Athena Bitcoin Global

Overview

Athena Bitcoin Global, a Nevada corporation, and its wholly owned subsidiary Athena Bitcoin, Inc. (Delaware) operate crypto asset transaction platforms. The company builds and operates a global network of Athena Bitcoin ATMs that allow customers to buy or sell Bitcoin for fiat cash. Additional services include Athena Plus, white-label operations and payment services, and an Affiliate program.

Products and platforms

• Athena Bitcoin ATMs
  • Two-way ATMs (buy and sell Bitcoin for cash) and one-way ATMs (buy Bitcoin for cash only).
  • Typically used for small purchases (minimums as low as $1; common transaction sizes $100–$1,000).
• Athena Plus
  • OTC-style service to assist buyers and sellers, including transactions over $10,000.
  • Products are delivered from the company’s Bitcoin holdings.
• White-label service
  • Operates Bitcoin ATMs on behalf of third parties, including the Government of El Salvador’s Chivo program.
  • Company-owned machines are installed and maintained under fixed-fee arrangements; Bitcoin deliveries can be made to Chivo-provided wallets or non-custodial wallets.
• Athena Pay
  • Payment processor app that lets retailers generate QR codes for Bitcoin transactions.
• Athena Bitcoin Affiliates Program
  • Pilot launched late 2024 and fully rolled out in June 2025.
  • Provides affiliates access to the company’s software platform, AML/KYC support, cash management guidance, and marketing services for operating their own Bitcoin ATMs.
  • Compensation via monthly service fees and/or revenue sharing.

Geographic footprint and ATM network (as of February 25, 2026)

• Active network:
  • United States: 2,903 ATMs
  • El Salvador: 27 ATMs
  • Argentina: 6 ATMs
  • Colombia: 15 ATMs
  • Mexico: 2 ATMs
  • Total ATMs in service: 2,953
  • Two-way ATMs: 47
• White-label Chivo ATMs and related infrastructure:
  • El Salvador: 194 Chivo ATMs
  • El Salvador consulates in the U.S.: 14
  • Other U.S. locations: 29
  • ATMs in storage: 27
  • Other related El Salvador operations include deployment of up to 950 Chivo POS terminals for local businesses.

Customers, partners, and channel strategy

• Retail network: contracts with over 3,000 regional retailers (gas stations, convenience stores, supermarkets, malls) representing roughly 3,000 Bitcoin ATMs.
• Channel strategy focuses on site selection, brand authenticity, and geographic expansion, including Latin America.

Transaction activity and liquidity

• Bitcoin ATM transactions completed:
  • 2025: 213,683 transactions
  • 2024: 185,789 transactions
• Athena Plus transactions:
  • 2025: 228 transactions
  • 2024: 83 transactions
• Bitcoin supply and custody:
  • The company holds Bitcoin on hand and replenishes holdings multiple times daily; on average, holdings are sold within two days of purchase.
  • Holds Bitcoin in hot wallets with BitGo as custodian; does not maintain cold storage.
  • Crypto assets are not insured by the company. BitGo provides custodial protection with crime insurance up to $5.0 million and specie insurance up to $250 million through Lloyd’s of London, subject to exclusions.

Pricing, revenues, and revenue recognition

• Revenue model: fees for Bitcoin transactions equal the prevailing U.S. exchange price plus a markup.
  • Average markup on Bitcoin sold: 24% in 2025 (22% in 2024).
• Revenue recognition: ATM transaction revenue is recognized when Bitcoin is delivered to the customer’s wallet.
• El Salvador (Chivo) revenue share:
  • 2025: approximately 1% of total company revenues from the El Salvador white-label service
  • 2024: approximately 2%

Capital structure and liquidity

• Indebtedness (as of December 31, 2025, excluding lease liabilities): approximately $21.3 million
  • Short-term notes payable: $4.0 million
  • Insurance financing debt: $327 thousand
• Debt extinguishment (September 2025 settlement with Taproot):
  • Termination payment total: $9.0 million (initial $3.0 million upfront + $115.4 thousand weekly payments for 52 weeks)
  • Carrying amount of related debt at settlement: $4.3 million
  • Items recognized in connection with extinguishment:
    • $3.2 million buyout of a 0.5% vendor participation obligation
    • $300 thousand buyout of a location/revenue-share obligation
    • $1.1 million settlement premium
  • Loss on extinguishment of debt (12 months ended December 31, 2025): $5.283 million (net of related items)
• Convertible debt: the Amended and Restated Secured Convertible Debenture was repaid in full on November 24, 2025.
• Public equity: traded on OTC Markets under the symbol ABIT (OTC ID tier); historical trading has included periods of low liquidity and volatility.

Staffing and key management (as of February 20, 2026)

• Employees:
  • United States: 18
  • Foreign subsidiaries: 47
  • Total employees: 65
• Consultants: 12 (10 in the U.S., 2 in Latin America)
• Key management: Matias Goldenhörn, CEO and director. Management has ownership ties to Move On Security LLC and Move On Tech Service, LLC (each 50% ownership in their respective entities).

Operations and third-party relationships

• Cash logistics and ATM support:
  • Move On Security LLC and Move On Tech Service LLC provide deployment, maintenance, and related services and are connected to management ownership.
  • Cash collection and deposit are handled by bonded security/armored-car providers (examples: Brinks, Garda World, Loomis, NCAL, PROVAL, SERSAPROSA, and Move On Security in some markets).
  • Cash-to-bank settlement window is generally 3–7 days.
• ATM software and hardware:
  • Previously relied on Genesis Coin for ATM software and hardware; that relationship terminated in September 2024 under a confidential settlement.
  • The company now operates its own proprietary ATM software platform and uses alternative hardware and service providers.
• Third-party software development:
  • PSBC, LLC Development Services Agreement began in June 2024 with amendments in 2024–2025; payments are made in Bitcoin and security and escrow terms are specified.

Regulatory and risk context

• The business operates in a changing regulatory environment for digital assets and money services.
• Disclosures cover AML/BSA compliance, state licensing, KYC procedures, OFAC screening, privacy and data protection, and potential securities-law considerations for crypto assets.
• The company monitors risks related to regulation, market volatility, cybersecurity, private-key security, and potential changes to El Salvador’s Bitcoin Law and the Chivo program.

Intellectual property and branding

• Proprietary algorithms and systems support crypto purchases and KYC onboarding.
• Trademarks include the Athena Bitcoin name and owl logo; renewals are noted.

Public reporting and corporate status

• The company is an emerging growth company and a smaller reporting company and benefits from certain JOBS Act exemptions while remaining subject to SEC reporting requirements.
• The company has filed resale registrations (S-1) for certain shares and its common equity trades on OTC Markets under the symbol ABIT.

Other material points from the excerpt

• Leadership and ownership include several major shareholders and a concentrated voting base.
• The white-label relationship with El Salvador’s Chivo program represents a government relations component and potential future opportunities tied to changes in the Chivo program.
• The company may require additional capital for growth; current indebtedness and liquidity dynamics affect financing flexibility.