Bitcoin Depot, a major provider of cryptocurrency ATMs in the United States, is planning to go public through a merger with a Special Purpose Acquisition Company (SPAC).

Atlanta-based Bitcoin Depot has reached a definitive agreement to merge with SPAC GSR II Meteora (GSRM) in an $885 million IPO deal, the company officially announced Thursday.

The business combination will result in Bitcoin Depot becoming a listed company in which the combined company – called Bitcoin Depot Inc. – On the NASDAQ Stock Exchange under the new ticker symbol BTM.

The merger was unanimously approved by Bitcoin Depot’s leadership team and the GSRM Board of Directors and is expected to close by the first quarter of 2023. The business combination is subject to regulatory and stakeholder approvals and other usual closing conditions.

GSR II Meteora SPAC reportedly has about $320 million that Bitcoin Depot could use for growth, although SPAC investors are able to withdraw their funds before the merger is completed. Bitcoin Depot could go ahead with a funding round that will close at the same time as the merger deal.

Jose Garcia, co-CEO of GSRM and a former SPAC banker at Bank of America, said he was confident about Bitcoin Depot’s funding options due to the company’s steady growth.

He noted, “With BTM’s large footprint, key strategic relationships, and feature-rich mobile application, we believe Bitcoin Depot is well positioned to tap into the highly fragmented BTM market both domestically and abroad.”

Related: Galaxy Digital ends acquisition of BitGo, claiming breach of contract

Founded in 2016, Bitcoin Depot is one of the largest providers of crypto ATMs in North America, operating at more than 7,000 kiosk locations. According to CEO Brandon Mintz, the company has continued to grow despite the crypto bear market, which is highlighting a growing number of use cases for crypto-like payments and money transfers globally.

“We’re actually doing a great job now regardless of the market,” he said. Mintz also referred to Bitcoin Depot’s plans to pursue acquisitions after it goes public.

Source: CoinTelegraph