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- Bitcoin Depot will merge with GSR II Meteora Acquisition Corp.
- After the merger, the new organization will be called Bitcoin Depot Inc.
- Currently, Bitcoin Depot offers its services to the clients in more than 7,000 locations.
Bitcoin Depot and GSR II Merger
Bitcoin Depot, the leading cryptocurrency ATM service provider, has joined forces with GSR II Meteora Acquisition Corp, creating a path for both organizations’ merger, and to get listed on NASDAQ.
According to the press release, ‘both the organizations declared a definitive agreement for integrating businesses resulting in Bitcoin Depot becoming a publicly traded organization. After the deal is closed, the new firm will be called Bitcoin Depot Inc. and trade on NASDAQ under the latest ticker symbol “BTM.”
It is estimated that this merger will increase the equity value to nearly 885 Million USD, with around 170 Million USD in cash to finance the company’s future growth, as per Bitcoin Depot. The organization said that ‘net proceeds raised from the agreement will consist of around 321 Million USD. This amount will be utilized with the goal to back the working capital, finalize purchases and scale Bitcoin Depot’s range of services and products.
As per the reports, this merger will take place during the first quarter next year,, and is subject to stockholders and regulatory approvals. Bitcoin Depot said that it allows its customers to convert cash into digital assets like Litecoin, Bitcoin and Ethereum at over 7,000 venues in 47 states across the United States and nine Canadian provinces.
As per the announcement, the organization offers a couple of products: Bitcoin Depot BTMs, which allows its clients to convert their cas into virtual assets and another service is BDCheckout which allows the users to fund their Bitcoin Depot accounts with cash right at the checkout counters at leading participating retailers.
The organization said that ‘as soon as the account is funded, clients can get BTC via the Bitcoin Depot mobile application.’ As per the press release ‘using its BDCheckout services, clients can fund their accounts with cash at over 8,000 more locations at top retailers. The mobile application will enable the users to look out for nearby kiosks and handle their cryptocurrency wallets.
Furthermore, the announcement said that ‘The organization can go beyond its persisting partnerships to step into new markets and relationships.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
