Bitcoin Depot states SPAC merger continues as planned after solid revenue growth

Based on a new filing using the U.S. Registration on 12 ,. 1, crypto ATM operator Bitcoin Depot stated it “remains on the right track to accomplish its formerly announced business in conjunction with GSR II Meteora Acquisition Corp.”

The merger using the special purpose acquisition vehicle, or SPAC, is scheduled to happen within the first quarter of 2023, susceptible to shareholder and regulatory approval. Bitcoin Depot estimates the deal will infuse the organization with as many as $170 million in cash proceeds internet of debt repayment. 

In the earnings report for year-to-date financials that ended Sept. 30, released within 24 hours, Bitcoin Depot disclosed that it is revenue increased by 25.25% annually to $497.two million. However, the organization barely broke despite $4.622 million in internet earnings when compared with $9.587 million for that first nine several weeks of 2021, partially as a result of sharp rise in interest expense. Commenting around the results poor the current market turmoil, Brandon Mintz, Chief executive officer, and founding father of Bitcoin Depot, mentioned:

“We feel we stand out from the with limited direct crypto exposure, robust compliance procedures and secure transactions that provide users charge of their purchased crypto, when compared with other ways of transacting in crypto where users depend on organizations to child custody their crypto.”

Founded in 2016, Bitcoin Depot is presently the biggest Bitcoin ATM operator in The United States, with more than 7,000 kiosks along with a 19% share of the market within the U.S. On August 24, 2022, Bitcoin Depot and GSR II Meteora Acquisition Corp announced their merger to consider Bitcoin Depot public around the U.S. Nasdaq exchange underneath the ticker symbol BTM.

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