Bitcoin Depot (the largest operator of cryptocurrency ATMs), has announced that it intends to make the company public using a Special Purpose Acquisition Company (SPAC). Bitcoin Depot will become a Nasdaq-listed company after the $885 million deal it made with GSR II Meteora.
Bitcoin Depot Announces SPAC Deal with GSRM and Post-Transaction BTM to Secure Equity Value of $885 million
Bitcoin Depot, a U.S.-based cryptocurrency ATM operator, announced Thursday that it will soon become a publicly listed company after merging with GSR II Meteora blank check company (Nasdaq GSRM). SPAC mergers are a common way for crypto companies to be listed more quickly than with traditional initial public offerings (IPO). Bitcoin Depot, according to coinatmradar.com data, is the world’s largest crypto ATM provider in terms of deployed machines.
“Today marks an important milestone for Bitcoin Depot,” Brandon Mintz, the CEO and founder of Bitcoin Depot said in a statement on Thursday. “We are always looking to expand our reach so as many people as possible can access cryptocurrency to control their own money and conduct easier and simpler financial transactions.”
When the transaction with GSRM closes, the business combination will be named “Bitcoin Depot Inc.,” and shares will trade on the Nasdaq under the new ticker symbol “BTM.” The close to 7,000 ATMs Bitcoin Depot has installed are mostly situated in North America, covering 47 states in the U.S. and nine Canadian provinces. There are currently 38,742 crypto ATMs worldwide. The top ten operators have a combined 69.3%.
Bitcoin Depot’s top three competitors include Coin Center with 5,284 machines, Coinflip with 4,069 machines, and Bitcoin of America with 2,352 machines. Bdcheckout allows Bitcoin Depot account holders to purchase bitcoin at more that 8,000 retailers. Bitcoin Depot’s announcement notes on Thursday, that as long as there are no redemptions, the combined value after the transaction will have an estimated equity value of $885 million.
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