Bitcoin ATM Operator CoinFlip Reportedly Exploring $1 Billion Sale

CoinFlip, a Chicago-based operator of Bitcoin ATMs, is reportedly considering a sale with a target valuation of at least $1 billion, according to sources familiar with the matter cited by Bloomberg. The company has engaged a financial advisor to explore potential buyers, though discussions are in preliminary stages, and no deal is certain.

Founded in 2015, CoinFlip is the world’s second-largest crypto ATM operator, managing approximately 5,600 cryptocurrency ATMs across 11 countries, including the United States, Australia, New Zealand, and South Africa, enabling cash-to-crypto transactions for assets such as Bitcoin, Ethereum, and USDT. The company’s potential sale aligns with a broader wave of mergers and acquisitions (M&A) activity in the crypto industry, as firms seek to consolidate and capitalize on growing institutional interest in digital assets.

CoinFlip’s Role in the Crypto ATM Landscape

CoinFlip has grown into one of the largest crypto ATM operators globally, competing with firms like Bitcoin Depot, which reported $164.2 million in Q1 2025 revenue, up 19% year-over-year. Its ATMs, often placed in accessible locations like convenience stores, enable users to purchase cryptocurrencies with cash. This infrastructure has made CoinFlip a critical player in bridging fiat and digital economies, particularly for retail users. In 2018, CoinFlip secured seed funding from Shoreline Venture Management, JetBlue Technology Ventures, and Heads or Tails Investments. However, the crypto ATM sector faces regulatory challenges. While crypto ATMs provide convenient access for individuals to buy and sell cryptocurrencies, they also create opportunities for malicious actors to exploit them for fraudulent activities. Governments worldwide are cracking down on fraud involving crypto ATMs, as U.S. lawmakers are introducing the Crypto ATM Fraud Prevention Act this year. In Australia, new rules limit cash transactions to A$5,000 ($3,250) to combat fraud and money laundering. In the U.S., CoinFlip and Bitcoin Depot are navigating a $20 million lawsuit from Iowa over alleged scam losses, underscoring the sector’s exposure to compliance risks. These challenges could influence buyer interest and the feasibility of CoinFlip’s $1 billion valuation target.

A Surge in Crypto M&A Activity

The crypto industry is experiencing a significant surge in merger and acquisition (M&A) activity in 2025. As previously reported, major players are utilizing strategic acquisitions to drive growth, ensure regulatory compliance, and expand market presence. On June 3, trading platform Robinhood acquired Luxembourg-based cryptocurrency exchange Bitstamp for $200 million in cash. In May, Coinbase, the largest U.S. crypto exchange, purchased Dubai-based derivatives platform Deribit for $2.9 billion, marking the largest crypto M&A deal to date.

For acquirers, buying established businesses is more cost-effective than building from scratch, allowing companies to bypass lengthy development cycles and gain immediate access to customers, technology, and licenses. Meanwhile, sellers aim to capitalize on the relatively bullish crypto market to secure premium valuations and pursue strategic transitions.

Uncertainty Surrounds the Deal

With no official confirmation from CoinFlip, the reported sale remains speculative. The company’s ability to secure a buyer at its $1 billion target will depend on its financial performance, the regulatory landscape, and the broader M&A climate.