World’s Largest Crypto ATM Company Bitcoin Depot Will Go Public Via SPAC Deal – Bitcoin News
The largest cryptocurrency automated teller machine (ATM) operator, Bitcoin Depot, has revealed that it plans to go public via a Special Purpose Acquisition Company (SPAC) agreement. The $885 million acquisition agreement with GSR II Meteora (GSRM) will make Bitcoin Depot a publicly traded company listed on Nasdaq.
Bitcoin Depot Reveals SPAC Deal With GSRM, BTM After Deal Secures $885M Net Worth
Thursday, the US-based crypto ATM operator Bitcoin deposit announced that the company will soon go public after merging with blank check company GSR II Meteora (Nasdaq: GSRM). SPAC mergers have been a popular vehicle for crypto companies looking to get listed faster than traditional initial public offering (IPO) strategies. Bitcoin Depot is the largest crypto ATM operator in terms of machines deployed worldwide as Data of coinatmradar.com says it has nearly 7,000 machines distributed.
“Today marks an important milestone for Bitcoin Depot,” said Brandon Mintz, CEO and Founder of Bitcoin Depot, on Thursday. “We are always looking to expand our reach so that as many people as possible can access cryptocurrency to control their own money and make easier, simpler financial transactions.”
When the transaction with GSRM closes, the business combination will be named “Bitcoin Depot Inc.” and the shares will trade on the Nasdaq under the new symbol “BTM”. The nearly 7,000 ATMs installed by Bitcoin Depot are mostly located in North America, spanning 47 US states and nine Canadian provinces. Today, there are 38,742 cryptocurrency ATMs worldwide, and the top ten operators operate 69.3% of them.
Bitcoin Depot’s top three competitors are Coin Center with 5,284 machines, Coinflip with 4,069 machines, and Bitcoin of America with 2,352 machines. Bitcoin Depot also offers a service called Bdcheckout, which gives Bitcoin Depot account holders the ability to load bitcoin at over 8,000 locations at major retailers. Bitcoin Depot’s announcement on Thursday notes that as long as there are no redemptions, the combined post-trade value will have an estimated net worth of $885 million.
What do you think of Bitcoin Depot’s SPAC deal? Let us know what you think about this topic in the comments section below.
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