Bitcoin Depot To Be Taken Public In A US$885 Million SPAC Merger Deal By Q1 2023

Crypto ATMs operator Bitcoin Depot is looking to debut on the Nasdaq through a business combination with special purpose acquisition company GSR II Meteora Acquisition Corp (Nasdaq: GSRM). The transaction values the combined company with an equity value of approximately US$885 million and an enterprise value of US$755 million

“Our combination with Gesher and access to public markets will allow Freightos to continue to aggressively scale our platform and lead as an international freight booking and payment tool of choice,” said Freightos CEO Zvi Schreiber.

The transaction is expected to gross up to US$170 million in cash depending on redemptions and will raise up to US$321 million of cash held in the SPAC’s trust account.

Founded in 2016, the fintech firm currently operates around 7,000 bitcoin ATMs in North America. Users can purchase bitcoin through their credit and debit cards using these machines and have the digital assets transferred to their online wallet of choice.

The move also comes as an attempt to thaw the SPAC market slump this year following its robust activity in 2021, from initial public offerings to business combinations.

GSR II Meteora made its Nasdaq Global Market debut in February 2022 through an oversubscribed US$316 million IPO. The firm said in its prospectus that it intends to search for businesses providing “software, technology-enabled manufacturing and services, mobility and transportation sectors, as well as companies that help to address evolving environmental, social, and governance-related issues.”

The transaction is expected to be closed by first quarter of 2023. The resulting combined firm will then trade on the Nasdaq under the symbol “BTM”.

GSR II Meteora Acquisition last traded at US$9.90 on the Nasdaq.

Information for this briefing was found via Reuters, Coindesk, and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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