Crypto ATM firm Bitcoin Depot to go public via SPAC

Bitcoin Depot expects to list on the Nasdaq under the ticker BTM early next year.

US-based crypto ATM provider Bitcoin Depot will go public in the US by early 2023, according to details the firm shared via a news release.

Bitcoin Depot’s next growth phase comes after it struck a deal estimated at $885 million in equity value with a special purpose acquisition company GSR II Meteora Acquisition Corp. (NASDAQ: GSRM).

Bitcoin Depot Inc. to list on Nasdaq

The company’s deal with the blank check firm will see it listed on the Nasdaq as Bitcoin Depot Inc., trading under the ticker symbol “BTM.”

Brandon Mintz, the CEO and founder of Bitcoin Depot noted that the announcement marks a new milestone for the ATM provider as it looks to help more people access and buy Bitcoin and other cryptocurrencies.

“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,” he added.

Bitcoin Depot, North America’s largest Bitcoin teller machine operator, was launched in 2016.

The company has expanded over the years to currently count more than 7,000 crypto ATM kiosks across the United States and Canada. Partnerships with some of the leading retailers in the region has helped customers buy Bitcoin at over 8,000 locations.

Users can locate any of the ATM kiosks using the company’s mobile app, which also allows them to seamlessly handle transactions and link these to a crypto wallet.

While the firms expect to have closed the deal by Q1 of 2023, this will depend on regulatory and stockholder approvals.