Bitcoin Depot, the largest cryptocurrency automated teller machine (ATM) operator, has revealed that it has plans to go public via a special purpose acquisition company (SPAC) transaction. The $885 million acquisition deal with GSR II Meteora (GSRM) will make Bitcoin Depot a publicly traded company listed on Nasdaq.
Bitcoin Depot reveals SPAC deal with GSRM, post deal BTM secures $885 million equity value
On Thursday, U.S.-based crypto ATM operatorBitcoin Depotannounced that it will soon become a public company after merging with blank check firm GSR II Meteora (Nasdaq: GSRM) The SPAC merger is part of a traditional popular vehicle for crypto companies seeking to go public faster than an initial public offering (IPO) strategy, asdata from coinatmradar.comshows that Bitcoin Depot has nearly 7,000 decentralized machines deployed worldwide, making it the the largest crypto ATM operator in terms of machines.
“Today marks an important milestone for Bitcoin Depot.” Brandon Mintz, CEO and founder of Bitcoin Depot, said in a statement on Thursday.” We are always looking to expand our reach so that as many people as possible can access cryptocurrencies to control their money and make financial transactions easier and simpler.”
Once the deal with GSRM closes, the business combination will be named “Bitcoin Depot Inc.” and the stock will trade on the NASDAQ under the new ticker symbol “BTM. “The nearly 7,000 ATMs installed by Bitcoin Depot are mostly in North America, covering 47 states and 9 Canadian provinces. Today there are 38,742 cryptocurrency ATMs deployed worldwide, with the top 10 operators managing 69.3%.
Bitcoin Depot’s top three competitors are Coin Center with 5,284 units, Coinflip with 4,069 units, and Bitcoin of America with 2,352 units. Bitcoin Depot also offers a service calledBdcheckoutthat allows customers to check out their Bitcoins from a variety of locations, including the Bitcoin Depot, the Bitcoin Depot, the Bitcoin Depot, and the Bitcoin Depot of America. It gives Bitcoin Depot account holders the ability to load bitcoins at more than 8,000 locations of major retailers. Bitcoin Depot’s announcement Thursday noted that, barring any redemptions, the total value after the transaction would be an estimated $885 million in equity value.
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