Bitcoin Depot has announced that it will finalize its previously announced business combination with GSR II Meteora Acquisition Corp.
Bitcoin Depot and GSR II Meteora Acquisition Corp announced their merger on August 24, 2022, with the goal of taking Bitcoin Depot public on the US Nasdaq exchange under the ticker code BTM. The company predicts that the transaction will generate up to $170 million in cash revenues after debt repayment.
Subject to shareholder and regulatory clearance, the merger with the special-purpose acquisition company, or SPAC, is anticipated to take place in the first quarter of 2023.
Brandon Mintz, CEO and founder of Bitcoin Depot, stated:
“We believe we stand apart from the industry with limited direct crypto exposure, robust compliance procedures and secure transactions that give users control of their purchased crypto, compared to other methods of transacting in crypto where users rely on third parties to custody their crypto.”
Bitcoin Depot is the largest Bitcoin ATM operator in North America right now, the company presently operates over 7,000 ATMs in this area.
Since its inception in 2016, Bitcoin Depot’s mission has been to bring crypto to the masses. Its products and services provide an intuitive, quick, and convenient process to convert cash into cryptocurrency, giving users the ability on their own to access the broader, digital financial system, including payments, transfers, remittances, online purchases, and investments.
Bitcoin Depot reported that its revenue increased by 25.25% year over year to $497.2 million in its earnings report for the fiscal year ending September 30.
However, the company barely broke even, with a net income of $4.622 million compared to $9.587 million in the first nine months of 2021, owing to a significant increase in interest expense.
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Harold
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