Bitcoin Depot, an Atlanta-based crypto ATM company, is set to go public via a special acquisition vehicle at an $885 million valuation, according to a Wall Street Journal report.
Founded in 2016, Bitcoin Depot claims to be the largest provider of such ATMs in North America with more than 7,000 kiosks in the region. These ATMs function by connecting with a wallet and, after a verification process, allow the user to insert fiat money to receive BTC, LTC or ETH in their wallets.
Bitcoin Depot CEO Brandon Mintz told the Wall Street Journal that it has continued to grow despite the bear market and is looking to target acquisitions after going public.
The company will combine with the special acquisition company GSR II Meteora Acquisition Corp, officials at the company told the Wall Street Journal Thursday. A special purpose acquisition company, or a SPAC, is a publicly traded company created for the purpose of acquiring or merging with an existing company.
The merger will see the Bitcoin Depot valued at $885 million amid a challenging market for not only SPACs but also crypto companies looking to make acquisitions or merge.
Last week, crypto and stocks investment company Robinhood more than halved its acquisition offer for UK fintech Ziglu amid a period of turbulence in crypto M&A markets. This followed news on the same week that investment firm Galaxy Digital had terminated its acquisition of crypto custodian BitGo and crypto miner Prime Blockchain and 10X SPAC canceled its $1.25 billion merger deal.
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