- Bitcoin Depot has merged with special purpose acquisition company (SPAC) GSR II Meteora (GSRM).
- Bitcoin Depot went ahead to also debut on Nasdaq after the merger.
- Bitcoin Depot shares more than doubled after debut.
Following a merger with special purpose acquisition company (SPAC) GSR II Meteora (GSRM), which was valued at $885 million in August, shares of Bitcoin Depot, the largest crypto ATM operator in the world, more than doubled on their Nasdaq debut Monday.
Bitcoin Depot, situated in Atlanta, Georgia, and trading under the ticker “BTM,” is the first provider of cryptocurrency ATMs to be listed on a significant American stock exchange.
In pre-market trading, BTM shares climbed as high as $6.60, more than double GSRM’s closing price on Friday, before tumbling to $3.39, which is still up 5% from Friday’s price.
Bitcoin Depot controls a 20% market share of ATMs
According to information from Coin ATM Radar, Bitcoin Depot operates approximately 6,000 of these machines, holding a 20% market share of ATMs in the United States and a 17.6% global share.
There is a lot of space for consolidation in the cryptocurrency ATM business because it is “highly fragmented,” according to Bitcoin Depot CEO Brandon Mintz. The company is now focusing on this area.
According to Mintz, after installing crypto ATMs in more than 2,000 Circle K convenience stores over the last two years, Bitcoin Depot is pursuing analogous installation deals with other “household name retailers.”
With the help of crypto ATMs, customers purchase cryptocurrency with cash or debit cards and wire the tokens directly to a specific wallet without using a cryptocurrency exchange. However, scammers who advertise things on websites like eBay or Craigslist with instructions for buyers to pay by depositing actual cash at an ATM have also used them.