The largest operator of cryptocurrency ATMs in the world, Bitcoin Depot, is set to go public as it will be listed on Nasdaq soon. The depot has combined with special purpose acquisition company (SPAC) GSR II Meteora at an estimated value of $885 million and it's deal is expected to close by the first quarter of 2023.
The company stated that "Bitcoin Depot and leading fintech company, and GSR II Meteora Acquisition Corp. (NASDAQ: GSRM) ("GSRM"), a special purpose acquisition company, announced a definitive agreement on Thursday for a business combination that would result in Bitcoin Depot becoming a publicly listed company.
Bitcoin Depot Has 7,000 Kiosk Locations In 47 U.S. states
"Upon closing of the transaction, the combined company will be named Bitcoin Depot Inc. and trade on the NASDAQ under the new ticker symbol "BTM," the company added in a statement.
The Bitcoin Depot, which claims to have more than 7,000 kiosk locations in 47 U.S. states and nine Canadian provinces, enables users to convert their cash into Bitcoin, Ethereum and Litecoin.
Users Can Fund Their Bitcoin Depot Account With Cash
Through its BDCheckout offering, users can fund their Bitcoin Depot account with cash at an additional 8,000+ locations at major retailers, according to the company.
Assuming no redemptions, the combined company will have an estimated post-transaction enterprise value of $755 million with an estimated equity value of $885 million from the contribution of up to $170 million in cash proceeds from the transaction, net of cash distribution to selling equity holders and expenses.
The business combination, which has been unanimously approved by the leadership team of Bitcoin Depot and the Board of Directors of GSRM, is expected to close by the first quarter of 2023, subject to regulatory and stockholder approvals, and other customary closing conditions, according to Bitcoin Depot.
The Security and Exchange Commission has said it intends to subject SPAC mergers to greater scrutiny, saying it will propose specialized disclosure requirements with respect to ... compensation paid to sponsors, conflicts of interest, dilution and the fairness of these business combination transactions, according to CoinDesk.
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