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Non-controlling Interests (Tables)
6 Months Ended
Jun. 30, 2024
Noncontrolling interest [Abstract]  
Summary of Changes in the Balances Non-controlling Interests

The following table presents the changes in the balances of non-controlling interests for the three and six months ended June 30, 2024 (in thousands):

 

 

BitAccess

 

BT HoldCo

 

Total

 

Beginning balance January 1, 2024

 

$

2,707

 

$

22,480

 

$

25,187

 

Distributions

 

 

 

 

(916

)

 

(916

)

Share-based compensation expense

 

 

8

 

 

 

 

8

 

Foreign currency translation

 

 

 

 

9

 

 

9

 

Net income (loss)

 

 

4

 

 

(2,694

)

 

(2,690

)

Balance at March 31, 2024

 

 

2,719

 

 

18,879

 

 

21,598

 

Distributions

 

 

 

 

(6,832

)

 

(6,832

)

Share-based compensation expense

 

 

8

 

 

 

 

8

 

Foreign currency translation

 

 

 

 

4

 

 

4

 

Redemption of non-controlling interest

 

 

 

 

(585

)

 

(585

)

Net income (loss)

 

 

40

 

 

6,871

 

 

6,911

 

Ending balance June 30, 2024

 

$

2,767

 

$

18,337

 

$

21,104

 

Schedule of Ownership Interests

The following table summarizes the ownership interests in BT HoldCo common units:

 

 

As of June 30, 2024

 

 

As of December 31, 2023

 

 

 

BT HoldCo

 

 

Ownership %

 

 

BT HoldCo

 

 

Ownership %

 

Number of BT HoldCo interests held by Bitcoin Depot Inc.

 

 

20,420,855

 

 

 

31.65

%

 

 

16,727,691

 

 

 

27.50

%

Number of BT HoldCo interests held by non-controlling interest holders

 

 

41,193,024

 

 

 

68.35

%

 

 

44,100,000

 

 

 

72.50

%

Total BT HoldCo interests outstanding

 

 

61,613,879

 

 

 

100.00

%

 

 

60,827,691

 

 

 

100.00

%

Schedule of Redemptions

The following table summarizes the redemptions BT HoldCo interests:

 

Three and Six Months Ended June 30, 2024

 

 

Year Ended December 31, 2023

 

Redemption and acquisition of BT HoldCo interests:

 

 

 

 

 

Number of BT HoldCo interests redeemed by the non-controlling interest holders

 

2,906,976

 

 

 

 

Number of BT HoldCo interests received by PubCo

 

2,906,976

 

 

 

 

Issuance of Class A common stock:

 

 

 

 

 

Shares of Class A common stock issued in connection with the redemption of BT HoldCo interests

 

2,906,976

 

 

 

 

Cancellation of BT HoldCo common units and Class V units:

 

 

 

 

 

Number of BT HoldCo common Units surrendered

 

2,906,976

 

 

 

 

Number of PubCo Class V units surrendered

 

2,906,976