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Crypto ATM Firm Bitcoin Depot All Set To Go Public This Week

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Crypto ATM Firm Bitcoin Depot All Set To Go Public This Week

Crypto ATM Firm Bitcoin Depot All Set To Go Public This Week

  • As on July 3, investors will be able to get exposure to Bitcoin Depot on the Nasdaq.
  • Bitcoin Depot has ATMs at over 9,130 locations as per listed on its website.

With the completion of a merger deal, Bitcoin Depot, one of the biggest cryptocurrency ATM companies in the United States, announced that it would be going public.

GSR II Meteora Acquisition Corporation, a fintech business, said on June 30 that its investors had authorized a merger that would allow the company to serve as a special-purpose acquisition company for Bitcoin Depot.

Further Growth Opportunities

As on July 3, investors will be able to get exposure to Bitcoin Depot on the Nasdaq thanks to the $885 million deal that was initially revealed in August 2022.

Brandon Mintz, CEO and founder of Bitcoin Depot, said the merger was done to help facilitate “numerous growth opportunities” and spread the use of Bitcoin throughout North America. Bitcoin Depot’s common stock and public warrants will trade on the New York Stock Exchange under the ticker codes BTM and BTMWW, respectively.

The news was released at a time when crypto service providers were under increased scrutiny from federal regulators. The SEC has taken legal action against Binance and Coinbase, two cryptocurrency exchanges, for what it claims were unregistered securities offerings.

After BlackRock submitted an application in June to establish a spot Bitcoin exchange-traded fund, it seems that other financial vehicles with exposure to cryptocurrencies are also on the rise. Also, Bitcoin Depot, which launched in 2016, has quickly grown to become one of the largest crypto ATM providers in North America, with over 9,130 locations as per listed on its website.

On the other hand, the price of Bitcoin is stable above the $30k level, now trading at $30,503 as per data from CMC.

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