Company revenue increased 25.25% to $497.2 million in the first nine months of 2022.
According to a new filing with the United States Securities and Exchange Commission on December 1, Cryptocurrency ATM operator Bitcoin Depot said it “remains on track to complete its previously announced business combination with GSR II Meteora Acquisition Corp.”
The merger with the special purpose acquisition vehicle, or SPAC, is scheduled to occur in the first quarter of 2023, subject to shareholder and regulatory approval. Bitcoin Depot estimates that the transaction will bring the company up to $170 million in cash proceeds net of debt repayments.
In its earnings report for the year-to-date financials ended September 30, released the same day, Bitcoin Depot revealed that its revenue grew 25.25% year-over-year to $497.2 million.. However, the company barely broke even with $4.622 million in net income compared to $9.587 million in the first nine months of 2021, partly due to a sharp increase in interest expense. Commenting on the results in the context of the recent market turmoil, Brandon Mintz, CEO and founder of Bitcoin Depot, stated:
“We believe we differentiate ourselves from the industry with limited direct cryptocurrency exposure, robust compliance procedures, and secure transactions that give users control of their purchased cryptocurrencies, compared to other cryptocurrency transaction methods where users rely on third parties to guard your cryptos.”
Founded in 2016, Bitcoin Depot is currently the largest Bitcoin ATM operator in North America, with over 7,000 kiosks and a 19% market share in the US. As of Aug 24, 2022, Bitcoin Depot and GSR II Meteora Acquisition Corp announced their merger to make Bitcoin Depot public on the US Nasdaq exchange under the ticker symbol BTM.
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