Lux Vending, LLC dba Bitcoin Depot, a U.S.-based Bitcoin ATM operator and fintech company, and GSR II Meteora Acquisition Corp. (NASDAQ: GSRM), a special purpose acquisition company, announced the successful closing of their previously announced business combination.
The Business Combination was “approved at a special meeting of GSRM stockholders on June 28, 2023 and closed on June 30, 2023.”
The combined company will be “renamed Bitcoin Depot Inc. and will be led by its existing management team.” Bitcoin Depot’s common stock and public warrants are “expected to begin trading on July 3, 2023 on the Nasdaq under the ticker symbols ‘BTM’ and ‘BTMWW’, respectively.”
Brandon Mintz, CEO and Founder of Bitcoin Depot, said:
“The closing of the transaction and our listing on Nasdaq is an important milestone and an incredibly proud moment for the entire Bitcoin Depot team. Bitcoin Depot is well positioned with the largest market share in North America and the additional capital from this transaction will help support our numerous growth opportunities while advancing our mission to safely, securely, bring Bitcoin to the masses.”
Gus Garcia, Co-CEO and Director of GSRM, commented,
“We are excited to complete our business combination with Bitcoin Depot and help support its growth strategy. Bitcoin Depot has a significant market share and continues to expand its footprint to provide greater access to the broader digital financial system. We believe Bitcoin Depot is poised to continue its momentum to take advantage of the highly fragmented Bitcoin ATM market both domestically and overseas.”
Lewis Silberman, Co-CEO and Director of GSRM, commented:
“Bitcoin Depot has a proven track record of growth and profitability and its transaction volumes have remained strong despite the price volatility of Bitcoin. It’s been an honor to support the Bitcoin Depot team on their path to becoming a publicly traded company where it can further scale its business model and leverage its unique position in the expanding Bitcoin ecosystem.”
B.Riley Securities served as capital markets advisor to GSRM.
Latham & Watkins LLP acted as legal advisor to GSRM. Kirkland & Ellis LLP served as legal advisor to Bitcoin Depot.
As noted in the update, Bitcoin Depot was “founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system.”
Bitcoin Depot provides its users “with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space.”
Users can convert cash to Bitcoin “at Bitcoin Depot’s kiosks and at thousands of name-brand retail locations through its BDCheckout product.”
The Company has “the largest market share in North America with approximately 6,440 kiosk locations as of March 31, 2023.”
