- Bitcoin Depot is set to become a publicly traded company on the Nasdaq under the symbol BTM.
- The Bitcoin ATM company currently operates over 7,000 ATMs in the United States
- The company will be listed under an $855 million SPAC deal with GSRM.
Bitcoin Depot, the world’s largest Bitcoin ATM provider 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 press release Thursday.
Bitcoin Depot currently has a fleet of over 7,000 ATMs across North America that allow customers to easily convert fiat to bitcoin and other cryptocurrencies.
Upon completion of the acquisition, which is expected to be completed in the first quarter of 2023,
Bitcoin Depot will merge with GSR II Meteora Acquisition Corp (GSRM) to become Bitcoin Depot Inc. and will trade under the ticker symbol BTM on the US exchange Nasdaq.
“We are always looking to expand our reach so that as many people as possible can access cryptocurrency to control their own money and make easier, simpler financial transactions,” said Brandon Mintz, CEO and Founder of Bitcoin Depot, according to the statement.
According to the release, Bitcoin Depot has generated over $623 million in revenue over the past 12 months with a net income of over $6 million. While the company’s Bitcoin ATMs already reach more than 40% of the US population across its 7,000 locations, the release clarifies that the company has a pending application to enter New York State to expand its reach in the market.
“Since our inception, we have 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 destination for transition for the digital asset economy allowing users to efficiently spin cash into crypto,” Mintz continued.
The combined company is expected to have a post-deal enterprise value of $755 million, while equity would fall closer to $855 million after calculating cash proceeds from the transaction. Of this value, $321 million will be allocated to a trust held by GSRM to be used for future acquisitions and scaling.