Bitcoin Depot, one of the world’s largest Bitcoin ATM operators, is about to its IPO on the NASDAQ through a SPAC organized with the company GSR II Meteora Acquisition Corp, for an estimated value of 885 million dollars.
What is a SPAC?
A SPAC is a “Special Purpose Supply Company”. It is intended for raising capital on the stock market to finance the acquisition of an unlisted company. It is created by other companies who will sponsor it. The latter will have an image of trust or will be respected by investors their expertise in a particular area, or merger & acquisition transactions. Here, Bitcoin Depot has partnered with the company GSR II Meteora Acquisition Corp.
Bitcoin Deposit, great growth
Since its creation in 2016, the mission of the Bitcoin cache he was giving encryption to the masses. Bitcoin Depot’s products and services provide an intuitive, fast and convenient process for converting cash to cryptocurrency, enabling users to access the wider digital financial system on their own, including payments, transfers, remittances , online purchases and investments.
Bitcoin Depot allows users to convert their money in Bitcoin, Ethereum and Litecoin in more than 7,000 ATMs present in 47 American states and nine Canadian provinces. Thanks to its BDCheckout offer, users can fund their Bitcoin Deposit account in cash in more than 8,000 additional locations in specific terminals. Bitcoin Depot’s easy-to-use mobile app allows users nearby ATMs and manage their encryption.
The company has become one of the fastest growing cryptocurrency ATM companies in North America and is now positioned as a leader in the field. Bitcoin Depot alone has 20% of the US market.
“Today is an important milestone for Bitcoin Depot. We are always trying to expand our reach so that as many people as possible can access cryptocurrency to control their own money and make financial transactions in an easier and simpler way. We believe that the IPO will enhance our scalability to achieve our goal of providing a convenient and secure way to purchase cryptocurrency.said Brandon Mintz, CEO and Founder of Bitcoin Depot.
Therefore the CEO of the firm is very confident about the future despite the crisis the cryptocurrency industry is going through a rough patch right now. He even said “We are doing great things right now, regardless of the market.”
A partnership with the already listed company, GSR II Meteora Acquisition Corp
Gus Garcia, Co-CEO and Director of GSRM said: “We are excited to partner with Bitcoin Depot to help it grow and support its mission to empower those who prefer to use digital money over cash. With a BTM market leader, key strategic relationships, and a feature-rich mobile app, we believe Bitcoin Depot is well positioned to take advantage of the BTM market, both at home and abroad.“
With this partnership and its abnormal growth, risks for the company Bitcoin Depot a A good IPO on the NASDAQ.