United States-based Bitcoin ATM operator Bitcoin Depot has disclosed its plans to go public by merging with a Special Purpose Acquisition Company (SPAC) in a deal that values the firm at around $885 million, the Wall Street Journal reported Thursday.
The Bitcoin ATM operator will merge with SPAC GSR II Meteora Acquisition Corp to become a publicly traded company. The report noted that the firms would likely make the announcement later today.
Bitcoin Depot Seeks to Test Interest in Crypto ATMs
Brandon Mintz, chief executive officer at Bitcoin Depot, told WSJ that the company experienced significant growth despite the bear market in the second quarter of the year. He noted that the firm recorded substantial sales and earnings before interest, tax, depreciation, and amortization at the end of the last quarter.
As such, Bitcoin Depot’s plan to go public seeks to test investors’ interest in Bitcoin ATMs despite the current market conditions for both cryptocurrencies and SPACs.
Bitcoin Depot Releases Its BDCheckout Product
Bitcoin Depot is one of the leading Bitcoin ATM operators in the industry, with more than 7000 functional machines installed across various states in North America and Canada.
In June, the U.S.-based crypto ATM provider launched its product dubbed BDCheckout, which allows consumers to load cash into their Bitcoin Depot digital wallets through a partnership with InComm Payments.
Under the partnership, users can deposit funds directly into their wallets using the InComm Payments VanillaDirect platform, a cash-in barcode system available in various brick-and-mortar U.S. retail stores.
Last year, the company joined forces with Circle K to introduce Bitcoin ATMs in convenience stores around the U.S., where users can purchase cryptocurrencies with fiat.
Not the First
Meanwhile, Bitcoin Depot is not the first crypto firm that plans to go public this year despite the market meltdown. In June, Roxe Holdings, a blockchain payment infrastructure enterprise, signed a merger deal with the blank check company Goldenstone Acquisition Limited to go public.
The merger valued the combined entities at around $3.6 billion, which is subject to change based on a valuation investigation that a separate investment banking enterprise would conduct.
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