Bitcoin Depot, a manufacturer of crypto ATMs, will list shares on the Nasdaq exchange
Date: 2023-07-02 Author: Karina Ziganova Categories: BUSINESS
One of the largest manufacturers of cryptocurrency ATMs in the United States, Bitcoin Depot, has announced the closure of a merger deal that allows the company to go public.
The acquisition of a special purpose vehicle (SPAC), which was first reported in August 2022, cost $885 million and is expected to allow investors to gain exposure to Bitcoin Depot common stock on the Nasdaq exchange as early as July 3.
According to Bitcoin Depot founder and CEO Brandon Mintz, the deal was aimed at supporting "numerous growth opportunities" and promoting mass adoption of Bitcoin (BTC)
in North America. Investors will be able to find Bitcoin Depot shares under the ticker symbols BTM and BTMWW for its common shares and public warrants.
The number of cryptocurrency investment instruments continues to grow
The announcement comes amid intense scrutiny from U.S. regulators to crypto companies. Recall that in early June, the Securities and Exchange Commission (SEC) filed lawsuits against the Binance and Coinbase exchanges for alleged unregistered securities offerings. .However, investment vehicles offering cryptocurrencies seem to be gaining momentum against the backdrop of BlackRock submitting an application to the SEC for the listing of a spot bitcoin ETF.
Founded in 2016, Bitcoin Depot is one of the largest crypto ATM installation firms in North America. According to its website, the provider has more than 9130 outlets at the moment. In May, another crypto ATM provider, Bitcoin of America, announced that it would cease its operations in Connecticut after the state's Department of Banking said it did not have a proper license.
