Bitcoin Depot, a crypto ATM company confirmed its plan to go public.
Bitcoin Depot allows users to convert their cash into Bitcoin, Ethereum and Litecoin at more than 7000 kiosks in the US and Canada plus through its BDCheckout kiosks. Users can fund their Bitcoin Depot account with cash at an additional 8000 locations at major retailers.
According to CEO Brandon Mintz, the company has continued growing despite the current cryptocurrency market downturn:
“We’re actually doing fantastic right now regardless of the market.”
According to the recent statement, the company plans to become a publicly-traded company through a merge with SPAC GSR II Meteora (or as they say “via business combination”).
After the deal which is expected to close by the first quarter of 2023, the joined company will have “an estimated post-transaction enterprise value of $755 million with an estimated equity value of $885 million”. It will be listed on the NASDAQ under the new ticker symbol "BTM."