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Crypto ATM Operator Bitcoin Depot Lists on Nasdaq
Author: Jamie Crawley, CoinDesk; Compiler: Songxue, Jinse Finance
Shares of Bitcoin Depot, the world's largest cryptocurrency ATM operator and special purpose acquisition company (SPAC) GSR II Meteora (GSRM ), have more than doubled in their debut on Nasdaq following the merger of the world's largest cryptocurrency ATM operator and the company's valuation in August. Valued at $885 million.
Atlanta, Georgia-based Bitcoin Depot, which trades under the symbol "BTM," is the first crypto ATM operator to list on a major U.S. stock market.
BTM shares rose to $6.60 in pre-market trading, more than double GSRM's closing price on Friday, before falling back to $3.39, up 5 percent from Friday.
**Cryptocurrency ATMs enable users to purchase cryptocurrencies with cash or debit cards and connect cryptocurrencies directly to specific wallets without going through a cryptocurrency exchange. ** However, they are also used by scammers who list items on sites like eBay or Craigslist with instructions for buyers to pay by depositing physical currency at an ATM.
Bitcoin Depot operates more than 6,000 of these machines, accounting for 20 percent of the U.S. ATM market and a global share of 17.6 percent, according to Coin ATM Radar.
Bitcoin Depot CEO Brandon Mintz said that since the crypto ATM market is "highly fragmented," there is a lot of room for consolidation in the industry, which the company is now targeting.
“There are dozens of operators with more than 100 bitcoin ATMs in the U.S. alone, and M&A activity in this space is low compared to other areas of the cryptocurrency and blockchain industry,” Mintz told CoinDesk. Much.” “Integrating this highly fragmented market is a very exciting opportunity for us.”
Mintz added that Bitcoin Depot has installed ATMs at more than 2,000 Circle K convenience stores over the past two years and is planning similar installation deals with other “household name retailers” as well as some smaller regional chains.