Source: a video screenshot, Bitcoin Depot / YouTube
Major US crypto ATM provider Bitcoin vault signed a contract with GSR II Meteora Acquisition Corppaving the way for the two companies to merge and be listed on the stock exchange NASDAQ Exchange.
According to press release,
The two companies “announced a definitive agreement for a business combination that would result in Bitcoin Depot becoming a publicly traded company. Upon closing of the transaction, the combined company will be named Bitcoin Depot Inc. and traded on the NASDAQ under the new ticker symbol “BTM.”
Post-merger, the company will have an estimated post-transaction equity value of approximately $885 million, with approximately $170 million in cash to fund its future growth, Bitcoin Depot said in a statement.
The company says the net proceeds from the transaction will consist of up to $321 million in cash held in escrow. They will be used with the aim of supporting Bitcoin Depot’s working capital, completing acquisitions and scaling the company’s platform and product range.
The business combination is expected to be complete by the first quarter of 2023 and is subject to regulatory and shareholder approvals.
Bitcoin Depot says it allows its users to convert their cash into crypto assets like Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) at more than 7,000 locations in 47 states in the US and nine Canadian provinces.
The announcement states that the company offers two products: the first is Bitcoin Depot BTMs, which allow users to convert cash into BTC, ETH or LTC, while the second is BDCheckout, which allows customers to directly fund their Bitcoin Depot accounts with cash Cash registers at “major participating retailers” can top up.
Once an account is funded, the user can receive BTC through the Bitcoin Depot mobile app, according to the company.
“The BDCheckout offering allows users to fund their Bitcoin Depot account with cash at over 8,000 additional locations at major retailers. The Bitcoin Depot mobile app allows users to find nearby kiosks and manage their crypto wallet,” the press release reads.
The announcement further noted that Bitcoin Depot can expand through its existing partnerships and “as well as enter into new relationships and markets,” adding:
“Large retailers are increasingly interested in using BTMs because they help attract new customers and increase foot traffic from existing customers.”
For the trailing 12 months ending June 30 of this year (unaudited), Bitcoin Depot generated $623 million in revenue, $6 million in net income, and $38 million in Adjusted EBITDA (Non-GAAP), according to the company.
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