The price of firms’ stock increased significantly post the recent event and is up 12%.
Bitcoin Depot claims to operate 6,440 Bitcoin ATM kiosks in North America.
Crypto ATM firm Bitcoin Depot had its public debut on the Nasdaq stock market today. A merger with GSR II Meteora, a blank check firm, was announced last week. At the time of writing, shares of Bitcoin Depot (BTM) were trading on the Nasdaq for $3.61. The price increased significantly post the recent event and is up 12%.
Bitcoin Depot founder and CEO Brandon Mintz stated:
“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 [and] securely bring Bitcoin to the masses.”
Striving Despite Regulatory Hurdles
Bitcoin Depot, headquartered in Atlanta, Georgia, claims to operate 6,440 Bitcoin ATM kiosks in North America. Traders who don’t want to bother with opening an account with an exchange may use these ATMs to buy and sell coins and tokens fast.
When traditional financial institutions refuse to process Bitcoin transactions, Bitcoin ATMs might be a lifesaver. After the United States Internal Revenue Service (IRS) raised the alarm about how they may be used by money launderers, the Financial Crimes Enforcement Network (FinCEN) in the United States began regulating the previously anonymous corporation.
On the other hand, the crypto market has rebounded with Bitcoin maintaining stability over the $30k level. Moreover, smaller Bitcoin wallets, or “shrimps,” have been aggressively amassing Bitcoin in substantial sums, as reported by on-chain data aggregator Glassnode. According to the data presented, these shrimps with balances of less than 1 BTC have acquired more than 33,400 Bitcoins over the course of a single month.