Bitcoin ATM Operator Bitcoin Depot Debuts On Nasdaq After Merging With SPAC

(CTN News) – Bitcoin Depot, the world’s largest crypto ATM operator, more than doubled its share price on its Nasdaq debut on Monday after it acquired Special Purpose Acquisition Company (SPAC) GSR II Meteora (GSRM), which was valued at $885 million at the time of the acquisition.

The Atlanta, Georgia-based Bitcoin Depot, which trades under the ticker “BTM,” became the first U.S. crypto ATM operator to be listed on one of the biggest U.S. stock exchanges this week, becoming the first crypto ATM operator with an IPO on an exchange.

It was reported that BTM shares have risen as high as $6.60, more than double GSRM’s closing price from Friday, in pre-market trading before pulling back to $3.39, up 5% from Friday’s price.

The purpose of crypto ATMs is to enable users to buy crypto with cash or debit cards, wire the tokens directly to a wallet of their choice without having to go through a crypto exchange.

It should be noted that ATMs have also been used by scam artists in the past, who list goods on sites like eBay or Craigslist and instruct the purchaser to deposit physical currency into an ATM in order to pay for purchases.

According to Coin ATM Radar, Bitcoin Depot operates more than 6,000 such machines in the U.S. alone, which represents a 20% share of the U.S. market for ATMs and a 17.6% share of the global market for these machines.

According to Brandon Mintz, CEO of Bitcoin Depot, the crypto ATM market is “highly fragmented,” which means that there is a lot of room for consolidation in the sector, and that is what the company now intends to do.

It is estimated that there are a few dozen operators that run over 100 bitcoin ATMs in the U.S. alone, and there has not been a lot of M&A activity in this space compared to other parts of the crypto and blockchain industry,” Mintz told CoinDesk in an interview.

We are looking forward to the opportunity of rolling up this highly fragmented market into a single market in the coming years.

Bitcoin Depot plans to pursue a similar installation deal with other “household name retailers” as well as with some smaller regional chains in the coming months, Mintz added, even though it has already installed ATMs at over 2,000 Circle K convenience stores over the last two years.

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