Bitcoin Depot Announces $885M SPAC Nasdaq Plans
American fintech company and Bitcoin ATM operator, Bitcoin Depot, has announced its intention to list on the Nasdaq exchange. In addition, the company has agreed to merge with the Nasdaq-listed SPAC company, GSR II Meteora Acquisition Corp. (NASDAQ:GSRM). The combined entity will be valued at $885 million.
Group value
As part of the deal, Bitcoin ATM gets access to $321M of cash held in GSRM’s trust account, which can be used for working capital. The transaction will close by Q1 2023. The new company will begin trading on the NASDAQ stock exchange under the name Bitcoin Depot Inc.
“We are always looking to expand our reach so that as many people as possible can access cryptocurrency to control their own money and make easier and simpler financial transactions. Since our inception, we have expanded our BTM footprint across North America , entered into strategic relationships with major retailers, and enhanced our services to provide easy access to cryptocurrency as we aim to become a digital asset economy destination for users to efficiently transact money into crypto. We are excited about many growth opportunities and believe that a public listing enhances our ability to scale and evolve to achieve our goal of providing a convenient and secure way to buy cryptocurrency.” Bitcoin Depot CEO and Founder Brandon Mintz.
Gus Garcia, Co-CEO and Director of GSRM, commented: “We are incredibly excited to partner with Bitcoin Depot to help drive progress and support the mission of connecting those who prefer to use cash to the broader digital financial system. With its significant BTM footprint, key strategic relationships and feature-rich mobile app, we believe Bitcoin Depot is well positioned to take advantage of the highly fragmented BTM market both domestically and internationally.
More about Bitcoin Depot and GSR II Meteora Acquisition Corporation
Bitcoin Depot is a North American-based bitcoin ATM operator that allows users to convert money into cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. The company operates more than 7,000 ATMs across the United States and Canada.
GSR II Meteora Acquisition Corporation is a special purpose acquisition company (SPAC) that raises money via IPO and facilitates listing on the stock exchange. The income is invested in buying a target company or merging with an existing one. The Florida-based company listed on Nasdaq in Feb ’22 and had raised $316.25 million during the IPO.
American fintech company and Bitcoin ATM operator, Bitcoin Depot, has announced its intention to list on the Nasdaq exchange. In addition, the company has agreed to merge with the Nasdaq-listed SPAC company, GSR II Meteora Acquisition Corp. (NASDAQ:GSRM). The combined entity will be valued at $885 million.
Group value
As part of the deal, Bitcoin ATM gets access to $321M of cash held in GSRM’s trust account, which can be used for working capital. The transaction will close by Q1 2023. The new company will begin trading on the NASDAQ stock exchange under the name Bitcoin Depot Inc.
“We are always looking to expand our reach so that as many people as possible can access cryptocurrency to control their own money and make easier and simpler financial transactions. Since our inception, we have expanded our BTM footprint across North America , entered into strategic relationships with major retailers, and enhanced our services to provide easy access to cryptocurrency as we aim to become a digital asset economy destination for users to efficiently transact money into crypto. We are excited about many growth opportunities and believe that a public listing enhances our ability to scale and evolve to achieve our goal of providing a convenient and secure way to buy cryptocurrency.” Bitcoin Depot CEO and Founder Brandon Mintz.
Gus Garcia, Co-CEO and Director of GSRM, commented: “We are incredibly excited to partner with Bitcoin Depot to help drive progress and support the mission of connecting those who prefer to use cash to the broader digital financial system. With its significant BTM footprint, key strategic relationships and feature-rich mobile app, we believe Bitcoin Depot is well positioned to take advantage of the highly fragmented BTM market both domestically and internationally.
More about Bitcoin Depot and GSR II Meteora Acquisition Corporation
Bitcoin Depot is a North American-based bitcoin ATM operator that allows users to convert money into cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. The company operates more than 7,000 ATMs in the US and Canada.
GSR II Meteora Acquisition Corporation is a special purpose acquisition company (SPAC) that raises money via IPO and facilitates listing on the stock exchange. The income is invested in buying a target company or merging with an existing one. The Florida-based company listed on Nasdaq in Feb ’22 and had raised $316.25 million during the IPO.
