GSR II Meteora Acquisition (NASDAQ:GSRM) stock is on the move Thursday as it draws the interest of crypto traders.
GSR II Meteora Acquisition is a special purpose acquisition company (SPAC) set to take Bitcoin Depot public in Q1 2023. Bitcoin Depot operates Bitcoin (BTC-USD) ATMs across North America that allow users to easily sell and buy crypto on the go.
The big news here is that the deal between GSR II Meteora Acquisition and Bitcoin Depot values the latter at about $885 million. Investors are also interested to see how a public crypto ATM company would perform after the crypto market crashed earlier this year, The Wall Street Journal notes.
The SPAC deal would set Bitcoin Depot up with as much as $170 million in cash proceeds. The company could use these funds to further expand its business and offerings at its ATMs. Currently, it only allows for buying and selling of BTC, Ethereum (ETH-USD), and Litecoin (LTC-USD) at its ATMs.
While Bitcoin Depot was only founded in 2016, the company already has a large reach. As of this writing, it operates more than 7,000 kiosks across the U.S. and Canada. That includes locations in 47 U.S. states and nine provinces in Canada, reports Reuters.
GSRM stock is seeing heavy trading volume today alongside the Bitcoin Depot news. As of Thursday afternoon, over 337,000 shares have changed hands. The company’s daily average trading volume is only about 50,000 shares.
GSRM stock is down slightly as of Thursday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.