Shares of Bitcoin Depot, the world’s largest crypto ATM operator, more than doubled on their Nasdaq debut Monday following a merger with special purpose acquisition company (SPAC) GSR II Meteora (GSRM) that was valued at $885 million in August. Atlanta, Georgia-based Bitcoin Depot, trading under the ticker BTM, is the first crypto ATM operator to list on a major U.S. stock market. BTM shares rose as high as $6.60, more than double GSRM’s closing price from Friday, in pre-market trading before pulling back to $3.39, up 5% from the Friday level.
Crypto ATMs enable users to buy crypto with cash or debit cards and wire the tokens directly to a particular wallet without going through a crypto exchange. Bitcoin Depot operates over 6,000 such machines, representing a 20% market share of ATMs in the U.S. and a 17.6% global share, according to data from Coin ATM Radar. CEO Brandon Mintz noted that the crypto ATM market is highly fragmented, and that there is a lot of room for consolidation in the sector.
There’s a few dozen operators with over 100 bitcoin ATMs in the U.S. alone and there has not been a lot of M&A activity in this space compared to other parts of the crypto and blockchain industry, Mintz said. Rolling up this highly fragmented market is a really exciting opportunity for us.
Having installed ATMs at over 2,000 Circle K convenience stores in the last two years, Bitcoin Depot is now planning to pursue similar installation deals with other household name retailers as well as some smaller regional chains.