Major US crypto ATM provider Bitcoin Depot has signed a deal with GSR II Meteora Acquisition Corp, paving the way for the two companies’ merger and listing on the NASDAQ exchange.
Per the press release,
The two companies “announced a definitive agreement for a business combination that would result in Bitcoin Depot becoming a publicly listed company. Upon closing of the transaction, the combined company will be named Bitcoin Depot Inc. and trade on the NASDAQ under the new ticker symbol “BTM”.”
Following the merger, the company will have an estimated post-transaction equity value of some USD 885m, with about USD 170m in cash to finance its future growth, Bitcoin Depot said in a statement.
The business says that the net proceeds raised from the deal will consist of up to USD 321m of cash held in a trust account. They will be used with the aim to support Bitcoin Depot’s working capital, finalize acquisitions, and scale the company’s platform and range of products.
The business combination is expected to be completed by the first quarter of 2023, and is subject to regulatory and stockholder approvals.
Bitcoin Depot says that it enables its users to convert their cash into cryptoassets such as bitcoin (BTC), ethereum (ETH), and litecoin (LTC) at more than 7,000 locations in 47 states across the US and nine Canadian provinces.
The announcement notes that the company offers two products: the first is Bitcoin Depot BTMs, which enable users to convert cash to BTC, ETH, or LTC, while the second one is BDCheckout which enables customers to fund their Bitcoin Depot accounts with cash directly at checkout counters at “major participating retailers.”
Once an account is funded, the user can receive BTC through the Bitcoin Depot mobile app, the company says.
“Through its BDCheckout offering, users can fund their Bitcoin Depot account with cash at an additional 8,000+ locations at major retailers. Bitcoin Depot’s mobile app allows users to locate nearby kiosks and manage their crypto wallet,” according to the press release.
The announcement further noted that Bitcoin Depot can expand through its existing partnerships, “as well as enter into new relationships and markets,” adding that:
“Large retailers have become increasingly interested in deploying BTMs because they help attract new customers and increase foot traffic from existing customers.”
In the last 12 months, as of June 30 this year (unaudited), Bitcoin Depot has delivered USD 623m of revenue, USD 6m of net income, and USD 38m of Adjusted EBITDA (non-GAAP), the company stated.
Source: Cryptonews
