Crypto Guide

Crypto ATM agency Bitcoin Depot goals to go public in 2023 by way of $885M SPAC deal

Bitcoin Depot, a number one cryptocurrency ATM supplier in the US, is planning to go public by a merger with a Particular Function Acquisition Firm (SPAC).

Atlanta-based Bitcoin Depot has reached a definitive settlement to go public, merging with SPAC GSR II Meteora (GSRM) in a deal value $885 million, the agency formally introduced Thursday.

The enterprise mixture will lead to Bitcoin Depot turning into a publicly listed firm because the mixed firm – to be known as Bitcoin Depot Inc. – will commerce on the Nasdaq underneath the brand new ticker image BTM.

The merger has been unanimously accredited by the management crew of Bitcoin Depot and the Board of Administrators of GSRM and is predicted to shut by the primary quarter of 2023. The enterprise mixture is topic to regulatory and stakeholder approval, and different customary closing situations.

GSR II Meteora SPAC reportedly has round $320 million that Bitcoin Depot can use to develop, though SPAC buyers have been capable of withdraw their cash earlier than the merger. Bitcoin Depot could go forward with a funding spherical that can shut concurrently the merger deal.

Gus Garcia, co-CEO of GSRM and former SPAC banker at Financial institution of America, mentioned he has confidence in Bitcoin Depot’s financing choices because of the firm’s regular development.

“With its vital BTM footprint, key strategic relationships and feature-rich cellular app, we imagine Bitcoin Depot is nicely positioned to reap the benefits of the extremely fragmented BTM market each domestically and abroad,” he mentioned.

RELATED: Galaxy Digital terminates BitGo acquisition citing breach of contract

Based in 2016, Bitcoin Depot is among the largest crypto ATM suppliers in North America, working over 7,000 kiosk places. Based on CEO Brandon Mintz, the corporate continues to develop regardless of the continued cryptocurrency bear market, which highlights the rising variety of use circumstances for crypto-like funds and cash transfers globally.

“We’re actually doing nice proper now whatever the market,” he mentioned. Mintz additionally revealed that Bitcoin Depot plans to pursue the acquisition as soon as it goes public.