Bitcoin Depot has announced its backdoor listing plans on the Nasdaq by the first quarter of 2023 via a merger with special purpose acquisition company (SPAC) GSR II Meteora at an estimated equity value of US$885 million, the crypto ATM operator said in a statement.
See related article: Bitcoin ATMs face existential threat in Hong Kong
Fast facts
- Bitcoin Depot allows users to convert cash to Bitcoin, Ethereum and Litecoin at over 7,000 kiosks in 47 U.S. states and nine Canadian provinces, according to the company.
- There are about 38,746 crypto ATMs across 77 countries, Coin ATM Radar’s data shows.
- Bitcoin ATMs can provide on-ramps for users that may not be familiar with cryptocurrency exchanges.
- Crypto ATMs, however, may not have as bright of a future in Asian finance hubs, as such businesses face regulatory challenges in Hong Kong, the region with the most Bitcoin machines in Asia.
- Singapore has also issued guidelines to prohibit businesses from providing physical crypto ATM services in public locations.
See related article: Ukrainian Bitcoin ATM producer eyes Asia expansion