Bitcoin Depot – arguably one of the biggest names in crypto ATMs – joined with A company called GSR II Meteora Acquisition Corp. This partnership allows Bitcoin Depot to become a publicly traded company, giving it a chance to follow in the footsteps of Coinbase, one of the largest and most popular cryptocurrency exchanges in the world.
Bitcoin Depot is released to the public
After the maneuver is completed, Bitcoin Depot will instead be known as Bitcoin Depot Inc. It will be traded on the NASDAQ under the symbol “BTM”. Brandon Mintz – CEO and founder of the company – explained in a recent interview:
Today marks an important milestone for the bitcoin repository. We are always looking to expand our reach so that as many people as possible can access cryptocurrency to control their money and make easier and simpler financial transactions. From the start, we have expanded our BTM presence across North America, signed strategic relationships with major retailers, and enhanced our services to provide convenient access to cryptocurrency as we aim to become an on-slope destination for the digital asset economy for users to efficiently transfer funds in crypto. We are excited about the many growth opportunities and believe that public listing enhances our ability to scale and evolve towards our goal of providing a convenient and secure way to purchase cryptocurrencies.
The idea of becoming a listed cryptocurrency company has taken root in the digital world since Coinbase became one of the first to make such a move in April of last year. Coinbase has announced that it will be a public company that will be listed on the Nasdaq for nearly a year and a half.
The company saw its shares explode during the first few weeks of trading, with each share priced at around $300 at the time of the company’s debut, although shares have since taken a dangerous turn for the worse in this year’s bear market, and now Coinbase shares are trading Less than 50 percent below their April 2021 prices.
He threw his year into the mix, co-CEO and Director of GSRM Gus Garcia, who explained in a statement:
We are very excited to partner with Bitcoin Depot to help drive its progress and support its mission to connect those who prefer using cash to the broader digital financial system. With a large BTM footprint, key strategic relationships, and a feature-rich mobile application, we believe Bitcoin Depot is well positioned to tap into the highly fragmented BTM market both locally and abroad.
Alignment of goals
Finally, Louis Silberman – Co-CEO and Director of GSRM – stated:
We are pleased to announce the merger of our business with Bitcoin Depot. With an attractive growth profile, a history of profitability, cryptocurrency exposure and digital asset adoption trends, we believe Bitcoin Depot will make a compelling public company story.
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