The acquisition deal for the special-purpose company, first reported in August 2022, cost $885 million and is expected to allow investor exposure to Bitcoin Depot common stock.
Bitcoin Depot, one of the largest cryptocurrency ATM companies in the United States, has announced the closing of a merger agreement allowing the company to go public.
In a June 30 announcement, fintech GSR II Meteora Acquisition Corporation said that its shareholders approved the merger of the company to act as a special purpose acquisition company for Bitcoin Depot. The deal, first reported in August 2022, cost $885 million and is expected to allow investors to gain exposure to Bitcoin Depot on Nasdaq starting July 3.
According to Bitcoin Depot Founder and CEO Brandon Mintz, the merger deal was intended to support “countless growth opportunities” and promote the adoption of Bitcoin (BTC) in North America. Investors will be able to find shares of Bitcoin Depot under the symbols BTM and BTMWW for its common stock and public warrants, respectively.
Founded in 2016, Bitcoin Depot is one of the largest cryptocurrency companies in North America, with more than 9,130 locations, according to its website. In May, ATM provider Bitcoin of America announced that it was shutting down operations in Connecticut after the state’s Department of Banking said the company did not have the proper license.