Cryptocurrency ATM Operator, Bitcoin Depot, Set to Go Public Via an $885 Million SPAC Deal
- Founded in 2016, Bitcoin Depot takes pride in over 7,000 ATMs across North America.
- The company has delivered $623 million of revenue, $6 million of net income, and $38 million of Adjusted EBITDA (non-GAAP), in the last 12 months as of June 30, 2022 (unaudited).
- Oppenheimer & Co. Inc. is serving as financial advisor and Latham & Watkins LLP is serving as legal advisor to GSRM, while Kirkland & Ellis LLP is serving as legal advisor to Bitcoin Depot
Bitcoin Depot, a cryptocurrency ATM operator based in Atlanta, Georgia, has agreed to go public via a merger with GSR II Meteora Acquisition Corp. (NASDAQ: GSRM), a special-purpose acquisition company (SPAC). According to the company’s official, the deal has valued Bitcoin Depot at approximately $885 million.
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.”
Founded in 2016, Bitcoin Depot takes pride in over 7,000 ATMs across North America, 47 locations in the U.S states, and nine provinces in Canada.
Currently, Bitcoin Depot allows customers to convert their cash to Bitcoin, Ethereum , and Litecoin seamlessly across its ATMs, and its mobile application.
The company has continued to record profits over the years despite the ups and downs experienced in the cryptocurrency industry. For instance, Bitcoin Depot has delivered $623 million of revenue, $6 million of net income, and $38 million of Adjusted EBITDA (non-GAAP), in the last 12 months as of June 30, 2022 (unaudited).
Notably, Oppenheimer & Co. Inc. is serving as financial advisor and Latham & Watkins LLP is serving as legal advisor to GSRM, while Kirkland & Ellis LLP is serving as legal advisor to Bitcoin Depot
Bitcoin Depot Market Outlook
Reportedly, Bitcoin Depot has continued to record a spike in transaction volume since 2017. Hereby making the firm conclude that they are in the right market with brighter future growth prospects.
In a note to investors, Brandon Mintz, CEO, and Founder of Bitcoin Depot said the company is always looking for ways to expand its services across global markets. According to Mintz, going public via a SPAC merger is the best route to achieving its mission.
“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 added.
On the other hand, Gus Garcia, Co-CEO and Director of GSRM, commented that Bitcoin Depot is well positioned to take advantage of the highly fragmented BTM market both domestically and overseas.
Moreover, Bitcoin Depot has a significant BTM footprint, key strategic relationships, and feature-rich mobile applications.
Lewis Silberman, Co-CEO and Director of GSRM, concludes that Bitcoin Depot will make a compelling public-company story based on its profile and history of profitability.
The cryptocurrency market has grown exponentially in the past decade, and market pundits forecast a similar trend in the coming decades. Furthermore, most crypto assets have a fixed supply and deflationary measures to control the circulating supply.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
