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The ATM world is about to get another publicly held company. Bitcoin Depot, a Bitcoin ATM operator with more than 7,000 machines in the United States and Canada, intends to go public in a merger with GSR II Acquisition Corp., a special purpose acquisition company.
Announced Thursday, the proposed deal could yield up to $321 million in cash that will be used to support Atlanta-based Bitcoin Depot’s working capital and acquisition plans, and to build scale for its platform and products.
Bitcoin Depot launched in 2016 with the intent to make cryptocurrency easier for individuals to access. It enables users to convert their cash into Bitcoin, Ethereum, and Litecoin at its kiosks in 47 states and nine Canadian provinces. Bitcoin Depot’s BD Checkout services also enables them to fund their Bitcoin Depot accounts with cash at more than 8,000 retailer locations.
Such methods to go public have been popular among financial services companies. In SPAC transactions, companies convert to public ownership by undergoing an acquisition by so-called blank-check companies, publicly listed entities created for the sole purpose of acquiring privately held companies. The special purpose acquisition companies then dissolve after the deal closes.
In other ATM news, Passport Technology Canada Ltd., a gaming industry payments provider, said its DataStream ATM management and access service, was approved as a connector acquirer of the Interac Cash service. Deployed in 2003 in the United States, DataStream is a bank-sponsored, proprietary ATM processor. Earlier this month, Passport introduced its CashValet Wireless product at a Vancouver, British Columbia, casino.
