Crypto ATM firm Bitcoin Depot will go public on the Nasdaq from July 3. This announcement follows an $885 million Special Purpose Acquisition Company (SPAC) deal, first reported in August 2022. This IPO will offer investors the opportunity to gain exposure to common stock by Bitcoin Depot.
Bitcoin Depot listed on the Nasdaq from July 3
In an announcement dated June 30, fintech company GSR II Meteora Acquisition Corporation said its shareholders had approved the merger allowing the company to act inasmuch as purpose-built acquisition company for Bitcoin Depot.
This operation, initially reported in August 2022, cost $885 million and should allow investors to access common shares of Bitcoin Depot on the Nasdaq from July 3.
The Nasdaq, also known as the Nasdaq Stock Market, is one of the major stock exchanges in the United States. It is reputed to be the world’s first electronic stock exchange, providing an electronic trading platform for public company stocks and other financial instruments.
According to Brandon Mintz, founder and CEO of Bitcoin Depot, the merger agreement was intended to support “numerous growth opportunities” and promote Bitcoin (BTC) adoption in North America. Investors can find shares of Bitcoin Depot under the stock symbols BTM and BTMWW for common stock and public bonds, respectively.
Brandon Mintz, CEO and Founder of Bitcoin Depot, said:
“The completion of this transaction and our Nasdaq listing is a huge step forward and a proud moment for the entire Bitcoin Depot team.”
He expressed confidence in the company’s strategic position, stressing its solid market share in North America and the additional capital from the transaction as key enablers of their ambitious growth plans. The principal objective ? “To bring Bitcoin safely and confidently to a wide audience,” Mintz concluded.
Bitcoin Depot: The gateway to Bitcoin for cash users
Founded in 2016, Bitcoin Deposit aims to bridge the gap between those who prefer to use cash and the broader digital financial system. By helping users to efficiently and intuitively convert their cash into Bitcointhe company has created a sizable footprint with approximately 6,440 kiosk locations across North America as of March 31, 2023.
The Evolution of Bitcoin ATMs
Bitcoin ATMs, also known as BTMs, are physical kiosks allowing the purchase and sale of Bitcoin and other cryptocurrencies. The first Bitcoin ATM was installed in 2013 by Robocoin in Vancouver, Canada, paving the way for many other BTM operators around the world.
Companies such as CoinFlip, Bitcoin Depot and Coinsource have become major players in the United States, recognized for their user-friendly interfaces and fast transactions. The introduction of two-way Bitcoin ATMs by Genesis Coin in 2015 allowed users to buy and sell Bitcoin.
This increase in the number of BTMs reflects the growing acceptance of cryptocurrencies. However, these machines have also been criticized due to money laundering and fraud concerns.
Sources: CoinMarketCap, Cointelegraph