amounts to just over $349,000.

These are not the only sales of Bitcoin Depot stock that Buchanan has made in the past few months. He also sold 20,000 shares on September 3^rd. Then on August 2^nd, he sold 10,229 shares of the stock, and on July 5^th, he sold another 4,103 shares.

What Is Bitcoin Depot?

Bitcoin Depot operates a number of crypto kiosks that are placed throughout the North American continent. Using these kiosks, their customers can buy and sell a variety of cryptocurrencies, including Ethereum, Litecoin, and Bitcoin. The company owns a few retail locations that offer the same services.

The company’s BTM stock traded down $0.03 on Thursday, and the trading volume was low, at 80,644 shares. Compare that to the average trading volume of 208,269, and you can see why the COO might sell off so many of his shares.

Is Bitcoin Depot in trouble? Their stock price is hovering close to the 12-month low of $1.37 with a current price of $1.47. For Friday, the stock price is down by 2%.

If investors get worried after finding out about the sale of stock by the company’s COO, that could spell disaster for the stock very quickly. The stock market is in a volatile state right now, especially with the state of affairs in the Middle East with fighting escalating. However, the Nonfarm Payrolls report later today could give the market a little boost.