Bitcoin Depot goes public via SPAC deal. Bitcoin Depot, one of the world's leading Bitcoin ATM operators, is about to go public on the NASDAQ via a SPAC organized with the company GSR II Meteora Acquisition Corp, for an estimated value of 885 million dollars.
What is a SPAC?
A SPAC is a “Special Purpose Acquisition Company”. It is intended to raise capital on the stock market to finance the acquisition of an unlisted company. It is created by other companies which will sponsor it. The latter will have an image of trust or be appreciated by investors for their expertise in a particular field, or mergers & acquisitions operations. Here, Bitcoin Depot has partnered with GSR II Meteora Acquisition Corp.
Bitcoin Depot, spectacular growth
Since its inception in 2016, Bitcoin Depot's mission has been to bring crypto to the masses. Bitcoin Depot's products and services provide an intuitive, fast, and convenient process for converting cash to cryptocurrency, empowering users to access the broader digital financial system on their own, including payments, transfers, remittances, online purchases, and investments.
Bitcoin Depot allows users to convert their money to Bitcoin, Ethereum, and Litecoin at over 7,000 ATMs in 47 US states and nine Canadian provinces. Through its BDCheckout offering, users can fund their Bitcoin Depot account with cash at over 8,000 additional locations at specific kiosks. Bitcoin Depot's easy-to-use mobile app allows users to locate nearby ATMs and manage their crypto.
Bitcoin Depot ATMs in the United States and Canada
The company has become one of the fastest-growing cryptocurrency ATM companies in North America and is now positioned as a leader in the field. Bitcoin Depot alone has 20% of the US market.
“Today marks an important milestone for Bitcoin Depot. We are always looking to expand our reach so that as many people as possible can access cryptocurrency to control their own money and conduct financial transactions in an easier and simpler way. We believe an IPO will enhance our scalability to achieve our goal of providing a convenient and secure way to buy cryptocurrency." said Brandon Mintz, CEO, and Founder of Bitcoin Depot.
The CEO of the firm is therefore very confident about the future despite the period of crisis that the cryptocurrency sector is currently going through. He even added, "We are doing fantastic things right now, regardless of the market."
A partnership with the already listed company, GSR II Meteora Acquisition Corp
Gus Garcia, Co-CEO and Director of GSRM, said, “We are extremely excited to partner with Bitcoin Depot to help drive it forward and support its mission to empower those who prefer to use digital cash instead. than cash. With its leading position in the BTM market, key strategic relationships, and feature-rich mobile app, we believe Bitcoin Depot is well positioned to take advantage of the BTM market, both domestically and abroad.”
With this partnership and its extraordinary growth, the Bitcoin Depot company risks making a good IPO on the NASDAQ.
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