The world’s largest cryptocurrency operator Bitcoin Depot debuted on the Nasdaq on July 3, 2023, and clocked a 12% increase in its share price. The uptick in its price came close at the heels of its merger with GSR II Meteora (GSRM), which is a Special purpose acquisition company. The merger which was finalized in August last year was valued at $885 million.
Bitcoin Depot’s debut on Nasdaq was met with a lot of enthusiasm from crypto users. Right from researching what is the best time of day to buy cryptocurrency to finding out how to make $100 a day with cryptocurrency, crypto users were eager to find the right way to approach the opportunity.
Based out of Georgia in Atlanta, Bitcoin Depot is the first cryptocurrency ATM operator to have listed on a leading US stock exchange. Its native token is BTM. In its market debut, Bitcoin Depot shares rose to $6.60 in pre-market trading before withdrawing to $3.39 – which was a 5% increase from its price level on Friday shortly after the market had opened.
Bitcoin Depot finally closed at $3.61 on Monday, clocking an increase of around 12% on the GSRM’s Friday closing price.
Bitcoin Depot’s journey started in 2016
Based on the data from leading coin trackers, Bitcoin Depot’s BTM’s performance on the stock exchange could easily give many new crypto coins a run for their money.
Launched in 2016, Bitcoin Depot is the brainchild of Brandon Mitz, who is currently the company’s CEO. With over 7,000 cryptocurrency ATMs operating across North America, it’s one of the fastest-growing crypto-based financial services companies globally.
Cryptocurrency ATMs allow users to purchase crypto tokens using cash or debit cards and then transfer the tokens to a Web 3.0 wallet without routing the transaction through a decentralized exchange. The end result is hassle-free and quicker access to cryptocurrencies.
However, there have been instances of frauds and scam artists duping people by listing goods on e-commerce websites like eBay or Craigslist and instructing people to deposit fiat currency in ATMs and then later disappear.
How Bitcoin Depot is looking to consolidate a fragmented space
Bitcoin Depot represents around 20% share of the crypto ATMs market in the US and accounts for roughly 17.6% of the global market, according to reports.
In an earlier media interview, Mitz had described the crypto ATM market as “highly fragmented” and one which left a lot of room for consolidation – which is one of Mintz’s key focus areas.
Mintz had claimed that there were a few dozen crypto ATM operators with around 100 Bitcoin ATMs in the US alone and the field had not seen a lot of merger and acquisition activity as compared to other fields of the blockchain and cryptocurrency industry. He said that Bitcoin Depot was eyeing the opportunities represented by the fragmented market.
Over the past two years, Bitcoin Depot has been making rapid strides with strategic moves like installing ATMs in more than 2,000 convenience stores run by Circle K. The company is planning to crack similar deals with retail chains as well as regional chains, Mintz had stated.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
