Over the past several months, users of the cryptocurrency Bitcoin have seen a dramatic increase in public infrastructure geared toward helping them use their investments for real-world purchases. After putting more than 7,000 Bitcoin ATMs across the United States, the largest crypto ATM company in the world, Bitcoin Depot, is preparing for an $885 million public launch.
Chief Executive Officer and Founder of Bitcoin Depot Brandon Mintz positions the public offering as the culmination of years of successful expansion. “Since inception,” Mintz said in a statement, “we’ve expanded our BTM footprint across North America, signed strategic relationships with major retailers, and enhanced our services to provide convenient access to cryptocurrency as we aim to become a digital asset economy on-ramp destination for users to efficiently turn cash into crypto.”
Bitcoin Depot’s initial public offering will be conducted through a special purpose acquisition company (SPAC) deal with GSR II Meteora. The introduction of the company on the Nasdaq, which will be trading under the ticker symbol BTM, is expected in the first quarter of 2023.