US Crypto ATM Provider Will Go Public – Part Of Merger Deal

US crypto ATM provider, Bitcoin Depot, will go public, after reaching a contract with GSR II Meteora Acquisition Corp, opening the path for the two firms to consolidate and float on the NASDAQ exchange.

According to the press release,

The two companies “announced a definitive agreement for a business combination that would result in Bitcoin Depot becoming a publicly listed company. Upon closing of the transaction, the combined company will be named Bitcoin Depot Inc. and trade on the NASDAQ under the new ticker symbol “BTM”.” US crypto ATM provider, Bitcoin Depot, will go public after the announcement of this deal.

Following the merger, the firm will have an anticipated post-transaction equity value of around USD 885 million, with approximately USD 170 million in cash to fund future expansion, according to a statement from Bitcoin Depot.

According to the company, the net proceeds of the transaction would include up to USD 321 million in cash kept in a trust account. They will be utilized to support Bitcoin Depot’s working capital, complete acquisitions, and grow the company’s platform and product offerings.

The transaction is scheduled to close in the first quarter of 2023, subject to regulatory and shareholder clearances.

Bitcoin Depot claims to be able to convert cash into crypto assets such as bitcoin (BTC), ethereum (ETH), and litecoin (LTC) at over 7,000 sites in 47 states and nine Canadian provinces.

According to the release, the firm provides two products: Bitcoin Depot BTMs, which allow users to convert cash to BTC, ETH, or LTC, and BDCheckout, which allows consumers to load their Bitcoin Depot accounts with cash straight at checkout counters at “major partner merchants.”

According to the firm, after an account is funded, the user may receive BTC using the Bitcoin Depot mobile app.

“Through its BDCheckout offering, users can fund their Bitcoin Depot account with cash at an additional 8,000+ locations at major retailers. Bitcoin Depot’s mobile app allows users to locate nearby kiosks and manage their crypto wallet,” the press release stated.

The release also stated that Bitcoin Depot may grow through existing partnerships “as well as venture into new alliances and markets,” and that:

“Large retailers have become increasingly interested in deploying BTMs because they help attract new customers and increase foot traffic from existing customers.”

According to the firm, Bitcoin Depot generated USD 623 million in sales, USD 6 million in net income, and USD 38 million in Adjusted EBITDA (non-GAAP) in the previous 12 months, as of June 30 this year (unaudited).

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