Bitcoin Depot Plans Going Public, Strikes $885M SPAC Deal

Bitcoin Depot Plans Going Public, Strikes $885M SPAC Deal
  • SPAC GSR II Meteora Acquisition Corp. merged with Bitcoin Depot.
  • After the transaction is concluded, the SPAC will be replaced in the stock market.

Bitcoin Depot, a supplier of cryptocurrency ATMs, has reportedly closed an $885 million SPAC (Special Purpose Acquisition Company) agreement to go public, as tweeted on its official twitter handle. It was announced today, that SPAC GSR II Meteora Acquisition Corp. has merged with Bitcoin Depot, situated in Atlanta.

A special purpose acquisition company (SPAC) is a kind of Shell Company that raises money from investors and trades on public stock markets. The firm’s one and only goal are to go public by merging. After the transaction is concluded, the SPAC will be replaced in the stock market by the public company.

Easy and Convenient For Users

Bitcoin Depot was established in 2016, and it now spans North America with over 7,000 retail locations. A Bitcoin ATM is not the same as a traditional cash machine. Users are unable to make cash deposits or withdrawals. Instead, customers may buy cryptocurrency by scanning a code and paying with cash.

Having cryptocurrency readily accessible through automated teller machines is a positive step for the industry. Additionally, the use of cryptocurrency ATMs continues to rise. About 6,000 of these ATMs were in operation as of 2019. Consider the year 2022, when there are over 40,000. However, development did halt for a while.

Bitcoin Depot claims to be doing great despite the widespread pessimism. Despite the volatile market, the firm has maintained sustained growth. In the second quarter of 2022, the company had record revenues (EBITDA), which are profits before interest, taxes, and amortization. Bitcoin Depot has just launched a scheme that allows clients to buy Bitcoin with cash at over 8,000 places without the need for physical kiosks.

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