Bitstop

What Bitstop Is

Bitstop is a Miami-based fintech company that operates one of the largest Bitcoin and cryptocurrency ATM networks in the United States. Founded in 2013, the company was among the first to deploy Bitcoin ATMs in the country, launching a landmark machine at Miami International Airport in 2019. Today Bitstop runs approximately 2,500 machines deployed across gas stations, convenience stores, grocery stores, and value retailers throughout the U.S., with ongoing expansion into new retail chains and states.

The company's stated mission is to make digital assets accessible to anyone with cash — removing barriers like bank accounts, brokerage signups, or existing crypto holdings. Bitstop is noncustodial by design: it never holds users' assets. Every transaction sends purchased cryptocurrency directly to the user's own external wallet.

How It Works

Using a Bitstop ATM requires no prior crypto account. A user walks up to a machine, enrolls in seconds using the on-screen prompts (or through a pre-registered account via the Bitstop mobile app), selects a digital asset from the menu, scans their personal wallet's QR code or receives funds to a Bitstop-generated address, inserts cash, and confirms. The ATM displays the live exchange rate and transaction fee before the user commits funds. The crypto is sent directly to the specified wallet once the transaction is confirmed.

For users without a hardware or software wallet, Bitstop's app allows account creation via Google or Apple ID and functions as a lightweight on-ramp companion — displaying transaction history, real-time tracking of purchases, and a map of nearby ATM locations with hours and directions.

Select Bitstop locations also offer physical gold ATMs, allowing customers to purchase Goldbacks — spendable 24-karat gold currency — alongside digital assets.

Supported Assets

Bitstop has expanded beyond Bitcoin to support 11 digital assets across its ATM network as of mid-2025:

• Bitcoin (BTC)
• Ethereum (ETH)
• Solana (SOL)
• Litecoin (LTC)
• Ripple (XRP)
• Dogecoin (DOGE)
• Tether (USDT)
• USD Coin (USDC)
• Pepe Coin (PEPE)
• Dogwifhat (WIF)
• PENGU

Solana (SOL) is described in Bitstop's own materials as a "high-speed blockchain for scalable DeFi and Web3 projects." WIF (Dogwifhat) is a Solana-native meme coin, making Bitstop one of the few physical ATM networks that allows users to purchase Solana ecosystem tokens with cash in person.

Fees and Accessibility

Transaction fees at Bitstop ATMs typically range from 7% to 20%, with discounts available through the Bitstop mobile app's rewards program. Rates are market-transparent — the machine displays the fee and effective exchange rate before any cash is inserted. While ATM fees run higher than online exchanges by design (the premium reflects cash handling, physical infrastructure, and instant settlement without a bank account), Bitstop's positioning targets users who lack or prefer not to use traditional financial services.

Machines operate 24 hours a day at most locations. The company has expanded through partnerships with regional chains, including an agreement to place ATMs at all 310 Royal Farms convenience store locations across Mid-Atlantic states.

Compliance and Security

Bitstop is registered as a Money Service Business (MSB) with NMLS ID 1833409 and is subject to federal anti-money laundering (AML) and know-your-customer (KYC) requirements. Each machine incorporates identity verification, phone number confirmation, encryption, and surveillance. The company describes its compliance program as a core differentiator in an industry that has faced regulatory scrutiny for lax fraud controls, particularly regarding scams targeting older consumers.

Team and Company Background

Doug Carrillo is the company's co-founder and Chief Strategy Officer. In public statements accompanying the multi-coin expansion, Carrillo framed the product's purpose as broad inclusion: "We're bringing digital currency to the people, because that's what they're asking for. With DOGE, ETH, SOL, XRP, USDC, and other cryptocurrencies now available at our ATMs, we're offering digital asset diversification."

Bitstop is headquartered at 3611 South Dixie Highway in Miami, Florida, and has grown from a regional operator to a nationwide presence across more than a decade of operation.

Solana Ecosystem Fit

For the Solana ecosystem, Bitstop functions as a cash on-ramp — one of the most friction-free paths to acquiring SOL outside of centralized exchanges. The availability of SOL at thousands of physical U.S. locations means that a person who has never used a crypto exchange can walk into a gas station, insert dollars, and receive SOL in a self-custody wallet. Bitstop also carries WIF, a meme coin native to the Solana network, reflecting the network's cultural footprint in the broader retail crypto market.

This physical distribution layer complements Solana's on-chain ecosystem by broadening the population of potential SOL holders beyond those with exchange accounts or debit-card on-ramp access.