- Bitcoin Depot is defined to become publicly-traded company on the Nasdaq under ticker symbol BTM.
- The bitcoin ATM firm currently operates over 7,000 ATMs over the U.S.
- The business will list by way of a SPAC deal worth $855 million with GSRM.
Bitcoin Depot, the worlds largest provider of bitcoin ATMs in accordance with data from Coin ATM Radar, will go public on the Nasdaq via an $885 million cope with a special-purpose acquisition company (SPAC), in accordance with a Thursday news release.
Bitcoin Depot currently has a fleet of over 7,000 ATMs across THE UNITED STATES which allow customers to conveniently convert fiat into bitcoin along with other cryptocurrencies.
Upon the completion of the acquisition, that is likely to close in the initial quarter of 2023,
We have been always seeking to expand our reach in order many people as you possibly can can access cryptocurrency to regulate their very own money and conduct easier and simpler financial transactions, said Brandon Mintz, CEO and founder of Bitcoin Depot, per the release.
Based on the release, Bitcoin Depot has generated over $623 million in revenue during the past 12 months with a net gain of over $6 million. As the companys Bitcoin ATMs already permeate over 40% of the U.S. population across its 7,000 locations, the release details that the business includes a pending application to enter NY state to help expand its market reach.
Since inception, weve expanded our BTM footprint across THE UNITED STATES, signed strategic relationships with major retailers, and enhanced our services to supply convenient usage of cryptocurrency once we aim to turn into a digital asset economy on-ramp destination for users to efficiently turn cash into crypto, Mintz continued.
The combined company is likely to have a post-transaction enterprise value of $755 million, while equity would fall nearer to $855 million after cash arises from the transaction are tallied up. Of this value, $321 million will undoubtedly be assigned to a trust held by GSRM to be utilized for future acquisitions and scaling.