Bitcoin Depot (Nasdaq: BTM) has overhauled its top leadership and signaled a significant contraction in its core business as the company navigates a tightening regulatory environment and operational challenges.

Scott Buchanan resigned as CEO and director effective March 23, according to a Tuesday 8-K filing with the SEC. Founder Brandon Mintz stepped down as executive chairman the same day, transitioning to a non-executive board member and advisor to the CEO. 

Per the filing, the board appointed Alex Holmes, a director since Aug. 20, 2025, as CEO and chairman effective immediately. Holmes previously served as chairman and CEO of MoneyGram International from 2016 to 2024, where he oversaw the company's $2 billion sale to Madison Dearborn Partners.

The transition marks the second leadership change at Bitcoin Depot in about four months. In November 2025, the company announced a planned transition naming Buchanan as CEO effective Jan. 1, 2026, with Mintz moving to executive chairman. Elizabeth Simer was appointed COO at that time. 

The latest shakeup follows a March 18 suspension of the company's money transmission license in Connecticut, where regulators alleged the firm charged fees above the state's 15% cap on more than 1,000 transactions, resulting in about $150,000 in excess fees paid by over 500 consumers.

Meanwhile, the company has issued a 2026 outlook projecting core business revenue to decline 30% to 40%, citing the impact of state regulations — including transaction size caps and enhanced compliance standards — as the primary drivers.

Shares of Bitcoin Depot fell 14.37% to close at $2.8 on Tuesday. The stock is down 88.8% over the past six months.