Bitcoin Depot Shares Gained 12% on Nasdaq Debut after Successful Merger with GSR II Meteora Acquisition Corp

UTC by Steve Muchoki · 3 min read
Bitcoin Depot Shares Gained 12% on Nasdaq Debut after Successful Merger with GSR II Meteora Acquisition Corp
Photo: Bitcoin Depot / Facebook

Valued at about $127.69 million, Bitcoin Depot has more than 6,400 ATM outlets in North America, accounting for 20 percent market share.

After announcing a successful merger with GSR II Meteora Acquisition Corp (NASDAQ: GSRM) on June 30, Bitcoin Depot Inc (NASDAQ: BTM) began trading its shares on July 3. Following the market debut, Bitcoin Depot shares closed the day trading around $3.61, up 11.76 percent from the day’s opening price. The volatility was much wild during the day as Bitcoin value revisited a crucial resistance level around $31k. The combination of the two entities was approved during a special meeting of GSRM stockholders on June 28, 2023.

The new company intends to use its widened resources to increase its market share which currently stands around 20 percent. Moreover, Bitcoin Depot reported about 6,440 ATM kiosk locations in North America as of March 31, 2023. Since its inception back in 2016, Bitcoin Depot has strived to provide liquidity for the top traded digital asset through its checkouts, thus streamlining the payments, spending, and crypto investing space.

“The closing of the transaction and our listing on Nasdaq is an important milestone and an incredibly proud moment for the entire Bitcoin Depot team,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “Bitcoin Depot is well positioned with the largest market share in North America and the additional capital from this transaction will help support our numerous growth opportunities while advancing our mission to safely, securely, bring Bitcoin to the masses.”

Bitcoin Depot and the Market Outlook

The entrance of Bitcoin Depot to the publicly traded market in the United States further solidifies the cryptocurrency industry and its future growth prospects. However, the recent crypto regulatory scrutiny in the United States was led by the Securities and Exchange Commission (SEC). Already, the SEC has charged several crypto firms including Binance and Coinbase Global Inc. (NASDAQ: COIN) for allegedly listing unregistered securities tokens.

According to Gus Garcia, Co-CEO and Director of GSRM, the combination of the two entities will not only help the growth of individual stakeholders but also the entire cryptocurrency industry.

“We believe Bitcoin Depot is poised to continue its momentum to take advantage of the highly fragmented Bitcoin ATM market both domestically and overseas,” Garcia noted.

Similarly, Lewis Silberman, Co-CEO and Director of GSRM reiterated that Bitcoin Depot is well positioned for profitable days ahead as the industry goes mainstream. Moreover, Bitcoin Depot can now leverage its position as a reputable platform for spending fiat on Bitcoin and vice versa. Meanwhile, Bitcoin Depot customers can rest assured of more convenient ways to invest in the nascent industry through a secure and regulated platform.

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