Crypto ATM Operator Bitcoin Depot Goes Public on NASDAQ
Starting July 3, 2023, Bitcoin Depot, a cryptocurrency ATM operator, has been added to the roster of companies whose shares are traded on the US stock exchange, NASDAQ.
This event marks a truly unique and unprecedented achievement for companies tied to the crypto industry, whether they operate globally or exclusively within the United States.
Bitcoin Depot's NASDAQ listing was made possible through a merger with GSR II Meteora Acquisition Corp. (GSRM). Both parties announced the completion of the agreement on June 30, 2023. The merged entity was named Bitcoin Depot Inc., and the transaction was valued at $0.885 billion.
With this acquisition, Bitcoin Depot Inc. transitioned into a public company. Investors now have the opportunity to invest in it by purchasing shares, identified by the ticker symbols BTM and BTMWW on the NASDAQ stock exchange.
The closing of the transaction and our listing on Nasdaq is an important milestone and an incredibly proud moment for the entire Bitcoin Depot team,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “Bitcoin Depot is well positioned with the largest market share in North America and the additional capital from this transaction will help support our numerous growth opportunities while advancing our mission to safely, securely, bring Bitcoin to the masses.
Lewis Silberman, Co-CEO and Director of GSRM, commented:
Bitcoin Depot has a proven track record of growth and profitability and its transaction volumes have remained strong despite the price volatility of Bitcoin. It’s been an honor to support the Bitcoin Depot team on their path to becoming a publicly traded company where it can further scale its business model and leverage its unique position in the expanding Bitcoin ecosystem.
Market Reaction
Interestingly, the market response seems to suggest that players from the crypto industry are not exactly welcomed with open arms on the traditional stock market. Initially, Bitcoin Depot Inc. shares (BTM) experienced a minor increase, followed by a slight decrease, entering a phase of consolidation. The excitement and bull market that the Bitcoin Depot Inc. leadership anticipated did not materialize. However, it's fair to say that such a response wasn't expected immediately upon entering NASDAQ. At present, BTM shares are trading at $3.29, which isn't significantly different from their initial public offering price. Yet, this could just be the start of something bigger…
Future Prospects
Having installed more than 2,000 crypto ATMs in the Circle fuel station chain, Bitcoin Depot is gearing up to focus significantly on this aspect. Additionally, the company aims to broaden its territorial footprint by establishing agreements to place crypto ATMs within other retailers and high-traffic networks.
About Bitcoin Depot
Founded in 2016, Bitcoin Depot, with its headquarters in Atlanta, Georgia, stands as the leading operator of crypto ATMs in North America, boasting a network of nearly 6,400 units.
At its crypto ATMs, Bitcoin Depot provides a user-friendly, efficient, and intuitive interface for converting cash into Bitcoin, which can subsequently be utilized for payments, purchases, or as an investment asset. The BDCheckout service facilitates the conversion of cash into digital assets and vice versa. This setup involves purchasing and selling digital assets either through phone number identification or using a mobile application tied to a digital wallet.
