From crypto ATMs to NASDAQ – This vending machine supplier of bitcoin (BTC) prepare his IPOwhile the markets continue to bathe in the red.
A company that does not know the crypto crash
The bear markets, in particular with a Bitcoin which remains stuck in the vicinity of 20,000 dollars, would not have been right in their growth. The CEO of Bitcoin Depot, Brandon Mintzmakes bullish remarks about his business, revealing his plans toInitial Public Offering at the Wall Street Journal.
Atalanta-based cryptocurrency vending machine provider set to take over the NASDAQ through a merger with the specific purpose acquisition company, GSR II Meteora (GSRM). The new company resulting from this operation, which will bear the name of “Bitcoin Depot Inc.”will be listed under the symbol “BTM” and will be valued at $885 million.
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Bitcoin Depot: financing options to grow
The merger will allow Bitcoin Depot to access $320 million, which GSR II Meteora could make available to the company, to finance its growth. Nevertheless, investors in GSR II Meteora could turn around regarding this amount, before the realization of this union between the 2 companies.
To ensure its growth, Bitcoin Depot could also make a round tablethe closing date of which would coincide with that of the merger.
Acquisitions in sight for the Bitcoin ATM provider
Bitcoin Depot bills itself as the largest crypto ATM provider in North America, with its 7,000 kiosks deployed in the region.
Users of these ATMs connect their wallet with these machines, after completing a verification process. They can then insert a fiduciary currency into it, to supply their wallet with Bitcoin, Litecoin (LTC) or Ether (ETH).
In view of this upcoming merger and the company’s ambitious plans, Bitcoin Depot’s performance currently appears to be weakly correlated with market sentiment. Brandon Mintz even mentions acquisition projects for Bitcoin Depot after the company went public.
The bears managed to bleed some cryptocurrency ATM providersbut not all. Bitcoin Deposit publicly post a good financial health. However, the company will have to prove to the general public the solidity of its finances, which contrasts with the context, by completing this project. Do not sell the skin of the bear before having killed it… and rather twice than once for a bear market.
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