"The market crash has not deterred Bitcoin Depot from going public, CEO said".
Crypto ATM Operator Bitcoin Depot to Go Public Via $885 Million SPAC Deal
Popular cryptocurrency ATM operator Bitcoin Depot is reportedly planning to become a publicly-traded company through a partnership with SPAC GSR II Meteora Acquisition Corp.
A special-purpose acquisition company (SPAC) is a public company established to merge or acquire an existing entity. Although SPACs raise capital from investors through IPOs, they don’t have active business operations, and investors can pull their money before a merger or acquisition is completed.
SPAC offers a cheaper and quicker alternative to traditional IPOs, thus allowing private companies to go public.
Bitcoin Depot Signs $885M SPAC Deal
The Wall Street Journal reported Thursday that the agreement between Bitcoin Depot and GSR II Meteora SPAC is worth $885 million. If the deal is approved and closed, Bitcoin Depot will replace the shell company in the stock market.
The report further noted that GSR II Meteor raised about $320 million, which the ATM operator could use to expand its operations. However, if investors choose to cash out their investments, the company will be left with lesser funds.
Crypto Firms Going Public Through SPACs
Bitcoin Depot will not be the first crypto entity to go public through SPAC if the deal works out. Firms such as crypto exchange Bakkt and bitcoin mining company Cipher Mining have been listed on stock exchanges through SPAC deals.
While more crypto firms such as Roxe are also planning to go public through the same route, some crypto SPAC deals are currently in jeopardy as the companies involved have extended termination deadlines for the deals.
sourceThis news may not directly be in connection to btc but still some how related since btc atm are there to serve the btc community to easy transaction of their asset.
