Bitcoin Depot, the largest crypto ATM operator in the world, has merged with special purpose acquisition company (SPAC) GSR II Meteora (GSRM) and debuted on Nasdaq Monday. Following the debut, the shares of Bitcoin Depot more than doubled.
The company, based in Atlanta, Georgia, is the first provider of cryptocurrency ATMs to be listed on a major American stock exchange. The stock opened pre-market trading at $6.60, more than double GSRM’s closing price on Friday, before dropping to $3.39, still 5% higher than Friday’s price.
Coin ATM Radar indicates that Bitcoin Depot controls a 20% market share of ATMs in the United States and a 17.6% global share, with 6,000 machines in total. CEO Brandon Mintz stated that the cryptocurrency ATM business is highly fragmented, and Bitcoin Depot is looking to consolidate the space. The company has already installed crypto ATMs in over 2,000 Circle K convenience stores and is seeking similar installation deals with other well-known retailers.
Crypto ATMs allow customers to purchase cryptocurrency with cash or debit cards and transfer the tokens to a specific wallet without using a cryptocurrency exchange. However, scammers have also used these machines to advertise things on websites like eBay or Craigslist with instructions for buyers to pay by depositing actual cash at an ATM.
