Bitcoin Depot will take its crypto ATM business to the public with SPAC deal
7 months ago
The deal places a post-trade equity value of US$885 million in the company.
Lux Vending, aka Bitcoin Depot, the world's largest crypto ATM company with more than 7,000 machines operating in North America, through a $885 million reverse merger with special purpose acquisition company (SPAC) GSR II Meteora plans to go public.
According to a press release, the deal was unanimously approved by Bitcoin Depot and GSRM executives and is expected to be completed by the first quarter of 2023, subject to regulatory and shareholder approvals.
“Today is an important milestone for Bitcoin Depot,” said founder Brandon Mintz. “We always want to expand our reach so that as many people as possible can access cryptocurrency to control their own money and make financial transactions easier and simpler.”
Since its founding in 2016, Bitcoin Depot's ATMs have facilitated $1.2 billion worth of transactions, while net income over the past 12 months has reached $6 million.
The company will be traded on the NASDAQ stock exchange under the ticker symbol BTM.
Bitcoin Depot is recommended by Kirkland