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Bitcoin ATM operator Bitcoin Depot today launched on the Nasdaq stock exchange, making it the first U.S. company of its kind to go public.
The company—one of the largest Bitcoin ATM operators in the country—last week announced its merger with blank check company GSR II Meteora.
Bitcoin Depot, which is listed under the ticker BTM, was trading for $3.61 per share at the time of writing, according to Nasdaq data. At one point earlier this morning, the price was as high as $6.62—a noticeable shift.
“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,” Bitcoin Depot founder and CEO Brandon Mintz said in the official announcement.
Based in Atlanta, Georgia, Bitcoin Depot said it is the largest provider of Bitcoin ATMs in North America, with 6,440 kiosk locations.
A Bitcoin or crypto ATM is like a regular ATM, but allows users to buy and sell digital assets. Would-be traders can buy and sell coins and tokens quickly via such ATMs without having to deal with setting up an account with an exchange.
Bitcoin ATMs can also come to the rescue when banks block cryptocurrency transactions.
Once completely anonymous, the company is now regulated by the Financial Crimes Enforcement Network (FinCEN) in the U.S. after the United States Internal Revenue Service (IRS) raised the alarm on how they might be being used by money launderers.
To use Bitcoin Depot’s kiosk, one needs to provide their phone number and download a digital wallet app.
Other than Bitcoin Depot, other top providers of the machines in North America include Coin Cloud and CoinFlip, with 11.8% and 11.2% of the market, respectively, according to Coin ATM Radar data.