Bitcoin Depot Remains on Track for SPAC Merger with GSR II Meteora Acquisition Corp

In a Dec. 1 filing with the United States Securities and Exchange Commission (SEC), Bitcoin Depot, a leading cryptocurrency ATM operator, confirmed that it “remains on track to complete its previously announced business combination with GSR II Meteora Acquisition Corp.” The merger, set to take place in the first quarter of 2023, is subject to shareholder and regulatory approval.

Upon completion of the merger, Bitcoin Depot estimates the deal will infuse the company with up to $170 million in cash after paying off its debts.

In its earnings report covering year-to-date financials up to Sept. 30, Bitcoin Depot reported a year-over-year revenue growth of 25.25%, totaling $497.2 million. However, the company noted a decline in net income, which dropped to $4.622 million compared to $9.587 million in the same period in 2021. This decrease was partly attributed to a sharp increase in interest expenses.

Brandon Mintz, founder and CEO of Bitcoin Depot, commented on the results amidst recent market turmoil, stating: “We believe we stand apart from the industry with limited direct crypto exposure, robust compliance procedures, and secure transactions that give users control of their purchased crypto, compared to other methods of transacting in crypto where users rely on third parties to custody their crypto.”

Founded in 2016, Bitcoin Depot has become the largest Bitcoin ATM operator in North America, boasting over 7,000 kiosks and a 19% market share in the United States. On Aug. 24, 2022, Bitcoin Depot announced its merger with GSR II Meteora Acquisition Corp to take the company public on the U.S. Nasdaq exchange under the ticker symbol BTM.