Bitcoin Depot reported a second-quarter profit of $12.3 million on Tuesday, attributing the 183 increase compared to a year ago partly to an increase in the value of its Bitcoin holdings.

The Atlanta-based firm, which operates over 8,800 crypto kiosks across North America, said the value of its Bitcoin holdings increased $2.3 million in the second quarter. As of June 30, the company held 100 BTC worth $11.5 million, a 666 increase compared to a year ago.

Revenue rose 6 year-over-year to $172 million, as a result of increased kiosk deployment and a higher median transaction size among customers exchanging cash for Bitcoin, the firm said.

Bitcoin Depot’s stock price fell 14.4 on Tuesday to $4.14, according to Yahoo Finance. The company’s shares have still popped 155 year-to-date.

On an earnings broadcast, Bitcoin Depot CEO Brandon Mintz said that 3,300, or nearly a third of the company’s active machines, had been installed for less than a year. He later noted that the company has 1,700 kiosks in inventory that could later be deployed.

The company raised $12 million in the second quarter through an at-the-money offering program, selling common shares in a similar way to Bitcoin-buying firm Strategy. CFO David Gray signaled that the Bitcoin ATM operator could use funds raised to accumulate Bitcoin—it bought 6 BTC in Q2—pay down debt, or pursue strategic mergers and acquisitions.

With several Bitcoin ATM operators across the U.S., Mintz said that the firm is trying to “consolidate a fragmented market,” acquiring the assets of Telecoin, a Louisiana-based Bitcoin ATM operator in the second quarter.

The company has relocated the position of its kiosks in light of regulatory shifts, such as a law passed last year in California that imposed limits on daily transactions and the spread that Bitcoin Depot charges. Mintz said the company has around 200 kiosks left in the region.

At the same time, the company is also expanding overseas, deploying 200 kiosks in Australia this year, which “continues to emerge as a global hot spot for Bitcoin adoption, Mintz said.

Bitcoin was recently trading at about $119,700, down slightly over the past 24 hours but up 6 during the last week.

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