Shares of Bitcoin Depot, the world’s largest crypto ATM operator, rose nearly 12%
Bitcoin ATM operator Bitcoin Depot launched today (04.07.2023) on the Nasdaq stock exchange, making it the first U.S. company to go public. Last week, the company—one of the largest Bitcoin ATM operators in the country—announced its merger with blank check company GSR II Meteora.
Atlanta, Georgia-based Bitcoin Depot, trading under the “BTM” ticker, is the first crypto ATM operator to list on a major U.S. stock market.
It was a wild day of trading in the stock. The shares had risen as high as US$6.60 in pre-market trading before returning to US$3.39, up 5% from the Friday level shortly after the market opened.
The combined company will be renamed Bitcoin Depot Inc. and will be led by its existing management team. Bitcoin Depot’s common stock and public warrants will begin trading on July 3, 2023, on the Nasdaq under the ticker symbols “BTM” and “BTMWW,” respectively.
“The closing of the transaction and our listing on Nasdaq is an important milestone and an incredibly proud moment for the entire Bitcoin Depot team,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “Bitcoin Depot is well positioned with the largest market share in North America, and the additional capital from this transaction will help support our numerous growth opportunities while advancing our mission to safely, securely bring Bitcoin to the masses.”
Gus Garcia, Co-CEO and Director of GSRM commented, “We are excited to complete our business combination with Bitcoin Depot and help support its growth strategy. Bitcoin Depot has a significant market share and continues to expand its footprint to provide greater access to the broader digital financial system. We believe Bitcoin Depot is poised to continue its momentum to take advantage of the highly fragmented Bitcoin ATM market domestically and overseas.”
Lewis Silberman, Co-CEO and Director of GSRM, commented, “Bitcoin Depot has a proven track record of growth and profitability, and its transaction volumes have remained strong despite the price volatility of Bitcoin. It’s been an honor to support the Bitcoin Depot team on its path to becoming a publicly traded company where it can further scale its business model and leverage its unique position in the expanding Bitcoin ecosystem.”
