Bitcoin Depot, one of the leading cryptocurrency ATM providers in the United States, plans to go public through a merger with a special purpose acquisition company (SPAC).
Atlanta-based Bitcoin Depot has entered into a definitive agreement to merge with SPAC GSR II Meteora (GSRM) in an $885 million IPO deal, the company officially announced Thursday.
The business combination will result in Bitcoin Depot becoming a publicly traded company, as the combined company — to be called Bitcoin Depot Inc. — will be listed on Nasdaq under the new symbol BTM.
The merger has been unanimously approved by the Bitcoin Depot management team and the GSRM board of directors and is expected to close in the first quarter of 2023. The business combination is subject to regulatory and stakeholder approvals and other customary closing conditions.
Reportedly, GSR II Meteora’s SPAC has about $320 million that Bitcoin Depot could use to grow, although SPAC investors can withdraw their money before the merger takes place. Bitcoin Depot could proceed to a funding round that would close at the same time as the merger deal.
Gus Garcia, co-CEO of GSRM and former SPAC banker at Bank of America, said he is confident in Bitcoin Depot’s funding options given the company’s steady growth.
“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 abroad.”he pointed.
Founded in 2016, Bitcoin Depot is one of the largest cryptocurrency ATM providers in North America, operating more than 7,000 kiosks. According to CEO Brandon Mintz, the company has continued to grow despite the current crypto bear market, highlighting a growing number of use cases for crypto payments and money transfer globally.
“We’re actually doing fantastic right now, regardless of the market,” he said. Mintz also noted that Bitcoin Depot plans to pursue acquisitions after going public.
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