Largest Crypto ATM Provider Bitcoin Depot Lists On Nasdaq On July 3
- Bitcoin Depot, the world’s largest cryptocurrency ATM operator and distribution company, announced its listing on NASDAQ on July 3.
- On June 30, fintech company GSR II Meteora Acquisition Corporation successfully merged into Bitcoin Depot.
Bitcoin Depot, one of the largest crypto ATM companies in the United States, announced the completion of a merger agreement and allowed public listing on NASDAQ on July 3.
In a June 30 announcement, fintech firm GSR II Meteora Acquisition Corporation said its shareholders approved the merger so that the company would act as a special-purpose acquisition company for Bitcoin Depot. The deal, first reported in August 2022, is worth $885 million.
The combined company will be renamed Bitcoin Depot Inc. and will be led by the current management team. Bitcoin Depot common stock and public warrants are scheduled to begin trading on July 3, 2023 on Nasdaq under the tickers “BTM” and “BTMWW,” respectively.
Bitcoin Depot was founded in 2016 with a mission to connect those who prefer to use cash with the broader digital financial system. The company provides users with simple, efficient, and intuitive means to convert some money into Bitcoin, which users can deploy in the payments, spending, and investing space. The company has the largest market share in North America, with approximately 6,440 kiosks as of March 31, 2023.
Bitcoin Depot will install thousands of crypto ATMs at Circle K-branded convenience stores in the US and Canada amid the cryptocurrency market boom.
But this year, the number of users of these machines has decreased significantly as the virtual currency market enters a “hibernation” period, with the average transaction value at each ATM globally reducing by about 75% compared to the previous year, early 2021.
In May, the American provider of Bitcoin ATMs announced that it would cease operations in Connecticut after the state’s Department of Banking said the company did not have the appropriate license.
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