Bitcoin Depot To Go Public Through $885M SPAC Deal
Following the popularity of crypto globally, companies sprung up to make buying and selling crypto easy for users. This innovation led to the production of BTC ATMs similar to the usual ATMs for fiat currency.
As per a recent report, Bitcoin Depot, one of the biggest BTC ATM providers in the US, has decided to go public. The firm reportedly entered an agreement with a SPAC (special-purpose acquisition company) in an $885 million deal.
What Is SPAC?
A SPAC is a shell company designed to attract investment capital and conduct stock market trading. SPAC has grown popular, and many consider it a better alternative to initial public offerings (IPO).
Currently, the company is ready to follow the lead of crypto firms like Cipher Mining and Bakkt Holdings, which have gone public using SPAC. At the beginning of 2022, Circle said it plans to conduct its own SPAC.
Bitcoin Depot, created in 2016, claims to be the largest BTC ATM provider in North America. The company owns over 7,000 kiosks in Canada and America.
However, this is just one-fifth of the total kiosks in the country. Meanwhile, the United States is among the best locations for BTC ATMs. The country is home to over 87% of crypto ATMs globally.
Despite the ongoing crypto market winter that has swept most crypto firms underground, Bitcoin Depot remains strong. The firm has been expanding its services to other regions in 2022.
Bitcoin Depot, Largest BTC ATM In The US
According to Brandon Mintz, the company’s chief executive, the firm is doing great despite the harsh market situation. In Q2 2022, the firm crossed most of its earnings and sales target.
Mintz noted that this was made possible because of the high usage of crypto for physical payments and transfers abroad. America is, without a doubt, a competitive market for BTC ATMs globally.
America has about 30,000 BTC ATMs, followed by Canada with 2,400. However, the growth of BTC ATMs in the UK has declined. This was after the FCA (Financial Conduct Authority) told all operators to seize operations.
Apart from Bitcoin Depot, there are other competitors in the United States, such as BitQuick, Cardcoins, Coincloud, Azteco, Coinzoom, and Crypto Dispensers. These competitors also have wide coverage in Europe and Australia.
Globally, most individuals use BTC ATMs to purchase and sell Bitcoin as it is easy to operate. No individual uses the machine only to sell BTC
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