Bitcoin Depot, one of the largest cryptocurrency ATM companies in the United States, has announced the completion of a merger agreement that will allow the company to go public.
In a June 30 announcement, fintech firm GSR II Meteora Acquisition Corporation said its shareholders had approved the merger so the company could act as a special purpose entity for Bitcoin Depot. The deal, which was first reported in August 2022, cost $885 million and is expected to give investors access to Bitcoin Depot on Nasdaq starting July 3.
According to Brandon Mintz, founder and CEO of Bitcoin Depot, the merger agreement was aimed at supporting “numerous growth opportunities” and promoting the adoption of Bitcoin (BTC) in North America. Investors can find Bitcoin Depot shares under the ticker symbols BTM and BTMWW for the common shares and public warrants, respectively.
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The announcement came amid a regulatory scrutiny of companies in the United States that offer crypto products or services. The Securities and Exchange Commission filed lawsuits against exchanges Binance and Coinbase over alleged unregistered securities offerings. However, investment vehicles with crypto exposure also appear to be on the rise after BlackRock filed an application to list a spot Bitcoin exchange-traded fund in June.
Founded in 2016, Bitcoin Depot is one of the largest crypto ATM companies in North America, with more than 9,130 locations, according to its website. In May, another ATM provider, Bitcoin of America, announced it was ceasing operations in Connecticut after the state’s Department of Banking said the company was not licensed.
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