Started by Bitcoin, Sep 02, 2022, 06:09 am
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Bitcoin Depot is set to list on the Nasdaq under ticker symbol 'BTM' by Q1 2023 through an $855 million SPAC deal.
Bitcoin Depot, the world's largest provider of bitcoin ATMs according to data from Coin ATM Radar, will go public on the Nasdaq through an $885 million deal with a special-purpose acquisition company (SPAC), according to a Thursday press release.
Bitcoin Depot currently boasts a fleet of over 7,000 ATMs across North America which allow customers to conveniently convert fiat into bitcoin and other cryptocurrencies.
Upon the completion of the acquisition, which is expected to close in the first quarter of 2023,
Bitcoin Depot will merge with GSR II Meteora Acquisition Corp (GSRM) to become Bitcoin Depot Inc. and trade under ticker symbol BTM on the Nasdaq U.S. stock exchange.
"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," said Brandon Mintz, CEO and founder of Bitcoin Depot, per the release.
According to the release, Bitcoin Depot has generated over $623 million in revenue in the past 12 months with a net income of over $6 million. While the company's Bitcoin ATMs already permeate over 40% of the U.S. population across its 7,000 locations, the release details that the company has a pending application to enter New York state to further its market reach.
"Since inception, we've expanded our BTM footprint across North America, signed strategic relationships with major retailers, and enhanced our services to provide convenient access to cryptocurrency as we aim to become a digital asset economy on-ramp destination for users to efficiently turn cash into crypto," Mintz continued.
The combined company is expected to have a post-transaction enterprise value of $755 million, while equity would fall closer to $855 million after cash proceeds from the transaction are tallied up. Of that value, $321 million will be allocated to a trust held by GSRM to be used for future acquisitions and scaling.
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