World’s Largest Bitcoin ATM Firm Will List on the Nasdaq

In the first quarter of 2023, one of the largest North American Bitcoin and cryptocurrency ATM providers aims to list its shares on the Nasdaq. Bitcoin Depot is planning to go public via a special-purpose acquisition company (SPAC). 

GSR II Meteora Acquisition Corp. (GSRM) is a SPAC investor and will be merging with Bitcoin Depot while trading under the ticker symbol BTM. The listing will help the company penetrate a larger market, such as bringing their ATMs to New York in the future. 

The CEO and founder, Brandon Mintz, stated that “we are always looking to expand our reach so as many people as possible can access cryptocurrency to control their own money and conduct easier and simpler financial transactions.”

Bitcoin Depot ATMs may usually be found at local gas stations or convenience stores. The company reported $623 Million in revenue and over $6 Million in net income over the previous 12 months. Currently, Bitcoin Depot has over 7,000 ATMs operating across the United States. 

At this time, Bitcoin and cryptocurrency ATMs are available to around 40% of the U.S. population. With over half the U.S. underserved, there is still plenty of room to grow for Bitcoin Depot, and this move is an attempt to expedite that process. 

After the merger, it is anticipated that the combined company will have an enterprise value of $755 million, with equity likely to be closer to $855 million. A trust maintained by GSRM will receive $321 million of that total amount and will be used for expansion and future acquisitions.

The deal is expected to close sometime during Q1 of next year.

Along with providing a convenient way to purchase BTC, Bitcoin Depot ATMs also give new users exposure to Bitcoin. As the company looks to grow and build more infrastructure, the Bitcoin network is also likely to benefit.