Bitcoin Depot Inc. (BTM) presents a deeply negative liquidation posture as of December 31, 2025, consistent with the MFFAIS-reported cash liquidation value of approximately -$60.5M and liquid liquidation value of approximately -$59.9M. The asset base of $130.6M total assets is dominated by cash ($65.6M, recoverable at par) and current assets ($80.3M total), but the liability stack is heavy and includes material secured debt, kiosk franchise profit-sharing obligations, and significant accrued liabilities. Under liquidation haircuts, cash of $65.6M recovers fully; AR of $0.6M recovers ~$0.6M at 90-95%; PP&E (primarily kiosk hardware) is subject to a 50-70% haircut and filed separately from the XBRL tags provided; goodwill of $8.7M recovers $0; intangibles net of $0.8M recover $0; deferred tax asset of $10.6M recovers $0 in liquidation. On the liability side, accrued liabilities of $39.9M current and $41.1M combined accrued/other liabilities sit at face value. Notes payable (Silverview credit facility with amended maturity of December 2027, plus kiosk franchise profit-sharing obligations totaling approximately $20.7M recorded through Q3 2025 per the prior 10-Q, maturing 2033) are carried at face in liquidation. The filing does not separately XBRL-tag total notes payable or long-term debt components in TAG_CONTEXT, so the precise debt quantum must be read from the balance sheet narrative rather than confirmed by a specific tag here. The Up-C Restructuring completed during FY2025 eliminated the Tax Receivable Agreement via an $8.4M cash settlement to BT Assets, simplifying the liability structure and removing the TRA contingent liability (previously estimated at a $90.2M lump-sum in a change of control). BHoldCo is now a wholly-owned subsidiary, eliminating the noncontrolling interest complexity, though FY2025 still reflects $10.9M NCI comprehensive income. Three active litigation matters create unquantified contingent liabilities in liquidation: Canaccord (up to $23M), Iowa AG consumer fraud action (monetary penalties unquantified), and a data breach class action (damages unspecified). Material weaknesses in ICFR remained unremediated as of the prior quarterly period. The filing also discloses adoption of ASU 2023-08 for crypto asset fair value accounting effective January 1, 2025, introducing mark-to-market BTC balance sheet exposure. Kiosk franchise profit-sharing debt of $20.7M recorded through Q3 2025 matures 2033 and represents a long-duration, operationally-linked liability that does not extinguish on wind-down. Net cash increased $36.2M during FY2025, leaving $65.6M cash at year-end, the primary recoverable asset. The negative equity recovery position is driven by the gap between haircutted asset recoveries and face-value liabilities including secured debt, franchise obligations, accrued liabilities, and contingent litigation exposure.
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