Bitcoin Depot Announces $885M SPAC Nasdaq Plans

US fintech company and Bitcoin ATM operator Bitcoin Depot has announced its intention to list on the Nasdaq exchange. In addition, the company has agreed to merge with Nasdaq-listed SPAC company GSR II Meteora Acquisition Corp. (NASDAQ:GSRM). The combined entity will be valued at $885M.

Enterprise Value

As part of the deal, Bitcoin ATM gets access to $321M of cash lying in GSRM’s trust account, which can be used for working capital. The transaction will be closed by Q1 2023. The new company will start trading on the NASDAQ exchange with the name Bitcoin Depot Inc.

“We are always looking to expand our reach so as many people as possible can access cryptocurrency to control their own money and conduct easier and simpler financial transactions. Since inception, we’ve expanded our BTM footprint across North America, signed strategic relationships with major retailers, and enhanced our services to provide convenient access to cryptocurrency as we aim to become a digital asset economy on-ramp destination for users to efficiently turn cash into crypto. We’re excited about numerous growth opportunities and believe a public listing enhances our ability to scale and evolve to achieve our goal of providing a convenient and secure way to purchase cryptocurrency.” Bitcoin Depot CEO and Founder Brandon Mintz.

Gus Garcia, Co-CEO and Director of GSRM, commented, “We are incredibly excited to partner with Bitcoin Depot to help drive its progress and support its mission to connect those who prefer to use cash to the broader, digital financial system. With its significant BTM footprint, key strategic relationships, and feature-rich mobile app, we believe Bitcoin Depot is well positioned to take advantage of the highly fragmented BTM market both domestically and overseas.”

More about Bitcoin Depot and GSR II Meteora Acquisition Corporation

Bitcoin Depot is a North America-based bitcoin ATM operator which allows users to convert cash into cryptocurrencies like Bitcoin, Ethereum, and Litecoin. The company operates more than 7,000 ATMs across U.S. and Canada.

GSR II Meteora Acquisition Corporation is a special purpose acquisition company (SPAC) that raises money via IPO and facilitates listing on the exchange. The proceeds are invested in acquiring a target company or merging with an existing one. The Florida-based company was listed on Nasdaq in February’22 and had raised $316.25M during IPO.

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