The special purpose acquisition company deal, first reported in August 2022, cost $885 million and is expected to allow investors exposure to Bitcoin Depot’s common stock.
Bitcoin Depot, one of the largest cryptocurrency ATM firms in the United States, has announced the closing of a merger deal allowing the company to go public.
In a June 30 announcement, fintech firm GSR II Meteora Acquisition Corporation said its stockholders had approved the merger for the firm to act as a special purpose acquisition company for Bitcoin Depot. The deal, first reported in August 2022, cost $885 million and is expected to allow investors exposure to Bitcoin Depot on the Nasdaq starting July 3.
According to Bitcoin Depot founder and CEO Brandon Mintz, the merger deal was aimed at supporting “numerous growth opportunities” and promoting the adoption of Bitcoin BTC $30,578 in North America. Investors will be able to find shares of Bitcoin Depot under the ticker symbols BTM and BTMWW for its common stock and public warrants, respectively.
The announcement came amid regulatory scrutiny of firms in the U.S. offering crypto products or services. The Securities and Exchange Commission filed lawsuits against exchanges Binance and Coinbase for alleged unregistered securities offerings. However, investment vehicles with exposure to crypto also seem to be on the rise following BlackRock filing an application in June to list a spot Bitcoin exchange-traded fund.
Founded in 2016, Bitcoin Depot is one of the biggest crypto ATM firms in North America, with more than 9,130 locations, according to its website. In May, fellow ATM provider Bitcoin of America announced it would shutter operations in Connecticut following the state’s Department of Banking saying the firm didn’t have the proper licensing.