Largest US Bitcoin ATM Operator Plans to Become Public with $885M Valuation

Bitcoin Depot, the largest cryptocurrency ATM operator in the US, plans to go public with a $885 million capitalization through a merger with SPAC GSR II Meteora Acquisition Corp, The Wall Street Journal reports.

According to Coin ATM Radar, the company currently operates almost 7,000 devices worldwide. In the US, the company has a 19.7% market share, operating 6,714 ATMs. The closest competitor, CoinCloud, has 5261 cryptomats (15.5%).

Bitcoin Depot ATMs allows users to connect to the wallet and, after verification, exchange fiat for Bitcoin, Litecoin or Ethereum. The company has also launched a service for the acquisition of digital assets using a mobile application.