US Crypto ATM provider Bitcoin Depot goes public as part of merger deal
Major US crypto ATM provider Bitcoin Depot have signed an agreement with GSR II Meteora Acquisition Corpand paves the way for the two companies’ merger and listing on NASDAQ Exchange.
According to the press release,
The two companies “announced a definitive agreement for a business combination that would result in Bitcoin Depot becoming a publicly traded company. Upon completion of the transaction, the combined company will be named Bitcoin Depot Inc. and trade on NASDAQ under the new ticker symbol ‘BTM’.”
After the merger, the company will have an estimated post-transaction equity value of about $885 million, with about $170 million in cash to fund future growth, Bitcoin Depot said in a statement.
The business says the net proceeds from the deal will consist of up to $321 million in cash in a trust account. They will be used for the purpose of supporting Bitcoin Depot’s working capital, completing acquisitions and scaling the company’s platform and product range.
The business combination is expected to be completed by the first quarter of 2023, and is subject to regulatory and shareholder approvals.
Bitcoin Depot says it enables users to convert their money into crypto assets such as bitcoin (BTC), ethereum (ETH) and litecoin (LTC) at more than 7,000 locations in 47 states across the US and nine Canadian provinces.
The announcement notes that the company offers two products: the first is Bitcoin Depot BTMs, which allow users to convert cash to BTC, ETH or LTC, while the second is BDCheckout, which allows customers to fund their Bitcoin Depot accounts with cash directly at cash registers at ” major participating retailers.”
Once an account is funded, the user can receive BTC through the Bitcoin Depot mobile app, the company says.
“Through its BDCheckout offering, users can fund their Bitcoin Depot account with cash at an additional 8,000+ major retail locations. Bitcoin Depot’s mobile app allows users to find nearby kiosks and manage their crypto wallet,” according to the press release.
The announcement further noted that Bitcoin Depot can expand through its existing partnerships, “as well as entering into new relationships and markets,” adding that:
“Major retailers have become increasingly interested in deploying BTMs because they help attract new customers and increase foot traffic from existing customers.”
Over the past 12 months, as of June 30 of this year (unaudited), Bitcoin Depot has delivered $623 million in revenue, $6 million in net income and $38 million in adjusted EBITDA (non-GAAP), the company stated.
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