On June 30, the operator of Bitcoin Depot ATMs announced the closing of its merger with SPAC GSR II Meteora Acquisition Corp. This was stated in a press release.
The deal value was $885 million. The company will be renamed Bitcoin Depot, Inc.; the existing management team will lead it. The stock and warrants under the tickers BTM and BTMWW, respectively, will begin trading on Nasdaq on July 3.
On Nasdaq, Bitcoin Depot, Inc. shares began trading under the ticker BTM. At the peak, the price reached $6.60, after which it corrected to $3.41.
“Bitcoin Depot has a strong position with the largest market share in North America, and the additional capital from this deal will help support our growth opportunities, advancing our mission to safely and reliably promote Bitcoin to the masses”, — said Brandon Mintz, CEO of Bitcoin Depot.
Bitcoin Depot was founded in 2016. According to Coin ATM Radar, the company currently operates 6,381 devices worldwide (17.6% of the total number of Bitcoin ATMs). Of these, 6,166 are located in the United States.
In June it was reported that the number of cryptocurrency ATMs worldwide increased to 35,065 units. Leading in installed Bitcoin ATMs remains the United States — 30,014 (84.7%). In second place is Canada with 2,740 units or 7.6% of the total. In third place is Australia — 463 (1.3%).
In February 2023, the Coin Cloud Bitcoin ATM operator filed for bankruptcy. The company’s liabilities to around 10,000 counterparties are estimated to be between $100 million and $500 million.
Bitcoin Depot announced plans to go public in August 2022.