Top Cryptocurrency News: World’s Largest Crypto ATM Company—Bitcoin Depot, to Go Public via SPAC Deal
Bitcoin Depot, the world's largest bitcoin automated teller machine (ATM) operator, has announced ambitions to go public through a special purpose acquisition company (SPAC) deal.
The $885 million acquisition of GSR II Meteora (GSRM) would transform Bitcoin Depot into a publicly traded company on the Nasdaq.
On Thursday, Bitcoin Depot, a U.S.-based crypto ATM operator, announced that it will soon be a publicly traded company after merging with the blank check company GSR II Meteora. SPAC mergers have proven to be a popular vehicle for crypto firms seeking to list faster than traditional IPO tactics. According to statistics from sources, Bitcoin Depot is the largest crypto ATM operator in terms of machines installed globally, with close to 7,000 distributed machines.
Brandon Mintz, the CEO and founder of Bitcoin Depot, said in a statement on Thursday that “today marks a significant milestone for the company. We are always working to broaden our reach so that as many individuals as possible have access to cryptocurrencies in order to control their own money and perform simpler and easier financial transactions.”
When the deal with GSRM is completed, the business will be known as Bitcoin Depot Inc., and its shares will trade on the Nasdaq under the new ticker symbol BTM. Bitcoin Depot has approximately 7000 ATMs and are largely located in North America, including 47 states in the United States and nine Canadian provinces. Today, there are 38,742 cryptocurrency ATMs globally, and 69.3% of them are controlled by the top 10 crypto ATM operators.
Bitcoin Depot also provides a service called Bdcheckout, which allows Bitcoin Depot account holders to load up on bitcoin at more than 8k major retailer locations. According to Bitcoin Depot's announcement on Thursday, if no redemptions occur, the total value following the transaction would have an estimated equity value of $885 million.
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