Bitcoin Depot going public next year through a $885 million merger deal
The crypto ATM providers look towards the future through signing merger with a SPAC and going public with their company
By Shashank Bhardwaj
Bitcoin Depot, based in Atlanta, is one of the largest crypto ATM providers in North America, and it has recently revealed its plans to go public through a merger with a special-purpose acquisition company (SPAC) through an announcement on Thursday.
The company has reached a definitive agreement to go with SPAC GSR II Meteora (GSRM) in an $885 million deal. This indicates that, soon, Bitcoin Depot will take its place as a publicly listed company as the combined entity, Bitcoin Depot inc., on the NASDAQ with the ticker symbol BTM. Reportedly, the merger was unanimously approved by the Bitcoin Depot leadership team and the board of directors of GSRM.
Bitcoin Depot is set to get access to approximately $320 million from GSR II Meteora for its growth, but they would not have access to this money before the merger is complete, which is projected to be by the second quarter of 2023. The alternative option for the Atlanta-based company is to proceed with a funding round, although it would also close around the same time as the merger.
GSRM co-CEO, Gus Garcia, commented on the merger, “With its significant BTM footprint, key strategic relationships, and feature-rich mobile app, we believe Bitcoin Depot is well positioned to take advantage of the highly fragmented BTM market both domestically and overseas.”
Bitcoin Depot came to life in 2016, and has now grown to become one of the largest crypto ATM providers in North America with upwards of 7,000 kiosk locations. Brandon Mintz, the CEO of Bitcoin Depot, has faith in the company’s growth despite the ongoing crypto bear market conditions. This shows the growing need for services which ease the transfers of money and crypto-like payments. “We’re actually doing fantastic right now regardless of the market,” he said. Interestingly enough, he also commented on the fact that Bitcoin Depot has larger missions for the future, saying that they plan to pursue acquisitions after going public in 2023.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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