Connect with us

Blockchain

Bitcoin Depot says the SPAC merger will proceed as planned after strong revenue growth

Avatar

Published

on

according to new deposit With the US Securities and Exchange Commission on December 1, crypto ATM operator Bitcoin Depot said it “remains on track to complete its previously announced business combination with GSR II Meteora Acquisition Corp.”

The merger with the Special Purpose Acquisition Vehicle, or SPAC, is scheduled to take place in the first quarter of 2023, subject to shareholder and regulatory approval. Bitcoin Depot estimates that the transaction will give the company up to $170 million in cash proceeds net of debt repayments.

In its earnings report for its year-to-date financials that ended September 30, released on the same day, Bitcoin Depot revealed that its revenue grew 25.25% year-over-year to $497.2 million. However, the company barely made a net profit of $4.622 million compared to $9.587 million for the first nine months of 2021, due in part to a sharp increase in interest expense. Commenting on the findings in the context of the recent market turmoil, Brandon Mintz, CEO and founder of Bitcoin Depot, stated:

Advertisement

“We believe we stand apart from the industry with our limited exposure to cryptocurrency, robust compliance measures, and secure transactions that give users control over the cryptocurrency purchased, compared to other methods of transaction in cryptocurrency where users rely on third parties to hold their cryptocurrency.”

Founded in 2016, Bitcoin Depot is currently the largest operator of Bitcoin ATMs in North America, with over 7,000 kiosks and a 19% market share in the US On August 24, 2022, Bitcoin Depot and GSR II Meteora Acquisition Corp. announced their merger to acquire Bitcoin Depot. The year is on the US Nasdaq Stock Exchange under the ticker symbol BTM.