US-based cryptocurrency automated teller machine (ATM) provider Bitcoin Depot has unveiled plans to go public through a merger with a special purpose acquisition company (SPAC), Cointelegraph reported.

The Atlanta-based Bitcoin warehouse has merged with SPAC GSR II Meteora (GSRM) in a deal reportedly worth $885 million, according to a company statement that will go public, Cointelegraph reported.

With this merger, Bitcoin Depot will become a public company, and the combined company will be known as Bitcoin Depot Inc and will trade on Nasdaq under the ticker symbol BTM. The Bitcoin Depot leadership team has unanimously approved the merger, and the GSRM Board of Directors is expected to close in the first quarter of 2023.

The business combination is expected to be subject to regulatory and stakeholder approvals and other customary closing conditions. “With its BTM footprint, strategic relationships, and feature-rich mobile app, we believe Bitcoin Depot can capitalise on the fragmented BTM market both domestically and overseas,” said GSRM co-CEO Gus Garcia, adding that he is confident in funding Bitcoin Warehouse options.

Additionally, Cointelegraph noted that Bitcoin Depot, founded in 2016, is considered one of North America’s largest cryptocurrency ATM providers, operating in more than 7,000 kiosk locations. As Bitcoin Depot CEO Brandon Mintz said, the company is growing despite the bearish cryptocurrency market, highlighting several use cases such as cryptocurrency-backed payments and global remittances. Mintz also mentioned that Bitcoin Depot plans to go public after the acquisition, and the company is doing well regardless of the market.

According to the official website of Cointelegraph, founded in 2013, an independent digital media resource covering news on blockchain technology, crypto assets and emerging financial technology (fintech) trends.