Bitcoin Depot is preparing to go public on the Nasdaq under the ticker name BTM.
The bitcoin ATM company presently runs over 7,000 ATMs across the United States.
The company will go public through a $855 million SPAC deal with GSRM.
According to a press statement issued on Thursday, Bitcoin Depot, the world’s largest distributor of bitcoin ATMs according to Coin ATM Radar statistics, will go public on the Nasdaq through a $885 million agreement with a special-purpose acquisition company (SPAC).
Bitcoin Depot presently operates over 7,000 ATMs across North America, allowing clients to easily convert fiat currency into bitcoin and other cryptocurrencies.
Following the acquisition’s completion, which is scheduled in the first quarter of 2023,
Bitcoin Depot will merge with GSR II Meteora Acquisition Corp (GSRM) to form Bitcoin Depot Inc., which will trade on the Nasdaq US stock exchange under the ticker symbol BTM.
“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,” said Brandon Mintz, CEO and founder of Bitcoin Depot, per the release.
According to the statement, Bitcoin Depot has produced over $623 million in revenue over the last year, with a net income of more than $6 million. While the business’s Bitcoin ATMs are currently present in over 40% of the United States’ population through its 7,000 sites, the statement mentions that the company has a pending application to join New York state to expand its market reach.
“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,” Mintz continued.
After cash proceeds from the purchase are tallied, the combined business is estimated to have a post-transaction enterprise value of $755 million, with equity closer to $855 million. A trust held by GSRM will receive $321 million of that value for future acquisitions and scaling.