Bitcoin ATM operator Bitcoin Depot went public on the Nasdaq exchange today, becoming the first US company of its kind to go public.
The company — one of the largest bitcoin ATM operators in the country — last week announced its merger with the blank check company GSR II Meteora.
Bitcoin Depot, which trades under the ticker symbol BTM, was trading at $3.61 per share at the time of writing. after to Nasdaq data. At one point earlier in the morning, the price was at $6.62 – a remarkable reading layer.
“Bitcoin Depot is well positioned with the largest market share in North America, and the additional capital raised from this transaction will help support our multiple growth opportunities while advancing our mission of security [and] Bring Bitcoin safely to the masses,” said Brandon Mintz, founder and CEO of Bitcoin Depot, in the official announcement.
Based in Atlanta, Georgia, Bitcoin Depot claims to be the largest Bitcoin ATM provider in North America with 6,440 kiosk locations.
A bitcoin or crypto ATM is like a regular ATM but allows users to buy and sell digital assets. Would-be traders can quickly buy and sell coins and tokens through such ATMs without having to worry about setting up an account with an exchange.
Even if banks block cryptocurrency transactions, Bitcoin ATMs can help.
The once completely anonymous company is now regulated by the Financial Crimes Enforcement Network (FinCEN) in the US after the US Internal Revenue Service (IRS) raised an alarm about how it could be abused by money launderers.
To use Bitcoin Depot’s kiosk, you need to provide your phone number and download a digital wallet app.
Alongside Bitcoin Depot, the top ATM providers in North America also include Coin Cloud and CoinFlip, which account for 11.8% and 11.2% of the market, respectively, according to data from Coin ATM Radar.
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