Bitcoin Depot buys Kutt, moves into peer-to-peer betting

Bitcoin Depot Expands Into Betting With Kutt Acquisition

Bitcoin Depot Inc., the Nasdaq-listed Bitcoin ATM operator, has bought Kutt Inc., a platform where users bet directly against each other on sports, entertainment, and custom events. The deal, announced March 2, 2026, takes Bitcoin Depot beyond cryptocurrency kiosks into a segment where bettors fund wagers through bank accounts, cards, or crypto. Kutt launched in 2022 and operates in most U.S. states, letting users set their own betting terms without traditional sportsbook middlemen.

The timing makes sense. Americans placed over $100 billion in sportsbook wagers in 2025, and digital betting keeps gaining mainstream acceptance. Bitcoin Depot, which went public in 2023 and runs more than 9,000 kiosks across North America as of August 2025, sees the acquisition as a way into adjacent fintech categories. Kutt’s peer-to-peer model lets bettors create personalized wagers and build community around both private and public events.

The acquisition shows Bitcoin Depot wants to build digital product lines while keeping its ATM network running for customers who prefer converting cash to crypto for payments or investments. The companies didn’t reveal financial terms, so the deal’s actual scale remains unclear. Kutt’s founder and CEO, Sim Harmon, said the acquisition gives his company resources for faster growth, better products, and broader marketing reach.

Why Social Betting Fits Bitcoin Depot’s Strategy

As legal digital betting spreads across the U.S., platforms like Kutt appeal to users who want control over their wagers and social features built in. Bitcoin Depot’s move here builds on infrastructure it already has in 47 states for kiosks and 31 states for its BDCheckout product at retail locations. The company, founded in 2016, has prioritized compliance and accessibility—values that carry over to a market where crypto funding options match its expertise.

What we know about the deal:

• Bitcoin Depot is the sole buyer; no other parties were mentioned.
• Kutt continues operating under its own brand, so existing users shouldn’t see disruption.
• The P2P fintech space is growing as more consumers adopt these tools.
• CEO Scott Buchanan called the platform’s potential “significant” as Bitcoin Depot looks beyond ATMs.

The acquisition doesn’t change Bitcoin Depot’s focus on its core business but does add a new revenue stream in a fast-growing area. Kutt’s presence in most states positions it to benefit from ongoing legalization, though regulatory differences across states could affect operations. The announcement didn’t include integration timelines, synergy details, or information about earn-outs or contingent payments.

Since going public, Bitcoin Depot has pursued growth at home and abroad in a competitive market where fintech companies increasingly mix crypto with traditional financial services. This deal—terms still unknown—suggests a targeted approach to expanding the portfolio without disrupting what’s already working.

Bottom line: The acquisition fits a broader wave of consolidation in crypto-adjacent fintech, giving Bitcoin Depot a stake in the growing P2P betting market.