Bitcoin Depot users can exchange their cash for Bitcoin, Ethereum, and Litecoin at more than 7,000 kiosk locations across 47 US states and nine Canadian provinces
Bitcoin Depot will merge with GSR II Meteora Acquisition for a deal worth nearly $885m. (Credit: Eivind Pedersen from Pixabay)
US-based Bitcoin ATM operator and fintech company Bitcoin Depot has signed a definitive agreement to merge with special purpose acquisition company GSR II Meteora Acquisition (GSRM).
Upon closure, Bitcoin Depot will become a publicly listed company. The combined firm is expected to have a post-transaction equity value of $885m with nearly $170m in cash to support growth.
Founded in 2016, Bitcoin Depot enables users to convert cash into cryptocurrency.
It has more than 7,000 kiosk locations across 47 US states and nine Canadian provinces where users can exchange their cash for Bitcoin, Ethereum, and Litecoin.
Additionally, the company offers BDCheckout to enable users fund their Bitcoin Depot account with cash at an additional 8,000+ retail locations.
Bitcoin Depot CEO and founder Brandon Mintz said: “We are always looking to expand our reach so as many people as possible can access cryptocurrency to control their own money and conduct easier and simpler financial transactions.
“Since inception, we’ve expanded our BTM footprint across North America, signed strategic relationships with major retailers, and enhanced our services to provide convenient access to cryptocurrency as we aim to become a digital asset economy on-ramp destination for users to efficiently turn cash into crypto.”
GSRM co-CEO and director Gus Garcia said: “We are incredibly excited to partner with Bitcoin Depot to help drive its progress and support its mission to connect those who prefer to use cash to the broader, digital financial system.
“With its significant BTM footprint, key strategic relationships, and feature-rich mobile app, we believe Bitcoin Depot is well positioned to take advantage of the highly fragmented BTM market both domestically and overseas.”
The deal, which has been unanimously approved by the leadership team of Bitcoin Depot and the GSRM board of directors of GSRM, is anticipated to close in Q1 of 2023, subject to regulatory and stockholder approvals, and other customary closing conditions.