Bitcoin Depot is the largest Bitcoin ATM provider in the world, according to data compiled by Coin ATM Radar. It has announced that it plans to go public via a merger agreement with a special-purpose acquisition corporation (SPAC).
According to the press release on Thursday, the Atlanta-based ATM provider has entered into a definitive agreement with SPAC GSR II Meteora to merge in an $885 million deal. This will enable the firm to be listed.
The company will officially be called Bitcoin Depot Inc. once the deal is done. It will trade on NASDAQ under the ticker symbol BTM’
The merger was unanimously approved by Bitcoin Depot’s leadership team and the board members of GSRM. It is expected that the transaction will close in the first quarter 2023. Due to the nature of the business combination, it must be subjected to regulatory approvals and stakeholder approvals as well as other standard closing conditions.
According to the press release, the newly formed company will have a post-transaction enterprise worth of $755 millions and an “estimated equity value” of $885 million due to the cash contribution of up $170 million.
“The net proceeds from the transaction will include up to $321,000,000 of cash in GSRM’s trust account. They will be used to support Bitcoin Depot’s working capital, complete acquisitions, scale its platform and suite products.
The original company was founded in 2016. It is the largest provider of crypto ATMs in North America with more than 7,000 kiosk locations.
According to Brandon Mintz, its CEO and founder, this partnership will allow Bitcoin Depot to expand its reach.
“We are excited about many growth opportunities and believe that a public listing increases our ability to scale up and evolve to reach our goal of providing a secure and convenient way to buy cryptocurrency.
Mintz stated that despite the decline in the cryptocurrency market over recent ten months, the company managed to grow. He said, “We’re actually doing great right now regardless the market.” Mintz indicated that Bitcoin Depot will pursue acquisitions after going public.
Gus Garcia, co-CEO of GSRM, stated that he was looking forward to supporting Bitcoin Depot’s’mission connect those who prefer cash to the broader digital financial system’
Garcia stated that Bitcoin Depot, with its large BTM footprint, strategic relationships and feature-rich mobile application, is well-positioned to capitalize on the fragmented BTM market, both domestically as internationally.