First U.S. Cryptocurrency ATM Operator SPAC Listed on Nasdaq

1 year ago 69

Cryptocurrency ATM company listed on NASDAQ

Bitcoin Depot, a US company that provides ATM (automated teller machine) services for crypto assets (virtual currency) Bitcoin, listed on NASDAQ on the 3rd.

Trading started at around $4.5 on the first day of listing before the auction trading hours. It was listed at $6.27 at one point, but the final closing price was $3.46.

Source: Nasdaq

Bitcoin Depot announced on the 30th of last month that it had completed a merger agreement with special purpose acquisition company (SPAC) GSR II Meteora Acquisition Corp. (Nasdaq: GSRM). BTM”, the stock traded on the Nasdaq.

Exciting News! Bitcoin Depot and GSRM Complete Business Combination

We are thrilled to announce that Bitcoin Depot and GSR II Meteora Acquisition Corp. (NASDAQ: GSRM) have successfully closed their business combination on June 28th!#BitcoinDepot #GSRM #Fintech #cryptonews pic.twitter.com/kB6sEhix8D

— Bitcoin Depot (@Bitcoin_Depot) July 3, 2023

What is SPAC

Abbreviation for “Special Purpose Acquisition Company”. The company itself has no business and aims to make acquisitions of unlisted companies.

Cryptocurrency Glossary

The previous close as GSRM was $3.23. Since the closing price on the 3rd was $ 3.46, BTM’s stock price rose more than 7% on this day.

It is said to be the first time a company that provides virtual currency ATM services has listed its stock on a major US market.

What is Bitcoin Depot

A virtual currency ATM is a device that allows you to buy and sell virtual currency with cash. Bitcoin Depot has about 7,000 ATMs in the US and Canada.

According to Coin ATM Radar data, Bitcoin Depot has a 20% share of the U.S. market. The market share in the global market is 17.6%, both tops.

The official website explains that the company has three strengths:

Convenience: With a digital wallet, you can get cryptocurrencies instantly.
Freedom: Services can be used not only from ATMs but also online.
Ownership: The ownership of the cryptocurrency belongs to the user, not Bitcoin Depot.

connection: Circle K, large-scale installation of virtual currency ATMs in North American stores Partnership with Bitcoin Depot