Bitcoin Depot, a significant cryptocurrency ATM provider within the U . s . States, is intending to go public via a merger having a special-purpose acquisition company (SPAC).
Atlanta-based Bitcoin Depot has arrived at a definitive agreement to merge using the SPAC GSR II Meteora (GSRM) within an $885 million deal to visit public, the firm formally announced on Thursday.
The company combination would lead to Bitcoin Depot being a openly listed company because the combined company — to become dubbed Bitcoin Depot Corporation. — will trade around the Nasdaq underneath the new ticker symbol BTM.
The merger continues to be unanimously authorized by the leadership group of Bitcoin Depot and also the board of company directors of GSRM and it is likely to near by the very first quarter of 2023. The company combination is susceptible to regulatory and stakeholder approvals, along with other customary closing conditions.
The GSR II Meteora SPAC apparently has about $320 million that Bitcoin Depot can use to develop, though SPAC investors can withdraw their cash prior to the merger is performed. Bitcoin Depot could proceed having a funding round that will close simultaneously because the merger deal.
Gus Garcia, GSRM co-Chief executive officer along with a former SPAC banker at Bank of the usa, stated he’s positive about Bitcoin Depot’s financing options due to the company’s steady growth.
“With its significant BTM footprint, key proper relationships, and have-wealthy mobile application, we feel Bitcoin Depot is well positioned to benefit from the highly fragmented BTM market both domestically and overseas,” he noted.
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Founded in 2016, Bitcoin Depot is among the largest crypto ATM providers in The United States, operating over 7,000 kiosk locations. Based on Chief executive officer Brandon Mintz, the organization has ongoing growing regardless of the ongoing cryptocurrency bear market, which highlights an increasing number of use cases for crypto-like payments and transferring money globally.
“We’re really doing fantastic at this time whatever the market,” he stated. Mintz also noted Bitcoin Depot intends to pursue acquisitions after going public.
