Crypto ATM Company Bitcoin Depot to List on Nasdaq via SPAC Deal

Weekly Update

The global crypto market cap is down by 1.73% to $1.03T at the time of writing this article. Over the past 24 hours, the overall volume of the cryptocurrency market has increased by 1.65% to $64.72B.

DeFi’s total 24-hour volume is $4.86B, or 7.52% of the overall crypto market volume. All Stablecoin volume is currently $58.64B, or 90.60% of the 24-hour volume of the whole crypto market.

Bitcoin was trading at about $21,762.92 at the time. According to data from CoinMarketCap, Bitcoin’s market share is currently 39.77%, an increase of 0.12% from the previous day.

After a steady, gradual upward trend, Bitcoin has undergone this minor setback, especially when compared to last week. Even so, given the rise of Web3 and Blockchain, and the fact that volatility is a part of cryptocurrency trading, this slight change in price does not appear to be cause for concern.

Bitcoin Depot to Go Public via SPAC Deal

Bitcoin Depot, a US-based crypto ATM operator, announced on Thursday that it will soon be a publicly traded company after merging with the blank check company GSR II Meteora. SPAC mergers have been a popular vehicle for crypto companies looking to get listed faster than traditional IPO strategies. Bitcoin Depot, founded in 2016, is one of North America’s largest cryptocurrency ATM providers, with over 7,000 kiosk locations.

According to a report from the U.S. Securities and Exchange Commission (SEC) in March, mergers with SPACs have become a common way to go public in recent years, accounting for more than half of all initial public offerings in 2020–2021. Some, such as the planned $1.25 billion listing of bitcoin (BTC) miner PrimeBlock, were canceled as the cryptocurrency market tanked, so not all of them come to pass.

The $885 million acquisition deal with GSRM will turn Bitcoin Depot into a publicly traded company on the Nasdaq if all goes well.