Bitcoin Depot says SPAC merger will continue as planned after solid revenue growth

According to a new filing with the U.S. Securities and Exchange Commission connected Dec. 1, crypto ATM relation Bitcoin Depot said it "remains connected way to implicit its antecedently announced concern operation with GSR II Meteora Acquisition Corp."

The merger with the peculiar intent acquisition vehicle, oregon SPAC, is scheduled to hap successful the archetypal 4th of 2023, taxable to shareholder and regulatory approval. Bitcoin Depot estimates that the woody volition infuse the institution with up to $170 cardinal successful currency proceeds nett of indebtedness repayment. 

In its net study for year-to-date financials that ended Sept. 30, released the aforesaid day, Bitcoin Depot disclosed that its gross grew by 25.25% twelvemonth implicit twelvemonth to $497.2 million. However, the institution hardly broke adjacent with $4.622 cardinal successful nett income compared to $9.587 cardinal for the archetypal 9 months of 2021, partially owed to a crisp summation successful involvement expense. Commenting connected the results successful the discourse of the caller marketplace turmoil, Brandon Mintz, CEO, and laminitis of Bitcoin Depot, stated:

"We judge we basal isolated from the manufacture with constricted nonstop crypto exposure, robust compliance procedures and unafraid transactions that springiness users power of their purchased crypto, compared to different methods of transacting successful crypto wherever users trust connected 3rd parties to custody their crypto."

Founded successful 2016, Bitcoin Depot is presently the largest Bitcoin ATM relation successful North America, with implicit 7,000 kiosks and a 19% marketplace stock successful the U.S. On August 24, 2022, Bitcoin Depot and GSR II Meteora Acquisition Corp announced their merger to instrumentality Bitcoin Depot nationalist connected the U.S. Nasdaq speech nether the ticker awesome BTM.