Tuesday, November 29, 2022
 

Bitcoin ATM Giant Going Public on Nasdaq via SPAC Deal

  • Atlanta-based Bitcoin Depot is planning to go public via a special purpose acquisition company.
  • The firm is estimated to go public at a valuation of $885 million.
  • The merged entity will be dubbed Bitcoin Depot Inc. and will trade under the ticker BTM.

One of the largest bitcoin ATM operators, Bitcoin Depot, announced its intention to go public through a special purpose acquisition company (SPAC) deal. After completing the $885 million acquisition agreement with GSR II Meteora (GSRM), Bitcoin Depot will become a publicly traded company trading on the Nasdaq.

Bitcoin Depot’s executive team and the GSRM board of directors have both approved the merger, which is set to become official in the first quarter of 2023. The conclusion of the business combination is contingent on obtaining the necessary approvals from relevant authorities and other customary closing conditions.

In the wake of the GSRM merger, the merged entity will be known as Bitcoin Depot Inc. (BTM on the Nasdaq), and its stock will trade under the new ticker symbol BTM.

The deal will raise up to $321 million from GSRM’s trust account and will be utilized to fund Bitcoin Depot’s operating capital, complete acquisitions, and scale its platform and product portfolio.

The combined entity is estimated to be worth $755 million (including debt), $885 million (equity value), and up to $170 million (cash proceeds from the purchase) if no redemptions occur.

As the U.S. Securities and Exchange Commission (SEC) announced in March, mergers with SPACs accounted for more than half of all IPOs in 2020 and ’21. However, not all of them came to fruition, with the $1.25 billion offering of bitcoin (BTC) miner PrimeBlock being scrapped after the cryptocurrency market crashed.

According to statistics compiled by Coin ATM Radar, Atlanta-based Bitcoin Depot has a 19.1% share of the global market thanks to its network of over 7,000 locations across the United States and Canada. The numbers show that there are over 38,000 cryptocurrency ATMs spanning nearly 80 different nations.

  • Atlanta-based Bitcoin Depot is planning to go public via a special purpose acquisition company.
  • The firm is estimated to go public at a valuation of $885 million.
  • The merged entity will be dubbed Bitcoin Depot Inc. and will trade under the ticker BTM.

One of the largest bitcoin ATM operators, Bitcoin Depot, announced its intention to go public through a special purpose acquisition company (SPAC) deal. After completing the $885 million acquisition agreement with GSR II Meteora (GSRM), Bitcoin Depot will become a publicly traded company trading on the Nasdaq.

Bitcoin Depot’s executive team and the GSRM board of directors have both approved the merger, which is set to become official in the first quarter of 2023. The conclusion of the business combination is contingent on obtaining the necessary approvals from relevant authorities and other customary closing conditions.

In the wake of the GSRM merger, the merged entity will be known as Bitcoin Depot Inc. (BTM on the Nasdaq), and its stock will trade under the new ticker symbol BTM.

The deal will raise up to $321 million from GSRM’s trust account and will be utilized to fund Bitcoin Depot’s operating capital, complete acquisitions, and scale its platform and product portfolio.

The combined entity is estimated to be worth $755 million (including debt), $885 million (equity value), and up to $170 million (cash proceeds from the purchase) if no redemptions occur.

As the U.S. Securities and Exchange Commission (SEC) announced in March, mergers with SPACs accounted for more than half of all IPOs in 2020 and ’21. However, not all of them came to fruition, with the $1.25 billion offering of bitcoin (BTC) miner PrimeBlock being scrapped after the cryptocurrency market crashed.

According to statistics compiled by Coin ATM Radar, Atlanta-based Bitcoin Depot has a 19.1% share of the global market thanks to its network of over 7,000 locations across the United States and Canada. The numbers show that there are over 38,000 cryptocurrency ATMs spanning nearly 80 different nations.

 

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