Major US crypto ATM provider Bitcoin Depot has signed an offer with GSR II Meteora Acquisition Corp, paving the way in which for that two companies’ merger and listing around the NASDAQ exchange.
Per the pr release,
The 2 companies “announced a definitive deal for a company combination that will lead to Bitcoin Depot being a openly listed company. Upon closing from the transaction, the combined company is going to be named Bitcoin Depot Corporation. and trade around the NASDAQ underneath the new ticker symbol “BTM”.”
Following a merger, the organization may have an believed publish-transaction equity worth of some USD 885m, about USD 170m in cash to invest in its future growth, Bitcoin Depot stated inside a statement.
The company states the internet proceeds elevated in the deal will consist as high as USD 321m of money in a trust account. They’ll be used for the exact purpose to aid Bitcoin Depot’s capital, finalize acquisitions, and scale their platform and product range.
The company combination is anticipated to become performed by the very first quarter of 2023, and it is susceptible to regulatory and stockholder approvals.
Bitcoin Depot states it enables its users to transform their funds into cryptoassets for example bitcoin (BTC), ethereum (ETH), and litecoin (LTC) at greater than 7,000 locations in 47 states over the US and nine Canadian provinces.
The announcement notes that the organization offers two products: the very first is Bitcoin Depot BTMs, which enable users to transform cash to BTC, ETH, or LTC, while the second is BDCheckout which helps people to fund their Bitcoin Depot accounts with cash directly at checkout counters at “major participating retailers.”
Once a free account is funded, the consumer will get BTC with the Bitcoin Depot mobile application, the organization states.
“Through its BDCheckout offering, users can fund their Bitcoin Depot account with cash in an additional 8,000+ locations at major retailers. Bitcoin Depot’s mobile application enables users to discover nearby kiosks and manage their crypto wallet,” based on the pr release.
The announcement further noted that Bitcoin Depot can expand through its existing partnerships, “in addition to enter new relationships and markets,” adding that:
“Large retailers have grown to be more and more thinking about deploying BTMs simply because they help attract new clients while increasing feet traffic from existing customers.”
Within the last 12 several weeks, by June 30 this season (unaudited), Bitcoin Depot has delivered USD 623m of revenue, USD 6m of internet earnings, and USD 38m of Adjusted EBITDA (non-GAAP), the organization mentioned.
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