The Atlanta-based ATM provider is set to go public via a special SPAC acquisition facility with a valuation of $885 million.
Founded in 2016 in the US, Bitcoin Depot manages over 7,000 ATMs. All ATMs are installed in the North American region and provide cryptocurrency transactions by connecting to a cryptocurrency wallet. After verification, users can exchange their crypto assets for fiat through the cryptomat service, or deposit fiat money to receive BTC, LTC or ETH in their wallets.
Bitcoin Depot CEO Brandon Mintz told reporters that despite the bearish trend, the company has decided to enter the stock market and expects capitalization to grow after the IPO.
Crypto ATM Bitcoin Depot will go public after the completion of the SPAC merger with Meteora Acquisition. ATM Bitcoin shares will be listed on the stock market, and the initial capitalization will be more than $885 million.
However, due to the uncertainty prevailing in the cryptocurrency market, not all transactions under the SPAC merger scheme reach completion. Recently, a notice was filed with the US Securities and Exchange Commission (SEC) about the termination of the transaction between Prime Blockchain and 10X Capital Venture and, accordingly, about the cancellation of the entry into the market of the Nasdaq stock exchange of a joint public cryptocurrency company with assets of more than $1.25 billion.