News

Bitcoin Depot Announces SPAC Agreement To Public On The Nasdaq Still Going

Bitcoin Depot has announced that it will finalize its previously announced business combination with GSR II Meteora Acquisition Corp.

Bitcoin Depot and GSR II Meteora Acquisition Corp announced their merger on August 24, 2022, with the goal of taking Bitcoin Depot public on the US Nasdaq exchange under the ticker code BTM. The company predicts that the transaction will generate up to $170 million in cash revenues after debt repayment.

Subject to shareholder and regulatory clearance, the merger with the special-purpose acquisition company, or SPAC, is anticipated to take place in the first quarter of 2023.

Brandon Mintz, CEO and founder of Bitcoin Depot, stated:

“We believe we stand apart from the industry with limited direct crypto exposure, robust compliance procedures and secure transactions that give users control of their purchased crypto, compared to other methods of transacting in crypto where users rely on third parties to custody their crypto.”

Bitcoin Depot is the largest Bitcoin ATM operator in North America right now, the company presently operates over 7,000 ATMs in this area.

Since its inception in 2016, Bitcoin Depot’s mission has been to bring crypto to the masses. Its products and services provide an intuitive, quick, and convenient process to convert cash into cryptocurrency, giving users the ability on their own to access the broader, digital financial system, including payments, transfers, remittances, online purchases, and investments.

Bitcoin Depot reported that its revenue increased by 25.25% year over year to $497.2 million in its earnings report for the fiscal year ending September 30.

However, the company barely broke even, with a net income of $4.622 million compared to $9.587 million in the first nine months of 2021, owing to a significant increase in interest expense.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

The $100 Bet: Qubetics at $0.0212 Could Hit $70K, Amid Binance’s Market Impact and Cardano’s Resilience!

Amidst the heavyweights like Binance (BNB) and resilient competitors like Cardano (ADA), Qubetics ($TICS) is…

2 hours ago

Federal Reserve Bitcoin Proposal as Lummis Suggests Selling Gold

Senator Lummis’s Federal Reserve Bitcoin Proposal urges the Fed to sell some gold reserves and…

3 hours ago

Pennsylvania Proposes a Bitcoin Reserve to Recognize BTC’s Value

Pennsylvania proposes a Bitcoin Reserve, aiming to hold BTC as a state reserve asset to…

3 hours ago

For Those Who Missed Avalanche: Qubetics Best Crypto Presale at $0.0212 Offers a Second Chance to Profit Big

Let’s dive into why Qubetics might just be the investment to settle those Avalanche regrets.

4 hours ago

BlockDAG’s $30 by 2030 Price Predictions Are Sparking Excitement Among the Community—Will Toncoin & SUI Keep Up?

Discover how Toncoin's valuation, SUI's latest Google Cloud partnership, and BlockDAG's soaring presale frame the…

4 hours ago

This website uses cookies.