World’s Largest Bitcoin ATM To Go Public On NASDAQ

August 25, 2022 2:50 pm

Bitcoin Depot is known as the world’s largest provider of Bitcoin ATMs and it has just announced its plans to go public on the NASDAQ exchange.

This would be through a $885 million deal with a SPAC and indicates a new major milestone for how far crypto adoption has grown since its inception.

The company currently operates over 7000 ATMs around the United States and will trade under the ticker symbol BTM after the merge completes.

The ATMs essentially allow for easy conversion between crypto and fiat which makes the utility of digital assets much more convenient for the average user.

BitcoinMagazine reports:

“We are always looking to expand our reach so as many people as possible can access cryptocurrency to control their own money and conduct easier and simpler financial transactions,” said Brandon Mintz, CEO and founder of Bitcoin Depot, per the release.

According to the release, Bitcoin Depot has generated over $623 million in revenue in the past 12 months with a net income of over $6 million.

While the company’s Bitcoin ATMs already permeate over 40% of the U.S. population across its 7,000 locations, the release details that the company has a pending application to enter New York state to further its market reach.

“Since inception, we’ve expanded our BTM footprint across North America, signed strategic relationships with major retailers, and enhanced our services to provide convenient access to cryptocurrency as we aim to become a digital asset economy on-ramp destination for users to efficiently turn cash into crypto,” Mintz continued.

So far, investors are expecting the entire company to have a combined valuation of around $885 million which makes it quite a significant valuation.

So far, the plan is for the company to go public sometime in 2023 so there is still some time before the company gets actively traded on the exchange.

Even during the current crypto bear market, the use of crypto ATMs by Bitcoin Depot has still continued strong and there are plans to continue to expand the company’s footprint in areas outside of the United States.

Experts comment that the company is positioned well as demand for crypto ATMs is expected to continue to skyrocket in many fragmented markets around the world which do not have great access at the moment.

CoinTelegraph reports:

“With its significant BTM footprint, key strategic relationships, and feature-rich mobile app, we believe Bitcoin Depot is well positioned to take advantage of the highly fragmented BTM market both domestically and overseas,” he noted.

Founded in 2016, Bitcoin Depot is one of the largest crypto ATM providers in North America, operating over 7,000 kiosk locations. According to CEO Brandon Mintz, the company has continued growing despite the ongoing cryptocurrency bear market, which highlights a growing number of use cases for crypto-like payments and transferring money globally.

“We’re actually doing fantastic right now regardless of the market,” he said. Mintz also noted Bitcoin Depot plans to pursue acquisitions after going public.

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