Leading crypto ATM operator Bitcoin Depot has reiterated its plans to merge with GSR II Meteora Acquisition Corp, the $321 million special purpose acquisition company (SPAC) formed for facilitating mergers. 

According to GSR II Meteora Acquisition Corp’s filing with the U.S. Securities and Exchange Commission made on 1 December, the SPAC’s board of directors has unanimously approved the transaction agreement, i.e the merger with Bitcoin Depot.

The deal is valued at a whopping $885 million. Once the transaction is completed, the newly combined entity consisting of the crypto ATM operator and the SPAC will be renamed to Bitcoin Depot Inc.

Once it goes public, it will be listed on the Nasdaq exchange under the ticker BTM. The deal is expected to conclude in the first quarter of 2023. 

(by Suzuki Shillsalot)