Bitcoin Depot, the world’s largest crypto ATM operator, debuted on the Nasdaq today, 3 July. It follows a merger with special purpose acquisition company (SPAC) GSR II Meteora (GSRM). The deal, which was first reported in August 2022, cost a total $885million.
The merged entity, which has adopted the name Bitcoin Depot Inc., is now trading under the ticker ‘BTM’. Shares of Bitcoin Depot can be found under the ticker symbol ‘BTM’ for its common stock and ‘BTMWW’ for public warrants.
Being the first crypto ATM operator to list on a major US stockmarket, the shares of Bitcoin Depot have more than doubled from GSRM’s closing price of Friday.
According to Nasdaq, BTM shares rose as high as $6.60 in pre-market trading before pulling back to $3.39, up 5% from the Friday level.
Users of crypto ATMs can buy crypto with cash or debit cards and wire the tokens directly to a particular wallet without going through a crypto exchange.
According to Coin ATM Radar, Bitcoin Depot boasts over 6,000 of these machines, representing 17.6% global share of ATMs.
Heralding the goal of “safely, securely, bringing Bitcoin to the masses”, CEO and founder of Bitcoin Depot, Brandon Mintz, commented on the merger saying: “The closing of this transaction and our listing on Nasdaq is a big leap forward and a proud moment for the entire Bitcoin Depot team.”