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Bitcoin ATM operator Bitcoin Depot goes public through a reverse merger, surging 12% on the first day of trading.

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Bitcoin ATM operator Bitcoin Depot goes public through a reverse merger, surging 12% on the first day of trading.

The largest Bitcoin ATM operator in North America, Bitcoin Depot, has announced a business combination with GSR II Meteora Acquisition Corp. Starting on July 3, they began trading on Nasdaq under the symbol BTM. On the first day, the stock rose by 12% to close.

Bitcoin ATM Operator Bitcoin Depot

Bitcoin Depot is the largest Bitcoin ATM operator in North America, with approximately 6,400 ATMs, holding a market share of 21% in the United States and 9% in Canada. The company was founded with the goal of providing people with a more intuitive and convenient way to acquire Bitcoin, hence the initial design was based on transactions through familiar ATMs. Its services mainly target customers over 30 years old, with the proportion of customers over 45 years old reaching as high as 46%.

Ways to acquire Bitcoin through Bitcoin Depot:

  • Using an ATM, set up a Bitcoin wallet, go to the ATM to scan, and deposit cash to exchange for Bitcoin.

  • Scan and make payments at partner merchants. According to their report, by the end of 2022, there were over 8,000 cooperating merchants in 22 states and Puerto Rico.

Bitcoin Depot Operational Status

According to information disclosed by Bitcoin Depot in their announcement, their net profit for the full year of 2022 was $72 million, with adjusted EBITDA of $41 million.

Note: EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization, which can better represent a company's core operating performance.

And the performance in the first quarter of this year is also impressive!

  • Total revenue is expected to be between $163 million and $165 million, representing a 5% to 6% increase from the first quarter of last year.
  • Net profit is expected to be between $5 million and $6 million, compared to a loss of $3 million last year.

BTM Rises 12% on First Day of Trading

Yesterday marked the official first day of trading for BTM. The stock rose to $6.60 in pre-market trading but fell after opening, closing at $3.61, nearly 12% higher than GSRM's closing price on Friday.