Bitcoin Depot Has a Plan of Listing on Nasdaq

Bitcoin Depot Has a Plan of Listing on Nasdaq

August 31, 2022 0 By Jeanine Sanchez

The biggest Bitcoin ATM provider in North America, Bitcoin Depot, says it is planning to get listed on Nasdaq. The company also said it going into a partnership with GSR II Meteora in an $885 million deal.

Another Working Capital

The deal entails that Bitcoin Depot gets access to up to $321 million available in Meteora’s trust account. The said fund will be expended as the Bitcoin Depot’s working capital. The new arrangement is scheduled to be finalized by the first quarter of 2023.

Then, the new Nasdaq-listed entity will trade under the name of Bitcoin Depot Inc. 

Bitcoin Depot’s founder and CEO, Brandon Mintz, said that the company is working to expand its sphere so that many people will be able to have cryptocurrencies and control their finances. They will, thus, be able to carry out simplified financial tasks.

He said further that Bitcoin Depot has placed its footprint in different places across North America and entered profitable relationships with big retailers. The company has also brought a convenient way of accessing cryptocurrencies as it plans to be the go-to digital company for users.

Mintz said again that Bitcoin Depot is pumped about the many opportunities the company will build through listing on Nasdaq. He said the company remains committed to its goal of giving users a secure and convenient means to use cryptocurrencies.

Strong Pedigree

Meanwhile, GSRM Director and co-CEO, Gus Garcia, said his company shares the same excitement as Bitcoin Depot about the partnership. The goal of connecting cash users to the general cryptocurrency system remains intact. 

With Bitcoin Depot’s footprint in the Bitcoin ATM area, its strong relationships, as well as its app features, GSRM strongly believes that Bitcoin Depot has a competitive advantage in the market.

Bitcoin Depot is a leading North American Bitcoin ATM service provider. Its operations let users change their cash into different cryptocurrencies such as Bitcoin, Litecoin, and Ethereum. At the moment, it has over 7,000 functional ATMs in the United States and Canada.

GSRM, on the other hand, is a SPAC that focuses on raising funds through Initial Public Offers and aids companies’ listing on different exchanges. Funds raised are used to either acquire companies or merge with them. Based in Florida, it was listed in the month of February this year and it has since raised up to $316.25 million.