Bitcoin Depot, a Cryptocurrency ATM Company Will Begin Trading on the Nasdaq on July 3rd
The special purpose entity deal, first reported in August 2022, is estimated to cost $885,000,000 and should allow investors to participate in Bitcoin Depot’s common stock.
Bitcoin Depot has announced that it has entered into a merger agreement allowing the public to. The company is one of the largest cryptocurrency ATM companies in the United States.
A June 30 announcement by fintech firm GSR II Meteora Acquisition Corporation states that its shareholders have approved the merger so that the company can act as a special purpose entity for Bitcoin Depot. First reported on August 20, 2022, the deal cost $885 million and will allow investors to access Bitcoin Depot through Nasdaq starting July 3.
$GSRM & Bitcoin Depot deal closing PR. Will trade as $BTM on Monday, July 3.https://t.co/tlimnZdQqF
— spactrack.io (@spactrack) June 30, 2023
According to Bitcoin Depot founder and CEO Brandon Mintz, the merger deal was aimed at supporting “numerous growth opportunities.” and to promote the adoption of Bitcoin (BTC) in North America. Shares of Bitcoin Depot trade under the ticker symbol BTM for its common stock and under the ticker symbol BTMWW when it has public warrants.
This announcement was made as part of a regulatory investigation into companies in the United States that provide crypto products and services. The Securities and Exchange Commission has filed lawsuits against Binance and Coinbase over alleged unregistered securities offerings. BlackRock filed an application to list a bitcoin exchange-traded spot fund in June.
According to its website, Bitcoin Depot was founded in 2016 and is one of the largest crypto ATM companies in North America with over 9,130 locations. The Connecticut Department of Banking announced in May that Bitcoin of America, another ATM provider, would be ceasing operations after discovering that the company did not have the required license.
