The leading North American-based cryptocurrency ATM provider plans to get listed on NASDAQ. Preliminary agreements have already been signed. The event is expected to take place soon.
Bitcoin Depot with big plans
Bitcoin Depot is a well-known cryptocurrency ATM brand in North America. Company representatives boast of having more than 7,000 devices. While the number of all Bitcoin ATMs owned by various providers in the United States alone is close to 34,500, Bitcoin Depot is emerging as an industry leader.
The company, which is headquartered in Atlanta, has reached an agreement to merge with Meteor’s SPAC GSR II (GSRM). The deal totals $885 million and opens the door for the company to go public, later in the first quarter of 2023. The combined company will be called Bitcoin Depot Inc. Trading of its shares will take place on NASDAQ, under the ticker BTM.
The merger itself was approved unanimously, by all representatives of both parties. It is expected that the merger and debut will soon be approved by regulatory authorities as well.
Steady development, results in steady growth
According to data shared by people close to Meteora’s GSR II, the company holds close to $320 million, which can be used by Bitcoin Depot, to continue development work.
As GSRM’s co-CEO and former SPAC banker at Bank of America, Gus Garcia, assures, Bitcoin Depot’s financing is virtually certain. This is supported by the company’s growth and results:
“With a significant BTM footprint, key strategic relationships and a feature-rich mobile app, we believe Bitcoin Depot is well positioned to capitalize on the highly fragmented BTM market both domestically and internationally.”
A bear market doesn’t result in applying the brakes at all
More than once in our articles we have pointed out the relevance of the bear market, for blockchain companies and projects. Bitcoin Depot is also grappling with this situation, and like a truly sophisticated player, is betting on growth at this time. The company’s CEO, Brandon Mintz, notes that the number of cryptocurrency use cases, for payment and money transfer purposes worldwide, is not decreasing at all. This, in effect, makes Bitcoin Depot do very well, regardless of market conditions. At the same time, he pointed out that after entering the exchange, the company plans an even bigger offensive, resulting in acquisitions.