Bitcoin Depot (BTC ATM Firm) Plans To Get Listed On NASDAQ
Bitcoin Depot controls one of the largest chains of Bitcoin ATMs in the world. In just the North American region, the company has more than 7000 functional Bitcoin ATMs through which customers can only buy Bitcoin and other cryptocurrencies. One of the benefits of these ATMs is that customers can convert fiat currency into any crypto coin of their choice.
In a recent turn of events, the company announced that it is going public on the Nasdaq exchange. The company has secured a deal of $885 million with a SPAC (special purpose acquisition company), according to the official press release.
Bitcoin Depot New Trading Symbol Will be BTM
The company plans to complete an acquisition or a merger, to be more precise. Bitcoin Depot's merger with the GSRP will allow it to become a company called Bitcoin Depot Inc. According to reports, the new trading symbol of Bitcoin Depot Inc will be BTM on the exchange.
According to Bitcoin founder Brandon Mintz, the company wants to empower people so that they have more control of their money. They also want to make it easy and simple to conduct financial transactions.
With the company eventually going public, it will have access to more money which can then be used to further expand the cryptocurrency ATM network.
Revenue Of $623 Million
The available data suggests that the company made more than $623 million in revenue during the last 12 months. Out of that $623 million, the net income was around $6 million.
Right now, the company's ATM machines already cover roughly 40% population of the USA and cover around 7000 locations.
According to the release, the company has also filled out an application to expand its network in the New York state. This move will allow the Bitcoin Depot to cover more locations in multiple cities of the NY state.
The company's founder believes that its true mission is to allow people to easily turn cash into crypto coins. To achieve that, they have been expanding their ATM footprint all over the North America.