Bitcoin Depot – a US-based Bitcoin ATM provider – announced it will start trading on Nasdaq on July 3 after partnering with the fintech company GSR II Meteora Acquisition Corp.
Previous reports revealed that the agreement between the two entities is worth $885 million.
‘BTM’ Pops up on Nasdaq
The partners announced the finalization of the special purpose acquisition company (SPAC) merger. The combined organization will be renamed Bitcoin Depot Inc. and will be run by the current management team.
The common stock should begin trading on July 3, 2023, under the Nasdaq ticker symbol “BTM.” The public warrant is scheduled for the same day with the abbreviation “BTMWW.”
Brandon Mintz – CEO and Founder of Bitcoin Depot – described the move as “an important milestone and an incredibly proud moment” for the entire team.
“Bitcoin Depot is well positioned with the largest market share in North America, and the additional capital from this transaction will help support our numerous growth opportunities while advancing our mission to safely, securely bring Bitcoin to the masses,” he added.
Gus Garcia – Co-CEO and Director of GSR II Meteora Acquisition Corp. – said his entity is “excited” to support Bitcoin Depot’s expansion path. He believes the latter is “poised to continue its momentum to take advantage of the highly fragmented Bitcoin ATM market” in the USA and abroad.
Thus, Bitcoin Depot adds up to the growing list of crypto-related companies that started trading on the online global marketplace – Nasdaq. Others include the popular exchange Coinbase, the cryptocurrency miners Marathon Digital and Riot Blockchain, and more.
Bitcoin Depot’s Issues in Texas
The BTC ATM operator recently filed a lawsuit against the sheriff’s office of McLennan County, Texas, claiming the latter unlawfully confiscated $15,000 from one of its machines.
The authorities seized the amount from a Bitcoin ATM in Waco after scammers lured an 82-year-old woman to deposit it there. Sheriff Parnell McNamara said the money belonged to the victim, adding that the company “can go to hell.”
“The $15,000 she put in the machine was still in the wallet that she had put it in. So we retrieved that $15,000 and brought it back to the office. We photographed it, put it into evidence, and ultimately got it back to the victim so she wouldn’t be further traumatized by these creeps,” he explained.
The firm argued that the sheriff’s office had the jurisdiction to seize the funds but not return them to the person. The lawsuit also outlines that Bitcoin Depot was not the fraudster, meaning they should not be blamed for the woman’s actions.