Crypto ATM Company Bitcoin Depot Bags SPAC Deal Worth $885 Million, Here’s What’s Next!

Bitcoin Depot, a fintech company that is the largest operator of cryptocurrency ATMs, has decided to list on the Nasdaq index on Wall Street. According to Bitcoin Depot, this public listing will take place through a merger through a special purpose acquisition company (SPAC) GSR ​​II Meteora Acquisition Group (GRSM).

The agreement is estimated to have a value of 885 million dollars. This move from Bitcoin Depot is an intuitive, fast and convenient way to get cash converted to crypto. The transaction will reportedly raise close to $321 million in cash held in GSRM’s trust account and will be dedicated to helping Bitcoin Depot with its working capital.

It will also expand its support in completing acquisitions while scaling the platform and the amount of products it has to offer over time. Bitcoin Depot is based out of Atlanta, and reports suggest the deal is set to close by the end of next year.

Bitcoin Depot has a network of over 7,000 locations

The merger has been initiated at a time when the market was experiencing a downturn. This is an exceptionally tough time given investors’ risk appetite which has fallen.

Bitcoin ATMs help users buy crypto with cash or debit card, after which the token is sent directly to a wallet of the user’s choice.

All this can be done without having to visit a crypto exchange platform. Crypto ATMs are also sometimes linked to scammers who have advertised products on eBay or Craigslist.

The scammers instruct their victims to make the payments by depositing the physical fiat currency into an ATM and then sending the crypto to a given wallet. After the transactions are completed, the products are not delivered by these fake sellers.

Bitcoin Depot has a network of more than 7,000 locations spread across the United States and Canada. There are more than a total of 38,000 crypto ATMs operating in 80 countries.

Atlanta-based Bitcoin Depot says it has a network of over 7,000 locations across the US and Canada, giving it a 19.1% global market share.

Increased footprint for Bitcoin Automated Teller Machine

The goal of Bitcoin Depot is to ensure that through this initiative they reach as many people as possible. Cryptocurrencies have been an easy way to own money and also perform easier monetary transactions.

Brandon Mintz, CEO and founder of Bitcoin Depot mentioned,

Today marks an important milestone for Bitcoin Depot. We are excited about many growth opportunities and believe a public listing enhances our ability to scale and evolve to achieve our goal of providing a convenient and secure way to buy cryptocurrency.

SPCAs have recently become a more preferred way of public listing. More than half of the IPOs in 2020 and the following year have taken place with a public listing. However, it is important to know that the US Securities and Exchange Commission (SEC) has warned that SPCAs will be subject to higher scrutiny.

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