Bitcoin Depot Inc., a leading Bitcoin ATM operator in the United States, and GSR II Meteora Acquisition Corp., a special purpose acquisition company, have announced the successful completion of their business combination, as stated in a recent press release. Following the consolidation, the merged company will operate under the name Bitcoin Depot Inc. and will be led by its existing management team. Starting from July 3, 2023, the company’s common stock and public warrants are expected to be traded on the Nasdaq under the ticker symbols “BTM” and “BTMWW,” respectively.
Brandon Mintz, CEO and Founder of Bitcoin Depot, expressed his satisfaction with the completion of the transaction and the upcoming listing on Nasdaq. He emphasized the company’s strategic positioning and highlighted its strong market share in North America, as well as the additional capital obtained from the merger, which will support its ambitious growth plans. Mintz concluded by stating that the central objective is to bring Bitcoin to the masses in a safe and secure manner.
Founded in 2016, Bitcoin Depot aims to bridge the gap between individuals who prefer using cash and the broader digital financial system. The company facilitates the efficient and intuitive conversion of cash into Bitcoin, and it has established a significant presence with approximately 6,440 kiosk locations across North America as of March 31, 2023. As the dust settles after this significant merger, the combined entity is now focused on leveraging its unique position within the growing Bitcoin ecosystem. Equipped with ambition and resources, Bitcoin Depot Inc. is determined to further its mission of securely and safely bringing Bitcoin to the masses.
Bitcoin ATMs, also known as BTMs, are physical kiosks that enable the buying and selling of Bitcoin and other cryptocurrencies. The first Bitcoin ATM was installed in Vancouver, Canada, in 2013 by Robocoin. Subsequently, numerous BTM operators emerged worldwide, aiming to make Bitcoin transactions more accessible. Companies such as CoinFlip, Bitcoin Depot, and Coinsource have become prominent operators in the United States, renowned for their user-friendly interfaces and quick transactions. In 2015, Genesis Coin introduced the first two-way Bitcoin ATMs, allowing users to both buy and sell Bitcoin. The increasing number of BTMs signifies the growing acceptance of cryptocurrencies. However, these machines have also faced criticism due to concerns related to money laundering and fraud.