Bitcoin Depot, a fintech firm that operates the largest number of cryptocurrency ATMs in the world, has decided to list on the Nasdaq Wall Street. Bitcoin Depot states that this public listing will be made possible by a merger with a special purpose acquisition (SPAC), GSR II Meteora Acquisition Group, (GRSM).
The deal is valued at $885million. Bitcoin Depot’s move is a quick, easy and efficient way to convert cash into crypto. The transaction is reportedly raising $321 million in cash. This cash is currently held in trust by GSRM and will be used to help Bitcoin Depot raise working capital.
It will also provide support for acquisitions and scaling the platform, as well as the many products it offers over time. The Bitcoin Depot is located in Atlanta. Reports suggest that the deal will be completed by the end next year.
Bitcoin Depot has a network in over 7,000 locations
This merger was initiated during a market downturn. Given the declining risk appetite of investors, this is a very difficult time.
Bitcoin ATMs allow users to purchase crypto with cash or debit card, and then the token is sent to the wallet of their choice.
You don’t even need to visit a cryptocurrency exchange platform for this. Scammers may also be associated with crypto ATMs. They might have advertised their products on Craigslist or eBay.
Scammers tell victims to deposit the fiat currency at an ATM, then send the crypto to the wallet. These fake sellers do not deliver the products after the transactions have been completed.
Bitcoin Depot operates a network with more than 7,000 locations across the U.S. and Canada. In 80 countries, there are over 38,000 ATMs that are available for crypto transactions.
Bitcoin Depot, based in Atlanta, claims it has over 7,000 locations throughout the U.S. and Canada. This gives it a market share of 19.1%.
Footprint of the Bitcoin Automated Teller Machine has been increased
Bitcoin Depot’s goal is to make this initiative reach as many people as possible. The convenience of cryptocurrencies has made it easy to own money and make simpler monetary transactions.
Brandon Mintz, CEO and Founder at Bitcoin Depot, was mentioned.
Bitcoin Depot has reached an important milestone today. We are excited about the many growth opportunities available to us and believe that a public listing will allow us to grow and develop to help achieve our goal of offering a secure and convenient way to buy cryptocurrency.
Public listing via SPCAs has become more popular in recent years. A public listing has been used for more than half the IPOs that took place in 2020 and the next year. However, it is important to note that the U.S Securities and Exchange Commission has warned that SPCAs will be subject to greater scrutiny.