Crypto ATM provider Bitcoin Depot has announced its upcoming listing on the Nasdaq stock exchange, scheduled for July 3. The announcement comes as Bitcoin Depot completes its business combination with GSR II Meteora Acquisition Corp., a special purpose acquisition company. Following the merger, the newly formed entity will operate under the name Bitcoin Depot Inc. and will trade on the Nasdaq under the tickers "BTM" for common stock and "BTMWW" for public warrants.
Brandon Mintz, CEO and Founder of Bitcoin Depot, expressed excitement about the listing, stating, "The closing of this transaction and our listing on Nasdaq is a big leap forward and a proud moment for the entire Bitcoin Depot team." Mintz emphasized the strategic positioning of the company and its strong market share in North America, highlighting the additional capital from the merger as a crucial factor for their ambitious growth plans. The ultimate goal of Bitcoin Depot is to bring Bitcoin securely and safely to the masses.
Bitcoin Depot, founded in 2016, aims to bridge the gap between cash users and the digital financial system by providing an efficient and intuitive way to convert cash into Bitcoin. The company has established a significant presence with around 6,440 kiosk locations across North America as of March 31, 2023. With the completion of the merger, Bitcoin Depot is now poised to leverage its position in the growing Bitcoin ecosystem to further its mission of widespread Bitcoin adoption.
Bitcoin ATMs, or BTMs, are physical kiosks that facilitate the buying and selling of Bitcoin and other cryptocurrencies. The first Bitcoin ATM was installed in Vancouver, Canada, in 2013. Since then, numerous BTM operators have emerged worldwide, aiming to make Bitcoin transactions more accessible. Companies like CoinFlip, Bitcoin Depot, and Coinsource have become prominent operators in the United States, known for their user-friendly interfaces and fast transactions. Genesis Coin introduced the first two-way Bitcoin ATMs in 2015, enabling users to both buy and sell Bitcoin. The increasing number of BTMs reflects the growing acceptance of cryptocurrencies, although they have also faced scrutiny due to concerns about money laundering and fraud.
As Bitcoin Depot prepares for its Nasdaq listing, the company is poised to strengthen its position in the crypto industry and contribute to the broader adoption of Bitcoin as a mainstream financial asset.
