Bitcoin Depot is going public on Nasdaq with an $885M SPAC Deal

Crypto ATM provider Bitcoin Depot reportedly intends to join hands with SPAC GSR II Meteora Acquisition Corp. to go public on Nasdaq.
Crypto ATM provider Bitcoin Depot reportedly intends to join hands with SPAC GSR II Meteora Acquisition Corp. to go public on Nasdaq.

Renowned cryptocurrency ATM provider Bitcoin Depot reportedly intends to join hands with SPAC GSR II Meteora Acquisition Corp. to go public on Nasdaq.

According to a Thursday The Wall Street Journal article, the contract between Bitcoin Depot and GSR II Meteora SPAC is valued at $885 million. The company will take the position of the shell business in the stock market if the deal is approved and closed.

The article further stated that GSR II Meteor raised roughly $320 million, money that the ATM operator might utilize to grow its business. However, the corporation will have fewer funds if investors decide to pay out their investments.

Bitcoin Depot, one of the biggest operators in North America, was established in 2016 with over 7,000 kiosks in the U.S. and Canada. The co-founder and CEO of the company, Brandon Mintz, said that the company had fared well amid the ongoing market downturn. He stated:

“We’re actually doing fantastic right now regardless of the market.”

Bitcoin depot seeing a spike in cross-border transactions

Bitcoin Depot, according to the CEO, sees more and more applications for cryptocurrencies in payments and global transfers. With the SPAC agreement, the operator of the crypto ATM aims to investigate various use cases.

A special-purpose acquisition company (SPAC) is a public company created with the specific aim of merging with or purchasing another existing corporation. SPACs raise money from investors through initial public offerings (IPOs), but they don’t operate as a business, so investors can withdraw their funds before a merger or acquisition is finalized.

If the deal is successful, Bitcoin Depot won’t be the first cryptocurrency company to IPO through SPAC. Some crypto SPAC arrangements are currently in peril since the companies involved have prolonged the termination dates for the deals, even though more cryptocurrency startups like Roxe are planning to go public using the same way. In addition, W3BCloud will also go public on NYSE in a $1.25 billion SPAC deal, as TheCoinRise reported.