Bitcoin Depot, the most important U.S. supplier of Bitcoin ATMs, introduced Thursday that it plans to go public by merging with a particular function acquisition firm in an $885 million deal.
The corporate mentioned it hopes to merge with SPAC GSR II Meteora Acquisition Corp. by the primary quarter of 2023 in a deal that may see the mixed firm, Bitcoin Depot Inc., listed on the Nasdaq alternate underneath the ticker BTM.
With 7,000 Bitcoin ATMs in 47 states, Bitcoin Depot controls about 20% of the U.S. market for machines at which individuals can alternate money for cryptocurrencies like Bitcoin, Ethereum, and Litecoin. There are about 34,000 such ATMs nationwide, with the highest three operators controlling almost half, according to Coin ATM Radar, which tracks the machines.
“We’re enthusiastic about quite a few progress alternatives and imagine a public itemizing enhances our capacity to scale and evolve to attain our aim of offering a handy and safe strategy to buy cryptocurrency,” Bitcoin Depot CEO Brandon Mintz mentioned in an announcement.
Over the previous 12 months, demand for crypto ATMs has grown as a frenzy of latest buyers dove into crypto. Whereas shopping for cryptocurrencies on-line could also be sophisticated for the non-technologically savvy client, crypto ATM corporations say they supply a better and extra acquainted expertise by changing fiat cash to crypto by means of bodily machines typically discovered at grocery shops and gasoline stations.
From Jan. 1 to Sept. 1 of final 12 months, the variety of crypto ATMs put in within the U.S. doubled. However the latest nosedive in crypto costs has seen Bitcoin, the preferred cryptocurrency, drop to its lowest degree since the height of the pandemic in December 2020, and it’s slowed ATM installations.
With simply days left till September, the variety of crypto ATMs has grown a measly 13% because the begin of the 12 months. In August, installations even noticed a net loss of more than 100 machines, in accordance with Coin ATM Radar.
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