US fintech company and
Bitcoin ATM operator Bitcoin Depot has announced its intention to list on the Nasdaq exchange. In addition, the
company has agreed to merge with Nasdaq-listed SPAC company GSR II Meteora
Acquisition Corp. (NASDAQ:GSRM). The combined entity will be valued at $885M.
Enterprise Value
As part of the deal, Bitcoin ATM gets access to $321M of cash
lying in GSRM’s trust account, which can be used for working capital. The transaction
will be closed by Q1 2023. The new company will start trading on the NASDAQ
exchange with the name Bitcoin Depot Inc.
“We are always looking to expand
our reach so as many people as possible can access cryptocurrency to control
their own money and conduct easier and simpler financial transactions. Since
inception, we’ve expanded our BTM footprint across North America, signed
strategic relationships with major retailers, and enhanced our services to
provide convenient access to cryptocurrency as we aim to become a digital asset
economy on-ramp destination for users to efficiently turn cash into crypto.
We’re excited about numerous growth opportunities and believe a public listing
enhances our ability to scale and evolve to achieve our goal of providing a
convenient and secure way to purchase cryptocurrency.” Bitcoin Depot CEO and
Founder Brandon Mintz.
Gus Garcia, Co-CEO and Director
of GSRM, commented, “We are incredibly excited to partner with Bitcoin Depot to
help drive its progress and support its mission to connect those who prefer to
use cash to the broader, digital financial system. With its significant BTM
footprint, 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 overseas.”
More about Bitcoin Depot and
GSR II Meteora Acquisition Corporation
Bitcoin Depot is a North America-based bitcoin ATM operator which allows users to convert cash into
cryptocurrencies like Bitcoin, Ethereum, and Litecoin. The company operates
more than 7,000 ATMs across U.S. and Canada.
GSR II Meteora Acquisition
Corporation is a special purpose acquisition company (SPAC) that raises money
via IPO and facilitates listing on the exchange. The proceeds are invested in
acquiring a target company or merging with an existing one. The Florida-based
company was listed on Nasdaq in February’22 and had raised $316.25M during IPO.
US fintech company and
Bitcoin ATM operator Bitcoin Depot has announced its intention to list on the Nasdaq exchange. In addition, the
company has agreed to merge with Nasdaq-listed SPAC company GSR II Meteora
Acquisition Corp. (NASDAQ:GSRM). The combined entity will be valued at $885M.
Enterprise Value
As part of the deal, Bitcoin ATM gets access to $321M of cash
lying in GSRM’s trust account, which can be used for working capital. The transaction
will be closed by Q1 2023. The new company will start trading on the NASDAQ
exchange with the name Bitcoin Depot Inc.
“We are always looking to expand
our reach so as many people as possible can access cryptocurrency to control
their own money and conduct easier and simpler financial transactions. Since
inception, we’ve expanded our BTM footprint across North America, signed
strategic relationships with major retailers, and enhanced our services to
provide convenient access to cryptocurrency as we aim to become a digital asset
economy on-ramp destination for users to efficiently turn cash into crypto.
We’re excited about numerous growth opportunities and believe a public listing
enhances our ability to scale and evolve to achieve our goal of providing a
convenient and secure way to purchase cryptocurrency.” Bitcoin Depot CEO and
Founder Brandon Mintz.
Gus Garcia, Co-CEO and Director
of GSRM, commented, “We are incredibly excited to partner with Bitcoin Depot to
help drive its progress and support its mission to connect those who prefer to
use cash to the broader, digital financial system. With its significant BTM
footprint, 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 overseas.”
More about Bitcoin Depot and
GSR II Meteora Acquisition Corporation
Bitcoin Depot is a North America-based bitcoin ATM operator which allows users to convert cash into
cryptocurrencies like Bitcoin, Ethereum, and Litecoin. The company operates
more than 7,000 ATMs across U.S. and Canada.
GSR II Meteora Acquisition
Corporation is a special purpose acquisition company (SPAC) that raises money
via IPO and facilitates listing on the exchange. The proceeds are invested in
acquiring a target company or merging with an existing one. The Florida-based
company was listed on Nasdaq in February’22 and had raised $316.25M during IPO.
