Crypto ATM operator Bitcoin Depot will list on Nasdaq in an $885 million SPAC deal.
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- Bitcoin Depot will be listed on the Nasdaq exchange
- It will be able to do so thanks to its merger with the special purpose acquisition company (SPAC) GSR II Meteora
- The company has more than 7,000 Bitcoin ATMs in North America.
fintech bitcoin-depot plans to go public on the US stock market by merging with the company GSR II Meteora Acquisition Corp in a deal valued at $885 million, the companies said in a press release today.
According to the note “upon closing of the transaction, the combined company will be called Bitcoin Depot Inc. and will be listed on NASDAQ under the new ticker symbol BTM”.
It is worth noting that according to data from CoinATMRadar,BitcoinDepot would be the third company worldwide with more ATMs Bitcoin ATM.
BitcoinDepot, considered in turn the largest operator in North America, specifically plans to list on nasdaq after merging with the special purpose acquisition company (SPAC) GSR II Meteora. The deal is expected to close in the first quarter of 2023, a spokesperson for the companies told the outlet. CoinDesk.
More than 7,000 ATMs
bitcoin-depotbased in Atlanta, says it has a network of more than 7,000 locations in the US and Canada, giving it a 19.1% global market share based on data from CoinATMRadar. There are more than 38,745 crypto ATMs installed in nearly 80 countries today, data shows.
Likewise, mergers with SPACs have been a popular way to go public in recent years, accounting for more than half of all initial public offerings in 2020-2021, the company reported. US Securities and Exchange Commission (SEC) in March. However, not all of them come to fruition, as some, including the miner’s planned $1.25 billion listing of Bitcoin PrimeBlock, they were canceled when the crypto market crashed.
The SEQ has said it intends to subject the SPAC mergers to greater scrutiny, saying it will propose “specialized disclosure requirements regarding…compensation paid to sponsors, conflicts of interest, dilution, and fairness of these business combination transactions.” Furthermore, the president of the SEC, Gary Gensler, has been heavily criticized for his comments on crypto regulation
On bitcoin-depot
bitcoin-depot says that since its creation in 2016, its mission “has been to bring cryptocurrencies to the masses”. The company allows users to convert their cash into bitcoin, ethereum Y litecoin at more than 7,000 newsstands in 47 US states and nine Canadian provinces. Through your offer BDCheckoutusers can fund their account bitcoin-depot with cash at over 8,000 additional locations at major retailers. The mobile application of bitcoin-depot allows users to locate nearby kiosks and manage their crypto wallet.
Sources: Reuters, coindesk, CoinATMRadar, Press releaseFile, Archive
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