In a SPAC Deal Worth $885M, Bitcoin Depot Will Become a Public Company.
In spac response to the widespread adoption of cryptocurrencies, businesses have sprung up to facilitate the buying and selling of cryptocurrencies. As a result of this breakthrough, Bitcoin ATMs, which function in the same way as traditional ATMs for fiat currency, have been developed.
According to recent reports, Bitcoin Depot, one of the largest BTC ATM providers in the US, has filed for an IPO. According to reports, the company made a $885 million deal with a SPAC.
What exactly is SPAC?
A special purpose acquisition company, or SPAC, is a type of shell company that exists primarily to raise money from investors and engage in stock market activities. SPAC has grown in popularity, and many view it as a superior alternative to IPOs (IPO).
Presently, the firm is prepared to follow the example of SPAC-based IPOs from the cryptocurrency industry, such as Cipher Mining and Bakkt Holdings. Beginning in 2022, Circle intends to conduct its own SPAC, according to the company.
Since its founding in 2016, Bitcoin Depot has positioned itself as the leading North American provider of Bitcoin ATMs. The corporation owns more than 7,000 kiosks in North America.
However, this represents only one-fifth of the nation’s total kiosks. The United States, meanwhile, is among the best locations for Bitcoin ATMs. The nation is home to more than 87 percent of the world’s crypto ATMs.
Bitcoin Depot remains robust despite the ongoing crypto market winter that has driven most crypto companies underground. In 2022, the company expanded its services to other regions.
Bitcoin Depot, the nation’s largest BTC ATM
In spite of the challenging conditions in the market, the company is doing very well, according to Brandon Mintz, who serves as the chief executive officer of the organization. In Q2 2022, the majority of the company’s revenue and profit goals were surpassed.
Mintz noted that this was made possible by the widespread adoption of cryptocurrencies for international payments and transfers. America is without a doubt a globally competitive market for Bitcoin ATMs.
The United States has approximately 30,000 BTC ATMs, while Canada has 2,400. However, the number of BTC ATMs in the United Kingdom has decreased. The FCA (Financial Conduct Authority) had ordered all operators to cease operations.
In the United States, there are other companies like BitQuick, Cardcoins, Coincloud, Azteco, Coinzoom, and Crypto Dispensers that compete with Bitcoin Depot. These rivals also have a substantial presence in Europe and Australia.
Globally, the majority of Bitcoin buyers and sellers utilize BTC ATMs due to their user-friendliness. Nobody uses the device solely to sell Bitcoin.