Bitcoin Depot Is Going Public Via An SPAC Deal Worth $885 Million

Bitcoin Depot Is Going Public Via An SPAC Deal Worth $885 Million

As a result of the widespread popularity of Bitcoin cryptocurrencies all over the world, numerous businesses have emerged with the goal of simplifying the process of buying and trading cryptocurrencies for users. Because of this breakthrough, automated teller machines that dispense bitcoin rather than the conventional ones that dispense fiat currency have emerged.

According to a recent report, Bitcoin Depot, one of the largest distributors of Bitcoin ATMs in the United States, has made the decision to go public. It has been reported that the corporation has agreed to terms with a special-purpose acquisition company (SPAC) in a deal worth $885 million.

What exactly is a SPAC?

A shell company, often known as a SPAC, is a corporation whose primary purpose is to solicit financial investments and engage in stock market trading. The use of SPACs has become increasingly widespread, and many people view them as a superior option to initial public offers (IPO).

At the moment, the organization is prepared to follow in the footsteps of other cryptocurrency companies such as Cipher Mining and Bakkt Holdings, both of whom have successfully gone public by utilizing SPAC. Circle has stated that it intends to start running its own SPAC from the beginning of 2022.

Bitcoin Depot is a provider of Bitcoin ATMs that was established in 2016 and claims to be the largest BTC ATM operator in North America. The corporation has ownership of more than 7,000 kiosks across the United States and Canada.

On the other hand, this only accounts for one-fifth of the country’s total number of kiosks. In the meanwhile, the United States is one of the greatest places in the world to find Bitcoin ATMs. The nation is home to more than 87 percent of the world’s cryptocurrency ATMs.

Bitcoin Depot continues to be resilient in spite of the ongoing bear market for cryptocurrencies, which has driven the majority of crypto companies underground. In the year 2022, the company began expanding its services to other geographic areas.

The Bitcoin Depot is the nation’s largest Bitcoin ATM.

Despite the challenging conditions in the market, the company is doing very well, according to Brandon Mintz, who serves as the chief executive of the company. The company exceeded the majority of its earnings and sales targets during the second quarter of 2022.

Mintz pointed out that the widespread use of cryptocurrency for fiat currency transactions and international money transfers was what made this achievement feasible. The United States of America is undeniably one of the most competitive markets in the world for bitcoin ATMs.

Around 30,000 Bitcoin ATMs may be found in the United States, while just 2,400 can be found in Canada. But there has been a slowdown in the expansion of Bitcoin ATMs in the UK. The Financial Conduct Authority (FCA) had already ordered all operators to halt all operations, which led to this situation.

Other businesses in the United States that compete with Bitcoin Depot include BitQuick, Cardcoins, Coincloud, Azteco, Coinzoom, and Crypto Dispensers. Bitcoin Depot is not the only competition in this market. These rivals also have a significant presence across a vast swath of Europe and Australia.

Because it is so simple to use, most people all around the world buy and sell bitcoin using automated teller machines that accept the cryptocurrency. Nobody utilizes the machine only for the purpose of selling Bitcoin.

Orizu Augustine
Orizu Augustine is an experienced crypto writer working for Alltechcraft. Having passion for writing, he covers news articles from blockchain to cryptocurrency and iPhone and Samsung related articles.