World’s Largest Crypto ATM Company Bitcoin Depot to Go Public via SPAC Deal

The largest cryptocurrency automated teller instrumentality (ATM) operator, Bitcoin Depot, has revealed it has plans to spell nationalist via a peculiar intent acquisition institution (SPAC) deal. The $885 cardinal acquisition woody with GSR II Meteora (GSRM) volition marque Bitcoin Depot a publicly-traded institution listed connected Nasdaq.

Bitcoin Depot Reveals SPAC Deal With GSRM, Post-Transaction BTM Secures Equity Value of $885 Million

On Thursday, the U.S.-based crypto ATM relation Bitcoin Depot announced that the institution volition soon beryllium a publicly-listed steadfast aft merging with the blank cheque institution GSR II Meteora (Nasdaq: GSRM). SPAC mergers person been a fashionable conveyance for crypto companies looking to get listed faster than accepted archetypal nationalist offering (IPO) strategies. Bitcoin Depot is the largest crypto ATM relation successful presumption of machines deployed worldwide arsenic data from coinatmradar.com indicates it has adjacent to 7,000 distributed machines.

“Today marks an important milestone for Bitcoin Depot,” Brandon Mintz, the CEO and laminitis of Bitcoin Depot said successful a connection connected Thursday. “We are ever looking to grow our scope truthful arsenic galore radical arsenic imaginable tin entree cryptocurrency to power their ain wealth and behaviour easier and simpler fiscal transactions.”

When the transaction with GSRM closes, the concern operation volition beryllium named “Bitcoin Depot Inc.,” and shares volition commercialized connected the Nasdaq nether the caller ticker awesome “BTM.” The adjacent to 7,000 ATMs Bitcoin Depot has installed are mostly situated successful North America, covering 47 states successful the U.S. and 9 Canadian provinces. Today determination are 38,742 cryptocurrency ATMs located worldwide and the apical 10 operators negociate 69.3%.

Bitcoin Depot’s apical 3 competitors see Coin Center with 5,284 machines, Coinflip with 4,069 machines, and Bitcoin of America with 2,352 machines. Bitcoin Depot besides offers a work called Bdcheckout, which gives Bitcoin Depot relationship holders the quality to load up connected bitcoin astatine much than 8,000 locations astatine large retailers. Bitcoin Depot’s announcement notes connected Thursday, that arsenic agelong arsenic determination are nary redemptions, the combined worth aft the transaction volition person an estimated equity worth of $885 million.

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