Bitcoin Depot Move Forward Following A Successful SPAC Merger

The SPAC’s board of directors has unanimously authorized the transaction agreement, “the merger with Bitcoin Depot,” according to GSR II Meteora Acquisition Corp’s filing with U.S. Securities and Exchange Commission on December 1st.

A staggering $885 million is the value of the agreement. The operator of the crypto ATMs and the SPAC will merge to form a new company, which will be renamed Bitcoin Depot Inc. after the deal is finished.

Moreover, when it becomes publicly traded, it will be listed on the Nasdaq exchange with the symbol “BTM.” In the first quarter of 2023, the agreement will be final.

In addition to the financial report for the third quarter that concluded on September 30, 2022, filed with the SEC by the operator of cryptocurrency ATMs, Bitcoin Depot and GSR II Meteora Acquisition Corp., the filing also contained other disclosures relative to the entities.

Bitcoin Depot Marks 25% YoY Growth In Revenue

The owner of a crypto ATM has declared revenue of $497.2 million, a remarkable 25% YoY growth.

Brandon Mintz, CEO of Bitcoin Depot, said its momentum continued through the Q3 as they delivered record year-to-date revenue growth. It comes despite the turmoil in the broader crypto market, reinforcing their mission to safely, securely, and effectively bring crypto to the masses.

As per the joint statement, the combination is subject to stockholder and regulatory approvals and additional closing conditions. With this deal, Bitcoin Depot might make up to $170 million.

However, in August of this year, the merger was made public. The company was among the first in this industry to announce an M&A deal. The CEO of Bitcoin Depot claimed that a public listing would improve the company’s capacity to grow and change.

Related Reading | New York’s DFS Proposes Crypto Regulations

Nevertheless, 47 states in U.S. are home to more than 7,000 cryptocurrency ATMs run by Bitcoin Depot. Additionally, the company now operates the most Bitcoin ATMs in North America, with market share of about 20%.

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