Cryptocurrency ATM Bitcoin Depot to go public through merger with a SPAC

USA-based cryptocurrency automated teller machine (ATM) provider Bitcoin Depot has unveiled its plans to go public through a merger with a special-purpose acquisition company (SPAC), as reported by Cointelegraph.

According to Cointelegraph, Atlanta-oriented Bitcoin Depot has reached an agreement to have a merger with SPAC GSR II Meteora (GSRM) in a reported deal worth $885 million to go public, as per a firm’s statement. Through this merger, Bitcoin Depot would become a publicly traded company as the combined company, to be called as Bitcoin Depot Inc, will trade on the Nasdaq under the new ticker symbol BTM. A unanimous approval has been given to the merger by the leadership team of Bitcoin Depot, and the board of directors of GSRM is expected to conclude by Q1, 2023. The business combination is expected to go through regulatory and stakeholder approvals, and other customary closing conditions. “With its BTM footprint, strategic relationships, and feature-rich mobile application, we believe Bitcoin Depot is positioned to take advantage of the fragmented BTM market both domestically and overseas,” Gus Garcia, co-CEO, GSRM, said, adding that he is confident in Bitcoin Depot’s financing options.

Moreover, Cointelegraph noted that founded in 2016, Bitcoin Depot is considered one of the largest cryptocurrency ATM providers in North America, being operational in over 7,000 kiosk locations. As stated by Brandon Mintz, CEO, Bitcoin Depot, the company has grown despite the bearish nature of cryptocurrency market, which emphasises a number of use cases such as cryptocurrency-backed payments and money transfers globally. Mintz also mentioned that Bitcoin Depot has planned to after acquisitions post going public, and that the company is doing well regardless of the market.
Going by Cointelegraph’s official website, founded in 2013, it is an independent digital media resource covering a news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) trends.

(With insights from Cointelegraph)

Also Read: How can blockchain be used to keep digital assets safe? Which are the applications consumers can use?

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