© Reuters.
By Senad Karaahmetovic
The WSJ reports that Bitcoin Depot, one of North America’s fastest growing cryptocurrency ATM companies, has reached a deal to go public.
Bitcoin Depot, which operates over 7,000 cryptocurrency ATMs, partners with SPAC GSR II Meteora Acquisition Corp (NASDAQ:) in an $885 million deal. The transaction will likely be announced later today.
Founded five years ago, the Atlanta-based cryptocurrency company operates multiple cryptocurrency ATMs in the United States and Canada, at stores like Circle K. Consumers use these ATMs to purchase bitcoin and other cryptocurrencies with cash.
Managing Director Brandon Mintz told the WSJ that Bitcoin Depot is “doing fantastically well right now, regardless of the market.” Mintz added that the crypto firm posted record sales and profits in the second quarter.
The company will get approximately $320 million from the SPAC deal which will be used to fuel future growth.