Shares of the largest cryptocurrency ATM operator Bitcoin Depot (BTM) debuted on the Nasdaq on July 3. In pre-market trading, BTM shares rose to $6.60, more than doubling their original valuation.
The company went public through a SPAC agreement with GSR II Meteora Acquisition Corporation. The transaction amounted to $885 million. Starting today, investors will have access to Bitcoin Depot shares, which will be traded under the tickers “BTM” and “BTMWW”.
According to Bitcoin Depot CEO Brandon Mintz, investor interest in crypto ATMs is based on the fact that the sector retains a lot of potential for consolidation, as it is “highly fragmented.”
Following the successful merger with GSR II Meteora and the installation of more than 2,000 ATMs in the Circle store chain, Bitcoin Depot intends to pay special attention to this direction, according to Mintz. The company also plans to expand the geography of concluding transactions for the installation of specialized equipment for servicing crypto asset holders with other retailers.
According to Coin ATM Radar, Bitcoin Depot operates approximately 6,000 ATMs, accounting for 20% of the market in the US and 17.6% globally.
In May, the UK Financial Conduct Authority (FCA) conducted an inspection for illegal crypto ATMs in three cities: Exeter, Nottingham and Sheffield. Earlier, the FCA stated that not a single crypto ATM in the UK has yet been registered, as required by law.
Source: Bits
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