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Shares of Bitcoin Depot (BTM), the largest operator of cryptocurrency ATMs, debuted on Nasdaq on July 3. In pre-market trading, BTM stock rose to $6.60, more than double its original estimate.
The company went public thanks to a SPAC agreement with GSR II Meteora Acquisition Corporation. The amount of the deal was $885 million. Starting today, investors will have access to Bitcoin Depot stock, which will trade under the tickers “BTM” and “BTMWW.
According to Bitcoin Depot CEO Brandon Mintz, investor interest in cryptocurrency ATMs is based on the fact that the sector still has a lot of potential for consolidation because it is “highly fragmented.”
After successfully merging with GSR II Meteora and installing more than 2,000 crypto machines at Circle, the Bitcoin Depot intends to focus on this area, Mintz said. The company also plans to expand the geography of its specialized crypto-asset holder deals with other retailers.
According to Coin ATM Radar, Bitcoin Depot operates about 6,000 crypto machines, with a 20% market share in the U.S. and 17.6% worldwide.
In May, the U.K. Financial Conduct Authority (FCA) checked for illegal crypto machines in three cities: Exeter, Nottingham and Sheffield. Earlier, the FCA said that not a single cryptocurrency in the UK has so far been registered, as required by law.