Crypto ATM Bitcoin Depot unveils US$885 mln SPAC listing plans

Bitcoin Depot has announced its backdoor listing plans on the Nasdaq by the first quarter of 2023 via a merger with special purpose acquisition company (SPAC) GSR II Meteora at an estimated equity value of US$885 million, the crypto ATM operator said in a statement.

Fast facts

  • Bitcoin Depot allows users to convert cash to Bitcoin, Ethereum, and Litecoin at over 7,000 kiosks in 47 U.S. states and nine Canadian provinces, according to the company.
  • There are about 38,746 crypto ATMs across 77 countries, Coin ATM Radar’s data shows.
  • Bitcoin ATMs can provide on-ramps for users that may not be familiar with cryptocurrency exchanges.
  • Crypto ATMs, however, may not have as bright of a future in Asian finance hubs, as such businesses face regulatory challenges in Hong Kong, the region with the most Bitcoin machines in Asia.
  • Singapore has also issued guidelines to prohibit businesses from providing physical crypto ATM services in public locations.
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