World’s Largest Cryptocurrency ATM Company Bitcoin Depot Plans to Go Public via SPAC Deal With GSRM

The biggest cryptocurrency automated teller machine (ATM) operator, Bitcoin Depot, has uncovered it has plans to open up to the world through a special purpose acquisition company (SPAC) deal. The $885 million acquisition deal with GSR II Meteora (GSRM) will make Bitcoin Depot a publicly-traded company listed on 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 operator Bitcoin Depot announced that the organization will before long be a publicly-listed firm subsequent to converging with the blank check company GSR II Meteora (Nasdaq: GSRM). SPAC consolidations have been a well-known vehicle for crypto organizations hoping to get listed quicker than the conventional initial public offering (IPO) strategies. Bitcoin Depot is the biggest crypto ATM operator as far as machines deployed worldwide as data from coinatmradar.com shows it has nearly 7,000 circulated machines.

“Today marks an important milestone for Bitcoin Depot,” Brandon Mintz, the CEO and founder of Bitcoin Depot said in a statement on Thursday. “We are always looking to expand our reach so as many people as possible can access cryptocurrency to control their own money and conduct easier and simpler financial transactions.”

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At the point when the transaction with GSRM closes, the business combination will be named “Bitcoin Depot Inc.,” and shares will trade on the Nasdaq under the new ticker symbol “BTM.” The nearly 7,000 ATMs Bitcoin Depot has installed are generally arranged in North America, covering 47 states in the U.S. also, nine Canadian provinces. Today there are 38,742 cryptocurrency ATMs found worldwide and the top ten operators manage 69.3%.

Bitcoin Depot’s top three competitors incorporate Coin Center with 5,284 machines, Coinflip with 4,069 machines, and Bitcoin of America with 2,352 machines. Bitcoin Depot likewise offers a service called Bdcheckout, which enables Bitcoin Depot to account holders at in excess of 8,000 locations at major retailers. Bitcoin Depot’s announcement notes on Thursday, that for however long there are no redemptions, the joined worth after the transaction will have an equity value worth of $885 million.