Cryptocurrency ATM provider Bitcoin Depot announced that it plans to go public following a merger with the special-purpose acquisition company (SPAC) GSR II Meteora (GSRM) in a deal valued at $885 million.
US-based cryptocurrency ATM provider, Bitcoin Depot, announced today that it has reached an agreement to merge with the SPAC GSRM in an $885 million deal to go public. The merger would result in Bitcoin Depot becoming a publicly listed company that will trade on the Nasdaq under the ticker BTM. The deal is expected to close by the first quarter of 2023. The ATMs allow users to purchase cryptocurrencies with cash or debit cards and wire the tokens directly to a wallet of their choice without the need of having to go through a crypto exchange. Bitcoin Depot has a network of over 7,000 locations across the U.S. and Canada with a market share of 19.1%.
According to data firm Coin ATM Radar, there are about 38,000 crypto ATMs installed in almost 80 countries. Bitcoin Depot CEO Brandon Mintz says that despite the ongoing cryptocurrency bear market, the company has thrived as a growing number of use cases for crypto-like payments persist. Mintz says:
We’re actually doing fantastic right now regardless of the market.
The CEO also added that the company plans to pursue acquisition after going public.
The GSRM SPAC reportedly has over $320 million that Bitcoin Depot could use to accelerate its growth. Gus Garcia, co-CEO of GSRM and former SPAC banker at Bank of America says that he is confident in Bitcoin Depot’s financing options given the company’s steady growth. He added:
With its significant BTM footprint, key strategic relationships, and feature-rich mobile app, we believe Bitcoin Depot is well positioned to take advantage of the highly fragmented BTM market both domestically and overseas.
SPACs have become an increasingly popular way of going public accounting for more than half of all initial public offerings in 2020-2021 according to the U.S. Securities and Exchange Commission.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice