Bitcoin Depot has reached a deal with a special-purpose acquisition company that values the cryptocurrency ATM firm at roughly $885 million and would take it public, company officials said.
The merger comes during market downturns for cryptocurrencies and SPACs and is expected to test investor appetite for bitcoin ATMs, which some skeptics associate with crimes and high fees.
Atlanta-based Bitcoin Depot is combining with the SPAC GSR II Meteora Acquisition Corp. in a deal that was announced Thursday. The Wall Street Journal had reported earlier that the deal had been struck.
Founded in 2016, Bitcoin Depot says it is the largest provider of bitcoin ATMs in North America, with more than 7,000 kiosks in the U.S. and Canada at stores such as Circle K.
Bitcoin ATMs aren’t like the conventional automated teller machines consumers find at traditional banks that let users withdraw or deposit cash. Instead, they are kiosks where consumers can use cash to buy bitcoin or other digital...
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