Bitcoin Depot, the company that operates the most bitcoin automated teller machines (ATMs), has just disclosed that it intends to take the company public through the use of a special purpose acquisition company (SPAC) deal. As part of the agreement to acquire GSR II Meteora (GSRM) for a total of $885 million, Bitcoin Depot will become a publicly traded business that is listed on the Nasdaq.
Bitcoin Depot has announced a strategic partnership agreement (SPAC) with GSRM, and following the transaction, BTM has secured an equity value of $885 million.
Following its merger with the blank check company GSR II Meteora, the cryptocurrency ATM operator Bitcoin Depot, which is based in the United States, made the announcement on Thursday that the company will soon become a publicly-listed firm (Nasdaq: GSRM). SPAC mergers have become a popular vehicle for cryptocurrency companies that are interested in getting listed more quickly than through the use of conventional initial public offering (IPO) tactics. According to statistics compiled by coinatmradar.com, Bitcoin Depot is the company that operates the most automated teller machines (ATMs) worldwide. The company has close to 7,000 of these machines spread across the globe.
“Today represents a major milestone for Bitcoin Depot,” Brandon Mintz, CEO and founder of Bitcoin Depot, said in a statement on Thursday. Mintz is also the company’s president. “We are constantly working to expand our reach so that as many individuals as possible may access bitcoin to own their own money and perform easier and simpler financial transactions.”
After the completion of the deal with GSRM, the newly merged company will be known as “Bitcoin Depot Inc.”, and its shares will be traded on the Nasdaq under the new ticker symbol “BTM.” The vast majority of the nearly 7,000 automated teller machines (ATMs) that Bitcoin Depot has installed can be found in North America. These machines are spread across 47 states in the United States and nine provinces in Canada. There are currently 38,742 bitcoin ATMs spread across the globe, and the top ten operators control 69.3% of the total market share.
Coin Center, Coinflip, and Bitcoin of America are the main three companies that compete with Bitcoin Depot. Coin Center has 5,284 machines, Coinflip has 4,069 machines, and Bitcoin of America has 2,352 machines. Additionally, Bitcoin Depot provides its customers with a service known as Bdcheckout. This service enables customers with a Bitcoin Depot account to load up on bitcoin at more than 8,000 locations worldwide that are owned by big shops. The announcement made by Bitcoin Depot on Thursday adds that so long as there are no redemptions, the combined value following the transaction would have an estimated equity value of $885 million. This is provided that there are no redemptions.
Jamie Redman is a financial technology writer who resides in Florida. She is now the News Lead for Bitcoin.com News. Since 2011, Redman has been an engaged participant in the community of people who are interested in cryptocurrencies. Bitcoin, open-source technology, and programs that do not rely on a central authority are areas of interest for him. Since September 2015, Redman has contributed more than 5,700 articles to Bitcoin.com News about the disruptive protocols that are emerging in today’s world.