Crypto ATM company Bitcoin Depot, which operates primarily in Canada and the United States of America, announced that it has reached an agreement with GSR II Meteora Acquisition to list on the Nasdaq under the symbol “BTM”.
Brandon Mintz, CEO and founder of Bitcoin Depot, believes this is a “significant turning point” for crypto ATMs:
“Since our inception, we have expanded our presence in North America, established strategic relationships with major retailers, and enhanced our services to provide convenient access to cryptocurrencies as we strive to become the go-to destination for the asset economy. digital for users. So they could effectively convert money into cryptocurrencies”.
The contract between the two companies is valued at $885 million. Bitcoin Depot was founded only in 2016, and its rise is due to the fact that it allows its customers to convert cash or dollars into the most famous cryptocurrencies on the market – Bitcoin, Ethereum or Litecoin – with more than 700 ATMs in 47 cities in the United States.
The latest data from Coin ATM Radar showed that there were over 39,000 cryptocurrency ATMs installed worldwide in August, which is 14,000 more than the same month last year. 87.9% of ATMs are also installed in the United States.
“The United States has 87.9% of cryptocurrency ATMs, representing 34,299 machines. The rest of the world holds 4.9%, including 3.8% in Europe. Canada has 6.3%, equivalent to 2,461 machines”.
Bitcoin Depot IPO is a “Breath of Fresh Air”
Bitcoin Depot’s Nasdaq listing is a “breath of fresh air” for the crypto ecosystem, according to Reuters, as high shareholder bailout rates and regulatory issues have hit companies looking to go public through the public channel. “SPAC”, which reduces any possibility of trading on Wall Street.
For his part, Gus García, co-executive director and director of GSRM, pointed out:
“We are extremely pleased to partner with Bitcoin Depot to contribute to its progress and support its mission of connecting those who prefer to use money through the digital financial system. 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.”
Meanwhile, Lewis Silberman, co-CEO and director of GSRM (who promoted them to the Nasdaq listing) explained that despite the bear market, Bitcoin Depot has an active, attractive growth profile with strong results, profitability and exposure to cryptocurrencies. , increasing its potential as a public company.
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