Bitcoin Depot, one of the largest cryptocurrency ATM firms in the US, is going public after completing a merger deal with a special purpose acquisition company (SPAC).
Bitcoin Depot is one step closer to going public after GSR II Meteora Acquisition Corporation’s investors approved a merger that would allow the company to act as a special-purpose acquirer for Bitcoin Depot.
The $885 million deal between Bitcoin Depot and GSR II Meteora Acquisition Corporation has closed, and investors can now trade Bitcoin Depot shares on the Nasdaq stock exchange as of July 3.
Bitcoin Depot CEO and founder Brandon Mintz said the merger will help the company seize “numerous growth opportunities” and spread the use of Bitcoin throughout North America.
Bitcoin Depot’s shares will begin trading on the New York Stock Exchange under the ticker symbols BTM and BTMWW, respectively, on July 3, 2023.
Despite the regulatory scrutiny, investment vehicles with crypto exposure seem to be on the rise, following BlackRock’s filing in June to list a spot Bitcoin exchange-traded fund.
With more than 9,130 locations, Bitcoin Depot is one of the biggest Bitcoin ATM providers in North America. The business was established in 2016 and has recently experienced significant growth. When Connecticut’s Department of Banking claimed that Bitcoin of America, a distributor of ATMs, lacked the necessary licensing, it announced in May that it would shut down its operations there.