Bitcoin ATM operator to go public with $885 million valuation

The largest cryptocurrency ATM operator in North America, Bitcoin Depot, plans to go public with a valuation of $885 million through a merger with SPAC GSR II Meteora Acquisition Corp. The Wall Street Journal reports.

According to Coin ATM Radar, the firm operates 6,915 ATMs worldwide. In the United States the company accounts for 19.7% of the market, running 6,714 ATMs. The nearest competitor — CoinCloud — has 5,261 crypto ATMs (15.5%).

Bitcoin Depot ATMs allow connecting to a wallet and, after verification, exchanging fiat for Bitcoin, Litecoin or Ethereum. The company has also launched a service for acquiring digital assets via a mobile app.

Bitcoin Depot has introduced a multi-layer regulatory-compliance system that requires disclosure of additional information for large transactions.

According to CEO Brandon Mintz, after going public the firm may consider acquiring competitors.

Earlier in August, online broker Robinhood договорился о снижении на 58% price for acquiring Ziglu due to deteriorating market conditions.

Earlier, Galaxy Digital отказался from completing the BitGo acquisition.

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