Bitcoin ATM operator to enter stock market with $885M valuation

Bitcoin ATM operator to enter stock market with $885M valuation

Bitcoin ATM operator to go public with $885M valuation

North America's largest cryptocurrency ATM operator, Bitcoin Depot, plans to go public with a $885M valuation through a merger with SPAC GSR II Meteora Acquisition Corp. The Wall Street Journal writes about this.

According to the Coin ATM Radar service, the company operates 6915 devices worldwide. In the US, the company has a 19.7% market share, operating 6714 ATMs. The closest competitor, CoinCloud, has 5261 ATMs (15.5%).

Bitcoin ATM operator to enter stock market with $885M valuation

Data: Coin ATM Radar.

Bitcoin Depot ATMs allow you to connect to your wallet and, after verification, exchange fiat for Bitcoin, Litecoin or Ethereum. The company also launched a service for purchasing digital assets through a mobile app.

Bitcoin Depot has implemented a tiered compliance system that involves disclosure of additional details for large transactions.

According to CEO Brandon Mints, after entering the stock market, the company may consider options for acquiring competitors.

Recall that in August, the online broker Robinhood agreed to reduce the acquisition price of Ziglu startup by 58% due to deteriorating market conditions. 

>

Earlier, Galaxy Digital refused to fulfill the agreement on the purchase of BitGo.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, rates and analytics.