The largest operator of crypto money machines sees acquisitions, global expansion

The largest operator of crypto money machines sees acquisitions, global expansion

The largest operator of crypto monetary machines who announced his intention to go to the stock exchange last week sees possibilities to buy and expand smaller actors in this area after its planned listing on Nasdaq.

Brandon Mintz, CEO of Bitcoin Depot, told Blockworks, he would expect public listing - through an upcoming merger with the purpose company GSR II Meteora Acquisition Corp. - could take place in the first quarter of next year.

The company, founded in 2016, based in Atlanta offers a way to convert cash via its approximately 7,000 ATMs in the USA and Canada into Bitcoin, Ether and Litecoin.

The transaction volumes of Bitcoin Depot had not been correlated with the price of crypto or had had significant effects due to bull or bear market cycles, added the executive. In the second quarter of 2022 it put an all-time high of transaction volume of $ 160 million in the shade, as corporate data show, even though the price of Bitcoin collapsed to around $ 20,000.

The company has generated $ 623 million sales and $ 6 million net profit in the last 12 months (as of June 30).

"Even if the [Bitcoin] the price will fall by 10 %tomorrow, we don't expect big changes," said Mintz.

"We are growing very constant over time, so we think that with this growth and the ability to sharpen our profile, attract talents and acquire companies, the perfect time for a IPO has come," he added.

The crypto-atm landscape

According to this, there are 38,667 crypto money machines Coin atm-radar . Bitcoin Depot is the largest operator of crypto monetary machines-with a share of around 18 % of all crypto monetary machines-followed by Coincloud and Coinflip, which have around 5,000 and 4,000 ATMs.

The top 10 operators operate about 70 % of the world's crypto monetary machines, although there are 257 operators in the USA and 59 in Canada. Coin ATM radar data indicate. The company plans to take over some of the smaller players in North America, said Mintz.

"We believe that many of them would be interested in using our sizes, our retail relationships, our hardware relationships and our strong management team to bring them to the next stage," said the CEO.

The company started Bdcheckout In June, with the customer at more than 8,000 retail locations in cash in their digital wallet from Bitcoin Depot, where they can then buy Bitcoin. The news was followed by the partnership with the petrol station and convenience store chain circle k last year.

growth opportunities

After the USA and Canada, which have 34,223 and 2,573 crypto money machines, Spain is the third highest with 255 machines.

The decline is a great opportunity to expand Bitcoin Depot's presence to other countries, said Mintz. The company operates market research and has not yet committed itself to certain regions.

in North America, Bitcoin Depot is currently operating ATMs in 47 states and nine Canadian provinces. It works with the New York Ministry of Finance to maintain its Bitlicense - the prerequisite for the company in the state.

Mintz said he hoped to receive the New York license in the next few months to expand into a growth -tire state. New York has about 200 crypto money machines, while Florida, which has a similar population, has more than 3,000.

Mintz said that the youngest bankruptcies from Voyager Digital and Celsius could inspire investors to act with crypto about Bitcoin Depot. He also referred to the unveiling of Coinbase