What Happened to Bitcoin Depot?
Ticker: BTMSPAC Year: 2022Merger: 2023
Return
-67.3%
Current Price
$3.5
Peak Price
$78.05
Trust Size
$131M
Summary
Bitcoin Depot is the largest Bitcoin ATM operator in the United States, with thousands of kiosks in retail locations. The company went public via SPAC merger with GSR II Meteora Acquisition Corp in 2023. Despite growing its ATM network, the stock has struggled to gain traction.
What Happened
GSR II Meteora Acquisition Corp merged with Bitcoin Depot in July 2023. The company operates the largest fleet of Bitcoin ATMs in the US but has faced skepticism about its business model and tight margins. The stock trades around $3-4/share, well below its $10 SPAC price. Bitcoin Depot was misclassified as bankrupt.
Timeline
2022-02-23
S-1 Registration Filed
2023-06-20
Merger Proxy Filed (DEFM14A)