Crypto Firm Bitcoin Depot Goes Public Following Mega-Merger

Bitcoin Depot, one of the largest cryptocurrency ATM firms based in the US, has recently revealed that its long-anticipated public offering merger has been finalized.

Fintech giant, GSR II Meteora Acquisition Corporation, confirmed through a public notice on June 30 that its shareholders greenlighted the merger, a decision that allows GSR II to serve as a special purpose acquisition company (SPAC) for Bitcoin Depot. Initially disclosed in August of 2022, this $885 million agreement paves the way for Bitcoin Depot’s debut on the Nasdaq market, starting July 3.

Brandon Mintz, the brainchild behind Bitcoin Depot, envisions this merger as an effective strategy for bolstering the company’s “numerous growth opportunities” and fostering Bitcoin adoption throughout North America. Post-merger, potential investors can look for Bitcoin Depot shares listed under BTM and BTMWW, corresponding to its common stock and public warrants.

This news coincides with an increased regulatory focus on crypto-centric firms in the US, notably the Securities and Exchange Commission’s legal actions against renowned exchanges Binance and Coinbase, citing allegations of unregistered securities offerings. Regardless, the crypto investment landscape continues to thrive, with BlackRock recently submitting a proposal in June to register a spot Bitcoin exchange-traded fund.

Bitcoin Depot, established in 2016, ranks among the largest crypto ATM firms in North America, boasting over 9,130 locations according to company sources. Meanwhile, Connecticut-based ATM provider Bitcoin of America announced a halt in its operations last May, a response to the state’s Department of Banking’s claim that the firm lacked the required licensing.