Bitcoin Depot will go public next year through an $885 million merger deal
Bitcoin Depot will go public next year through an $885 million merger deal
Crypto ATM providers are looking to the future by signing a merger with a SPAC and taking their company public
By Shashank Bhardwaj
Image: Shutterstock
Atlanta-based Bitcoin Depot is one of the largest crypto ATM providers in North America, and it recently revealed its plans to go public through a merger with a special purpose acquisition company (SPAC) through an announcement on Thursday.
The company has reached a definitive agreement to join SPAC GSR II Meteora (GSRM) in an $885 million deal. This indicates that Bitcoin Depot will soon take its place as a publicly traded company as the combined entity, Bitcoin Depot inc., on NASDAQ with the ticker symbol BTM. Reportedly, the merger was unanimously approved by Bitcoin Depot’s management team and the board of GSRM.
Bitcoin Depot is set to access roughly $320 million from GSR II Meteora for its growth, but it would not have access to that money until the merger is completed, which is estimated to be by the second quarter of 2023. The alternative for the Atlanta-based the company will continue with a financing round, although it will also close around the same time as the merger.
