Bitcoin Depot, a high-profile crypto ATM provider in America, is reportedly planning for its public listing via a merger with a special-purpose acquisition company (SPAC).

Specifically, Bitcoin Depot from Atlanta has reportedly arrived at a definitive agreement for a merger with the SPAC GSR II Meteora (GSRM) via an $885 million agreement to go public, per the official announcement from the company.

The business combination would reportedly lead to Bitcoin Depot turning into a publicly listed established as the combined firm – to go by the name “Bitcoin Depot Inc.” – will be available for trading across the Nasdaq under the new ticker symbol BTM.

The merger has reportedly received the unanimous greenlight from the leadership team of Bitcoin Depot and the board of directors of GSRM, with expectations to close by Q1 2023. The business combination is pending regulatory and stakeholder approvals, and other customary closing conditions.

The GSR II Meteora SPAC reportedly has about $320 million that Bitcoin Depot could use to grow, though SPAC investors are able to withdraw their money before the merger is done. Bitcoin Depot could proceed with a funding round that would close at the same time as the merger deal.

Gus Garcia, GSRM co-CEO and a former SPAC banker at Bank of America, reportedly revealed his confidence in Bitcoin Depot’s financing options due to the firm’s steady development. 

“With its significant BTM footprint, key strategic relationships, and feature-rich mobile app, we believe Bitcoin Depot is well positioned to take advantage of the highly fragmented BTM market both domestically and overseas,” he noted.

Established in 2016, Bitcoin Depot is among the major crypto ATM providers in North America, functioning throughout more than 7,000 kiosk locations. Per the CEO Brandon Mintz, the firm has carried out its growth regardless of current bearish actions throughout the crypto market, which emphasizes an increasing number of use cases for crypto-like payments and transferring money worldwide.