Bitcoin Depot, a major cryptocurrency ATM provider in the United States, plans to go public through a merger with a special purpose acquisition company (SPAC).
Atlanta-based Bitcoin Depot has reached a definitive agreement to merge with SPAC GSR II Meteora (GSRM) in an $885 million deal to go public, the company officially announced. announcement Thursday.
The business combination would result in Bitcoin Depot becoming a publicly traded company, as the combined company – which will be dubbed Bitcoin Depot Inc. – will trade on the Nasdaq under the new symbol BTM.
The merger has been unanimously approved by Bitcoin Depot’s management team and GSRM’s board of directors and is expected to close by the first quarter of 2023. The business combination is subject to regulatory and stakeholders, as well as other customary closing conditions.
The GSR II Meteora SPAC would have has around $320 million that Bitcoin Depot could use to expand, although SPAC investors can withdraw their money before the merger. Bitcoin Depot could proceed with a funding round that would close at the same time as the merger agreement.
Gus Garcia, co-CEO of GSRM and former SPAC banker at Bank of America, said he was confident in Bitcoin Depot’s funding options due to the company’s steady growth.
“With its large BTM footprint, key strategic relationships, and feature-rich mobile app, we believe Bitcoin Depot is well positioned to take advantage of the highly fragmented BTM market, both domestically and internationally,” a- he noted.
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Founded in 2016, Bitcoin Depot is one of the largest crypto ATM providers in North America, operating over 7,000 kiosk locations. According to CEO Brandon Mintz, the company has continued to grow despite the cryptocurrency bear market, which highlights a growing number of use cases for crypto-like payments and money transfer around the world.
“We’re doing fantastic things right now, regardless of the market,” he said. Mintz also noted that Bitcoin Depot plans to pursue acquisitions after its IPO.