Crypto ATM Company Bitcoin Depot Launches on the Nasdaq

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Bitcoin ATM operator Bitcoin Depot launched on the Nasdaq stock exchange today, 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 symbol BTM, was trading at $3.61 per share at the time of writing, according to Nasdaq data. At one point earlier this morning, the price hit $6.62, a noticeable change.

Bitcoin Depot is well positioned with the largest market share in North America, and the additional capital from this transaction will help support our many growth opportunities while advancing our security mission. [and] securely bring Bitcoin to the masses, said Bitcoin Depot Founder and CEO Brandon Mintz in the official announcement.

Based in Atlanta, Georgia, Bitcoin Depot is said to be the largest Bitcoin ATM provider 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. Prospective traders can quickly buy and sell coins and tokens through these ATMs without having to create 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 United States after the United States Internal Revenue Service (IRS) sounded the alarm about how it could be used by money launderers.

To use the Bitcoin Depots kiosk, one must provide their phone number and download a digital wallet application.

Besides Bitcoin Depot, other top machine providers in North America include Coin Cloud and CoinFlip, with 11.8% and 11.2% of the market respectively, according to data from Coin ATM Radar.

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