Bitcoin Depot has announced that it is aiming to make a public debut in the upcoming year. The United States-based cryptocurrency ATM provider has announced that it is aiming to make a public debut by 2023.
Bitcoin Depot to Debut via a SPAC
According to the executives at Bitcoin Depot, they want to gain public recognition and prominence for the growth of the cryptocurrency sector in the mainstream sector.
For this purpose, Bitcoin Depot is determined to make a public debut. However, it will be achieving this with the help of a special purpose acquisition company (SPAC).
Bitcoin Depot to Unite with SPAC GSR II Meteora (GSRM)
The officials at Bitcoin Depot were glad to share that they will be making a public debut through a SPAC. The name of the particular SPAC is GSR II Meteora (GSRM).
Bitcoin Depot will be merging with the particular SPAC and the deal is going to be for $885 million. Bitcoin Depot made the announcement of making a public debut on Thursday.
So far, both firms have finalized an agreement among themselves so the rest of the process goes smoothly.
As the companies combine, they will be able to make a public debut, launching their shares in the market.
Following the merger, the name of the new company will be Bitcoin Depot Inc. The company will reportedly trade with a trading ticket “BTM” and will be listed through the NASDAQ stock exchange.
Bitcoin Depot Executives were all onboard
According to the spokesperson at Bitcoin Depot, it was not long ago that the idea of making a public debut was proposed to the governance team.
Surprisingly, everyone was onboard as they all voted unanimously in favor of making a public debut. After acquiring approval from the Bitcoin Depot management, the next step was to reach out to GSRM with the proposal.
The second surprise was that the GSRM came onboard without any delays and the rest was decided in later proceedings.
BTM to Debut in Q1 2023
As Bitcoin Depot and GSR II Meteora are on board, the next step is to acquire approval from the regulatory authorities to make a public debut.
The company will require stakeholder approval as well before the public debut can be made.
It is expected that the entire process of stakeholder and regulatory approval may take multiple months. Therefore, GSRM is expected to make a public debut within the first quarter of 2023.
A Possible Funding Round
Bitcoin Depot has hinted that they may go for an initial public offering (IPO) prior to making a public debut. This way, they will be able to generate strong funds and analyze the performance and demand for their company’s stocks.