Bitcoin Depot, a major cryptocurrency ATM provider in the United States, is planning to go public through a merger with a special-purpose acquisition company (SPAC).
Atlanta-based Bitcoin Depot has reached a definitive agreement to merge with the SPAC GSR II Meteora (GSRM) in an $885 million deal in order to go public, the firm officially announced on Thursday.
The business combination would result in Bitcoin Depot becoming a publicly listed company as the combined company — to be dubbed Bitcoin Depot Inc. — will trade on the Nasdaq under the new ticker symbol BTM.
The merger has been unanimously approved by the leadership team of Bitcoin Depot and the board of directors of GSRM and is expected to close by the first quarter of 2023. The business combination is subject to regulatory and stakeholder approvals, and other customary closing conditions.
The GSR II Meteora SPAC reportedly has about $320 million that Bitcoin Depot could use to grow, though SPAC investors are able to...
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