• Bitcoin Depot has merged with Particular Function Acquisition Firm (SPAC) GSR ​​II Meteora (GSRM).
• After the merger, Bitcoin Depot went public on the Nasdaq.
• Bitcoin Depot’s inventory worth has greater than doubled since its debut.

Bitcoin Depot, the world’s largest cryptocurrency ATM operator, rose Monday following its merger with Particular Function Acquisition Firm (SPAC) GSR ​​II Meteora (GSRM), valued at $885 million in August. greater than doubled in its Nasdaq debut.

Based mostly in Atlanta, Georgia and buying and selling underneath the ticker “BTM”, Bitcoin Depot is the primary cryptocurrency ATM supplier listed on a significant US inventory alternate.

In pre-market buying and selling, BTM shares climbed to $6.60, greater than double Friday’s GSRM closing worth, earlier than falling to $3.39, nonetheless up 5% from Friday’s worth.

Bitcoin Depot Dominates 20% Market Share of ATMs

In keeping with Coin ATM Radar, Bitcoin Depot operates about 6,000 of those machines and holds a 20% US ATM market share and a 17.6% world share.

In keeping with Bitcoin Depot CEO Brandon Mintz, the crypto ATM enterprise is “very fragmented,” so there’s a variety of room for consolidation. The corporate is at present specializing in this space.

After putting in cryptocurrency ATMs at greater than 2,000 Circle Okay comfort shops over the previous two years, Mintz stated Bitcoin Depot is pursuing related set up offers with different “well-known retailers.”

Cryptocurrency ATMs permit clients to buy cryptocurrencies with money or debit playing cards and switch the tokens on to a particular pockets with out utilizing a cryptocurrency alternate. Nonetheless, these are additionally utilized by scammers who promote their merchandise on his web sites equivalent to eBay and Craigslist and instruct the customer to deposit actual money into her ATM to pay.