Crypto ATM Company Bitcoin Depot Aims to Go Public in 2023 via $885M SPAC Deal

One ​​of North America's largest crypto ATM providers, Bitcoin Depot, plans to list its shares on the Nasdaq on the first quarter of 2023.< /p> New

Bitcoin Depot, a leading provider of cryptocurrency ATMs in the United States, is planning to go public through a merger with a special purpose acquisition company (SPAC).

Atlanta-based Bitcoin Depot has reached a definitive agreement to merge with SPAC GSR II Meteora (GSRM) in an $885 million deal to go public, the company officially announced Thursday.< /p>

The business combination would result in Bitcoin Depot becoming a publicly traded company, as the combined company – which will be called Bitcoin Depot Inc. – will trade on the Nasdaq under the new ticker symbol BTM.

The merger has been unanimously approved by Bitcoin Depot's management team and GSRM's board of directors and is expected to be completed by Q1 2023. The business combination is subject to approvals regulatory and stakeholder issues, as well as other customary closures. conditions.

The GSR II Meteora SPAC is said to have around $320 million that Bitcoin Depot could use to expand, although SPAC investors can withdraw their money before the merger. Bitcoin Depot could proceed with a funding round that would close at the same time as the merger agreement.

Gus Garcia, co-CEO of GSRM and former SPAC banker at Bank of America, said he was confident in Bitcoin Depot's funding options due to the company's steady growth.

“With its large 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” , he noted.

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