Largest Crypto ATM Operator Bitcoin Depot Makes Nasdaq Debut After SPAC Merger

6:35 pm
July 3, 2023

Bitcoin Depot, the largest crypto ATM operator in the world, has successfully merged with special purpose acquisition company (SPAC) GSR II Meteora (GSRM) and has subsequently made its debut on the Nasdaq exchange. Following the merger, Bitcoin Depot’s shares more than doubled on their first day of trading.

Bitcoin Depot, based in Atlanta, Georgia, is now listed on the Nasdaq exchange under the ticker symbol “BTM,” making it the first provider of cryptocurrency ATMs to be listed on a major American stock exchange.

On Monday, during pre-market trading, BTM shares reached a high of $6.60, more than twice the closing price of GSRM on the previous Friday. However, BTM shares later fell to $3.39, which is still a 5% increase from Friday’s price.

Bitcoin Depot’s Dominance in the ATM Market

According to data from Coin ATM Radar, Bitcoin Depot currently operates around 6,000 cryptocurrency ATMs, giving it a 20% market share of ATMs in the United States and a 17.6% market share globally.

The cryptocurrency ATM business is considered “highly fragmented,” leaving room for consolidation, according to Bitcoin Depot CEO Brandon Mintz. The company is now focusing on expanding its reach by entering into installation deals with other well-known retailers, similar to its successful partnership with Circle K convenience stores.

Customers can use Bitcoin Depot ATMs to purchase cryptocurrencies with cash or debit cards and transfer them directly to their wallets without the need for a cryptocurrency exchange. However, it is important to be cautious of scammers who may misuse ATMs by advertising goods on platforms like eBay or Craigslist and instructing buyers to pay with cash deposited at an ATM.

FAQs

1. What is Bitcoin Depot?

Bitcoin Depot is the largest crypto ATM operator in the world. It operates thousands of cryptocurrency ATMs where customers can purchase cryptocurrencies with cash or debit cards.

2. What is the ticker symbol for Bitcoin Depot?

Bitcoin Depot is listed on the Nasdaq exchange under the ticker symbol “BTM”.

3. How many Bitcoin Depot ATMs are there?

Bitcoin Depot currently operates around 6,000 cryptocurrency ATMs worldwide.

4. Can Bitcoin Depot ATMs be used for scams?

While Bitcoin Depot ATMs provide a convenient way to purchase cryptocurrencies, it is important to beware of scammers who may misuse ATMs for fraudulent activities. Exercise caution when making transactions involving cash deposited at an ATM.

Sources: Coin Journal, Coin ATM Radar


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