Bitcoin Depot, the largest crypto ATM operator in the world, has made its debut on the Nasdaq following a merger with special purpose acquisition company (SPAC) GSR II Meteora (GSRM). The merger, valued at $885 million, propelled Bitcoin Depot shares to more than double on their first day of trading. The company, based in Atlanta, Georgia, trades under the ticker “BTM” and is the first provider of cryptocurrency ATMs to be listed on a major American stock exchange.
Bitcoin Depot currently operates approximately 6,000 crypto ATMs, giving it a significant market share of 20% in the United States and 17.6% globally, according to Coin ATM Radar. The crypto ATM market is considered highly fragmented, presenting opportunities for consolidation. Bitcoin Depot’s CEO, Brandon Mintz, has expressed plans to focus on this area and pursue installation deals with other well-known retailers, similar to their successful partnership with Circle K convenience stores.
Crypto ATMs offer customers the convenience of purchasing cryptocurrencies using cash or debit cards and directly transferring the tokens to their wallets without relying on traditional cryptocurrency exchanges. However, it is important to note that scammers have also utilized these ATMs, particularly by advertising items on platforms like eBay or Craigslist and instructing buyers to deposit cash at a crypto ATM as a form of payment.