Bitcoin Depot, one of the largest crypto ATM providers in North America, plans to list its shares on the Nasdaq in the first quarter of 2023.
Bitcoin Depot, a major cryptocurrency ATM provider in the United States, plans to go public through a merger with a special purpose acquisition company (SPAC).
Bitcoin Depot to Merge with SPAC
Atlanta-based Bitcoin Depot announced that it has reached an agreement to merge with SPAC GSR II Meteora (GSRM) in a $885 million deal to go public.
The partnership will cause the company to become a public company, as the combined company Bitcoin Depot Inc. and will be traded on the Nasdaq under the symbol BTM. The merger was unanimously approved by Bitcoin Depot’s leadership team and GSRM board. It was reported that it is aimed to be completed by the first quarter of 2023.
GSR II Meteora SPAC reportedly has about $320 million that the company can use to grow, but SPAC investors will be able to withdraw their money before the merger takes place. The company will also be able to continue a financing round that will close at the same time as the merger agreement. Gus Garcia, GSRM co-CEO and a former SPAC banker at Bank of America, said the company is confident in its financing options because of its steady growth.
Gus Garcia additionally said:
“With this Bitcoin ATM (BTM) footsteps, significant strategic relationships, and feature-rich mobile app, we believe Bitcoin Depot is well positioned to leverage the BTM market both at home and abroad.”
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