Bitcoin Depot, a serious cryptocurrency ATM supplier in america, is planning to go public by means of a merger with a special-purpose acquisition firm (SPAC).

Atlanta-based Bitcoin Depot has reached a definitive settlement to merge with the SPAC GSR II Meteora (GSRM) in an $885 million deal with the intention to go public, the agency formally announced on Thursday.

The enterprise mixture would lead to Bitcoin Depot changing into a publicly listed firm because the mixed firm — to be dubbed Bitcoin Depot Inc. — will commerce on the Nasdaq beneath the brand new ticker image BTM.

The merger has been unanimously accredited by the management staff of Bitcoin Depot and the board of administrators of GSRM and is anticipated to shut by the primary quarter of 2023. The enterprise mixture is topic to regulatory and stakeholder approvals, and different customary closing situations.

The GSR II Meteora SPAC reportedly has about $320 million that Bitcoin Depot may use to develop, although SPAC buyers are capable of withdraw their cash earlier than the merger is completed. Bitcoin Depot may proceed with a funding spherical that may shut similtaneously the merger deal.

Gus Garcia, GSRM co-CEO and a former SPAC banker at Financial institution of America, mentioned he’s assured in Bitcoin Depot’s financing choices due to the corporate’s regular progress.

“With its vital BTM footprint, key strategic relationships, and feature-rich cellular app, we consider Bitcoin Depot is effectively positioned to benefit from the extremely fragmented BTM market each domestically and abroad,” he famous.

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Based in 2016, Bitcoin Depot is among the largest crypto ATM suppliers in North America, working over 7,000 kiosk places. In line with CEO Brandon Mintz, the corporate has continued rising regardless of the continued cryptocurrency bear market, which highlights a rising variety of use instances for crypto-like funds and transferring cash globally.

“We’re really doing improbable proper now whatever the market,” he mentioned. Mintz additionally famous Bitcoin Depot plans to pursue acquisitions after going public.