Bitcoin Depot, the leading provider of cryptocurrency ATMs in the United States, plans to go public through a merger with a special purpose acquisition company (SPAC).
Atlanta-based Bitcoin Deposit 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 Thursday.
Through this merger, Bitcoin Depot will become a publicly traded company. The combined company – which will be called Bitcoin Depot Inc – will be listed on 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 be completed by Q1 2023. The business combination is subject to regulatory and stakeholder approvals, as well as other customary closing conditions.
The Meteora GSR II SPAC reportedly has about $320 million that Bitcoin Depot could use to expand, although SPAC investors can withdraw their money before the merger is completed. Bitcoin Depot could go ahead with a funding round that would close at the same time as the merger operation.
Gus Garcia, co-CEO of GSRM and a former SPAC banker at Bank of America, said he was confident in Bitcoin Depot’s financing options because of the company’s steady growth.
“With its significant presence in the BTM market, 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,” said he.
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Founded in 2016, Bitcoin Depot is one of the largest cryptocurrency providers in North America, operating over 7,000 kiosks. According to CEO Brandon Mintz, the company continues to grow despite the current bear market of cryptocurrency, which highlights the growing number of use cases for cryptocurrency payments and money transfer around the world.
“We’re doing very well right now, regardless of the market,” he said. Mintz also revealed that Bitcoin Depot plans to make acquisitions after going public.