Shares of Bitcoin Depot ATM network rose by 12% on the first day of trading.
Shares of the world's largest crypto ATM operator, Bitcoin Depot, surged nearly 12% during its debut on the NASDAQ. On July 3, the company's paper under the ticker BTM began trading on the stock exchange after a merger with acquired SPAC firm GSR II Meteora (GSRM).
For a business, SPAC is an opportunity to enter the exchange, bypassing the listing procedure and saving money and time. The company does not need to pay investment banks and regulators for listing, marketing, and so on - SPAC investors have already paid for all this.
The closing price of BTM shares on the first day of trading was $3.65, which is 11.8% higher than the closing price of GSRM shares on Friday, June 30 ($3.25).
Crypto ATMs (crypto ATMs) allow users to buy cryptocurrency with cash or debit cards and transfer it directly to the wallet without using cryptocurrency exchanges. According to Coin ATM Radar, Bitcoin Depot serves more than 6.4 thousand crypto ATMs, occupying 17.7% of the global market.
The Atlanta, Georgia-based company has become the first crypto ATM operator to enter the major U.S. stock market, according to CoinDesk. During pre-market trading, the share price rose to $6.48, and then rolled back to the range of $3.4-3.7, where it was until the end of the first trading day.
The crypto ATM market is “highly fragmented,” which is why Bitcoin Depot is now actively expanding, company director Brandon Mintz told the publication. According to him, over the past two years, Bitcoin Depot has installed ATMs in more than 2,000 Circle K stores, and plans to conclude similar agreements with other large retail chains, as well as with regional, little-known ones.
