Another cryptocompany will put shares on the stock market
It became known that the management of Bitcoin ATM company Bitcoin Depot is going to bring the shares to the traditional stock market.
Moreover, representatives of the firm assured: this may not happen in 2023, as previously stated, but will happen in the 4th quarter of 2022.
Bitcoin Depot has scheduled a listing on the Nasdaq exchange ahead of schedule. The company said it wants to have time to prepare all necessary documents for the SPAC merger procedure in the coming months and to enter the market in December of this year. GSR II Meteora will perform the role of special purpose acquisition organization (SPAC). The estimated cost of capital will remain, as previously announced, at $885 million.
The startup’s team stressed that they would continue to grow the business. Bitcoin Depot allows users to convert cash into bitcoin, etherium and litecoin at more than 7,000 vending machines in 47 U.S. states and nine Canadian provinces. A total of 38,700 such devices are installed worldwide in 77 countries.
The firm’s executives noted that entering the traditional market would be an important milestone in the history of the company’s development. According to representatives of the organization, it will increase brand recognition and accelerate the process of mass acceptance of cryptocurrencies as a legal means of payment. The Bitcoin Depot stressed that the team will continue to develop and release new products and services for end users.