Bitcoin Depot plans to go public in 2023 with $885M SPAC offering

In the first quarter of 2023, Bitcoin Depot, one of the North American distributors of cryptocurrency ATMs, aims to list its stock on Nasdaq.
Bitcoin Depot plans to go public in 2023 with $885M SPAC offering
Bitcoin Depot plans to go public in 2023 with $885M SPAC offering

The United States’ largest bitcoin ATM operator, Bitcoin Depot, intends to go public by merging with a company that specializes in acquisitions (SPAC).

The SPAC GSR II Meteora (GSRM) and Atlanta-based bitcoin ATM operator have reached a final agreement to join in an $885 million transaction, the company declared on Thursday.

As a result of the business merger, the crypto ATM will become a publicly traded company and will be known as Bitcoin Depot Inc. It will trade on the Nasdaq under the new ticker code BTM.

The board of directors of GSRM and the leadership team of Bitcoin Depot has both unanimously authorized the merger, which is scheduled to close in the first quarter of 2023. The business merger is subject to the stakeholder and regulatory approvals as well as other standard closing requirements.

Though SPAC investors are permitted to withdraw their funds prior to the merger, the GSR II Meteora SPAC is said to have roughly $320 million that the bitcoin ATM operator might utilize to expand. A fundraising round for the bitcoin ATM operator might go forward and close concurrently with the merger agreement.

Gus Garcia, co-CEO of GSRM and a former SPAC banker at Bank of America, stated that the company’s consistent growth gives him confidence in Bitcoin Depot’s financing choices.

“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,” he noted.

With over 7,000 kiosk sites and a 2016 founding, Bitcoin Depot is one of North America’s major distributors of cryptocurrency ATMs. CEO Brandon Mintz claims that the business has kept expanding despite the current bear market in cryptocurrencies, demonstrating the growing variety of use cases for crypto-like payments and international money transfers.

“We’re actually doing fantastic right now regardless of the market,” he said. Mintz also noted the company’s plans to pursue acquisitions after going public.