Bitcoin Depot – a US-based bitcoin ATM provider – has announced that it will begin trading on the Nasdaq on July 3 after partnering with fintech company GSR II Meteora Acquisition Corp.
Previous reports revealed that the deal between the two entities is worth $885 million.
‘BTM’ appears on the Nasdaq
The partners announcement the finalization of the merger of ad hoc companies (SPAC). The combined organization will be renamed Bitcoin Depot Inc. and will be led by the current management team.
The common shares are expected to begin trading on July 3, 2023, under the Nasdaq symbol “BTM”. The public mandate is scheduled for the same day with the abbreviation “BTMWW”.
Brandon Mintz – CEO and Founder of Bitcoin Depot – described the decision 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 many growth opportunities while advancing our mission to safely bring Bitcoin to the masses,” he added.
Gus Garcia – co-CEO and director of GSR II Meteora Acquisition Corp. – said his entity was “thrilled” to support Bitcoin Depot’s expansion path. He believes that the latter is “on the verge of continuing its momentum to take advantage of the highly fragmented Bitcoin ATM market” in the United States and abroad.
Thus, Bitcoin Depot adds to the growing list of crypto-related companies that have started trading on the global online market – Nasdaq. Others include popular exchange Coinbase, cryptocurrency miners Marathon Digital and Riot Blockchain, and more.
Bitcoin Depot problems in Texas
ATM operator BTC recently deposit a lawsuit against the McLennan County, Texas Sheriff’s Office alleging that the latter unlawfully confiscated $15,000 from one of its machines.
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 business “can go to hell”.
“The $15,000 she put in the machine was still in the wallet she put it in. So we collected that $15,000 and brought it back to the office. We photographed it, put it into evidence and finally returned it to the victim so that they would no longer be traumatized by these monsters,” he explained.
The firm argued that the sheriff’s office had jurisdiction to seize the funds but not to return them to the person. The lawsuit also points out that Bitcoin Depot was not the fraudster, meaning they should not be blamed for the woman’s actions.
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