Crypto ATM Business Bitcoin Depot to Go Public via SPAC Deal – Report
2022.08.25 13:18
Crypto ATM Business Bitcoin Depot to Go Public via SPAC Deal – Report
By Senad Karaahmetovic
The WSJ reports that Bitcoin Depot, one of North America’s fastest-growing cryptocurrency ATM companies, has agreed to a deal to go public.
Bitcoin Depot, which operates over 7,000+ Crypto ATMs, is combining with the SPAC GSR II Meteora Acquisition Corp (NASDAQ:GSRM) in an $885 million deal. The deal is likely to be announced later today.
Founded five years ago, the Atlanta-based crypto business operates multi-cryptocurrency ATMs in the United States and Canada, at stores like Circle K. Consumers use these ATMs to buy bitcoin and other cryptocurrencies with cash.
Chief Executive Brandon Mintz told WSJ that Bitcoin Depot is “doing fantastic right now regardless of the market.” Mintz added that the crypto business had record sales and profit in the second quarter.
The company will get about $320 million from the SPAC deal which will be used to fuel future growth.
