Bitcoin Depot has recently announced that it is planning to make a public debut. The company has announced that it plans on making a public debut with a valuation worth $1 billion.
Bitcoin Depot to Debut via a SPAC
The company has announced that it wants to make a public debut with a special purpose acquisition company (SPAC). To make a public debut, Bitcoin Depot will be forming a merger with the SPAC.
The officials at Bitcoin Depot are confident that their merger with the particular SPAC would prove to be successful. This would allow them to smoothen their track and move towards making a public debut.
Comments by Brandon Mintz
Brandon Mintz, the chief executive officer of Bitcoin Depot, the largest operator of ATMs for cryptocurrencies on a global level, made a statement.
Mintz stated that following a successful merger, they will be able to go public, which would allow them to take over the particular segment in the public market.
In addition to making themselves a unique investment option in the stock market, they will also be able to attract many investors to the cryptocurrency industry.
The cryptocurrency industry would consolidate tremendously through the company’s stock market debut.
Goal to be achieved by Bitcoin Depot
According to Mintz, the company will gain strong momentum the moment it makes a public debut. From the momentum it gets to build, it will be introducing multiple developments for the company.
It will gain a strong ground against its competition in the market and achiever newer milestones. The merger they form would be highly significant and important for the cryptocurrency industry’s M&A activities.
The mergers and acquisitions activity in the cryptocurrency industry is close to zero. However, their attempt would prove to be a stepping stone for the entire cryptocurrency industry.
No Confirmation on the SPAC
Although many investors are eager to know which SPAC the company is aiming to merge with but Bitcoin Depot has shared no such name they may have in their sight.
The CEO of the company is yet to make an announcement about the company they are planning to merge with. The company is currently looking for the right SPAC and they would soon announce the name once they have it available to them.
Bitcoin Depot currently exists as the largest ATM operator in the world for cryptocurrencies. As of now, the company has more than 30,000 ATMs for cryptocurrencies in the United States.
Bitcoin Depot currently accounts for more than 20% of the total ATMs operated in the entire world for cryptocurrencies.
The closest competitor to Bitcoin Depot is Coin Cloud which has a total of 1,500 ATMs for cryptocurrencies all over the United States.