Bitcoin Depot, one of the largest cryptocurrency ATM firms in the United States, has announced a merger agreement allowing the company to go public.
In a June 30 announcement, fintech company GSR II Meteora Acquisition Corporation he said its shareholders approved the merger so that the firm would operate as a special acquisition company for Bitcoin Depot. Deal, first reported in August 2022is worth $885 million and is expected to give investors exposure to Bitcoin Depot on the Nasdaq starting July 3.
— SPAC Track (@SPACtrack) June 30, 2023
According to Bitcoin Depot founder and CEO Brandon Mintz, the merger deal was aimed at fostering “numerous growth opportunities” and driving bitcoin adoption (BTC) in North America. Investors will be able to find Bitcoin Depot shares under the ticker symbols BTM and BTMWW for their common stock and public warrants.
The announcement came amid regulatory scrutiny of firms in the US offering crypto products or services. Securities and Exchange Commission filed lawsuits against Binance exchanges and Coinbase for alleged unregistered securities offerings. However, investment vehicles with exposure to cryptocurrencies also seem to be on the rise after BlackRock application submission to list a spot bitcoin exchange-traded fund in June.
Founded in 2016, Bitcoin Depot is one of the largest crypto ATM firms in North America with more than 9,130 locations, according to its website. This was announced in May by the American ATM provider Bitcoin of America shutter operation in Connecticut after the state’s banking department said the firm was not properly licensed.