Bitcoin Depot to Push Forward with SPAC Deal Following Strong Revenue Growth

Bitcoin Depot plans to move forward with it SPAC After the merger, the company saw 25.25% revenue growth between January and September this year. according to a new Admission with the Securities and Exchange Commission (seconds) said on December 1 that Bitcoin Depot “remains on track to complete its previously announced business combination with GSR II Meteora Acquisition Corp.”

In addition, Bitcoin Depot said that its special purpose acquisition company (SPAC) merger will take place in the first quarter of next year. However, this development has traditionally been subject to company shareholders and regulatory approval. According to Bitcoin Depot, the deal will affect the Atlanta-based Bitcoin With $170 million in cash, the ATM operator receives net income from loan repayments.

In the first nine months of 2022, Bitcoin Depot’s revenue grew 25.25% year-over-year to $497.2 million. However, this year-over-year development also shows that the BTC ATM operator barely broke even with net income of $4.622 million. Between January and September of 2021, Bitcoin Depot’s net income rose to $9.587 million. The relatively lower performance in 2022 is partly due to a sharp increase in interest expense. Assessing Bitcoin Depot’s latest performance against the backdrop of the ongoing crypto market turmoil, company founder and CEO Brandon Mintz said:

“We believe we differentiate ourselves from the industry with limited direct crypto exposure, robust compliance processes, and secure transactions that give users control over their purchased crypto compared to other methods of transacting in crypto, where users store their crypto Rely on third parties for custody.”

Recap of the Bitcoin Depot SPAC deal

bitcoin depot first announced Its SPAC merger with GSR II Meteora Acquisition Corp to take the company public on 24 August. The SPAC deal was reportedly valued at $885 million and will see Bitcoin Depot trade on the Nasdaq exchange under the BTM ticker.

Bitcoin Depot has performed reasonably well and noted that it continues to grow despite the prolonged bearish crypto market phase. According to Mintz, the bitcoin ATM company posted record sales and revenue in the second quarter. Mintz attributed this fortune to the growth in the use of crypto to buy physical goods and cross-border payments.

Bitcoin Depot surpassed 6,000 crypto ATMs across the US and Canada in December last year, the month bitcoin hit its all-time high. The company leveraged its partnership with American convenience store chain Circle K to achieve this feat.

In June this year, Bitcoin Depot Launched your BDCheckout The service enables customers to buy BTC directly in their special wallets using cash. BDCheckout will initially serve 22 states across North America, including Puerto Rico, according to the company at the time. Furthermore, Bitcoin Depot also said that customers can access the service at 8000 kiosks using its app.

Established in 2016, Bitcoin Depot is the foremost bitcoin ATM operator in North America. The company has over 7,000 kiosks and 19% market share in the US alone, with many more in Canada.

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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to strip crypto stories down to the basics so that anyone anywhere can understand without a lot of background knowledge. When he is not delving deep into crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.