Bitcoin Depot, one of the largest cryptocurrency ATM companies in the world, has announced the closing of a merger agreement that will make the firm a public company. On June 30th, GSR II Fintech announced the 30th anniversary of its founding, Meteora Acquisition Corporation. Stockholders of the company approved the merger, which will give investors exposure to Bitcoin Depot at a cost of $885 million. The first reported deal is set to start on July 3rd on the Nasdaq, with common shares listed under the ticker symbol BTM and public warrants as BTMWW.
The announcement was made amid regulatory scrutiny of firms in the U.S. offering crypto products or services. The Securities and Exchange Commission has sued Binance and Coinbase for allegedly wrongful trading and unregistered security offerings. However, investment vehicles with crypto exposure seem to be on the rise, following BlackRock’s application in June to list a Bitcoin exchange-traded fund.
Founded in 2016, Bitcoin Depot has over 9,130 locations across the US and Canada according to its website, and is one of the largest crypto ATM companies in North America. In May, Bitcoin America announced it was closing operations in Connecticut following the state’s Department of Banking saying the firm didn’t have the proper licensing.
The merger deal is designed to support “numerous growth opportunities” in North America, promoting the adoption of Bitcoin (BTC). Investors can expect to gain exposure to the 2022 market.
