- Bitcoin Depot has merged with Particular Goal Acquisition Firm (SPAC) GSR II Meteora (GSRM).
- Following the merger, Bitcoin Depot additionally debuted on the Nasdaq.
- Bitcoin Depot shares have greater than doubled since its debut.
After the merger with the particular function acquisition firm (SPAC) GSR II Meteora (GSRM), which was valued at 885 million in August. USD, shares of Bitcoin Depot, the world’s largest cryptocurrency ATM operator, greater than doubled of their Nasdaq debut on Monday.
Atlanta, Georgia-based Bitcoin Depot, buying and selling underneath the ticker image BTM, is the primary cryptocurrency ATM supplier to be listed on a serious American inventory change.
In premarket buying and selling, BTM shares rose to $6.60, greater than double GSRM’s closing worth on Friday, earlier than falling to $3.39, nonetheless up 5% from Friday’s worth.
Bitcoin Depot controls 20% of the ATM market
In response to Coin ATM Radar, Bitcoin Depot operates roughly 6,000 of those machines, accounting for 20% of the ATM market within the US and 17.6% worldwide.
In response to Brandon Mintz, CEO of Bitcoin Depot, there may be a number of room for consolidation within the cryptocurrency ATM enterprise as a result of it’s “very fragmented.” The corporate is at present specializing in this space.
Having put in crypto ATMs in additional than 2,000 Circle Ok comfort shops over the previous two years, Bitcoin Depot is engaged on comparable set up offers with different “family title retailers,” in line with Mintz.
With cryptocurrency ATMs, clients buy cryptocurrency with money or debit playing cards and switch the tokens on to a selected pockets with out utilizing a cryptocurrency change. However scammers who promote gadgets on websites like eBay or Craigslist with directions for patrons to pay by money deposit at an ATM have additionally taken benefit of them.
