Bitcoin Depot, the world’s largest crypto-ATM operator, made history as the first cryptocurrency ATM provider to be listed on a major US stock exchange.
Shares of Bitcoin Depot, a company that operates crypto ATMs, recently increased by 12% following its stock market debut.
BTM shares increased by over 12% over GSRM’s closing price on Friday to complete the day on Monday at $3.61.
The first cryptocurrency ATM provider to be listed on a US stock exchange was Bitcoin Depot
Following the completion of a merger with special purpose acquisition company (SPAC) GSR II Meteora (GSRM) valued at $885 million in August, Bitcoin Depot, the largest crypto-ATM operator in the world, increased over 12% on Monday in its Nasdaq debut.
The Atlanta, Georgia-based Bitcoin Depot is the first crypto-ATM operator to have its shares, denoted “BTM,” listed on a significant US stock exchange.
During the trading day, there were rapid stock movements. The share price increased by 5% from Friday’s level to reach a high of $6.60 before the market opened, before falling back to $3.39.
BTM shares ended the day at $3.61, representing a gain of about 12% above GSRM’s closing price on Friday.
As a refresher, crypto-ATMs let consumers buy cryptocurrencies with cash or debit cards, attaching tokens to particular wallets directly instead of going through an exchange platform.
It is crucial to remember that scammers have also made advantage of these ATMs. They advertise their items for sale on websites like eBay or Craigslist and direct potential customers to pay by depositing cash into a crypto-ATM.
Bitcoin Depot and the fusion approach
Data from Coin ATM Radar shows that Bitcoin Depot runs more than 6,000 crypto-ATMs, or roughly 20% of all ATMs in the US and 17.6% globally.
Brandon Mintz, CEO of Bitcoin Depot, emphasized that the cryptocurrency ATM sector is still “highly fragmented.” Therefore, as explained to CoinDesk, the corporation is currently concentrating on the industry consolidation strategy:
There are a few dozen operators with over 100 bitcoin ATMs in the US alone, and there hasn’t been much M&A activity in this space compared to other parts of the cryptocurrency and blockchain industry. Rolling up this highly fragmented market is a really exciting opportunity for us.
Finally, it’s important to note that Bitcoin Depot has placed crypto-ATMs in more than 2,000 Circle K convenience stores during the last two years. According to Mintz, the company now intends to pursue comparable installation deals with other “household name retailers” and a few smaller regional chains.
What are ATM and QR frauds and how do they operate?
The FBI has already noted an uptick in cases of fraud employing cryptocurrency automated teller machines (ATMs) and QR codes used to facilitate payments.
In reality, the agency claims that scammers are attempting to persuade victims to make payment transactions using physical crypto-ATMs and QR codes.
In many instances, the con artists specifically urge the victims to send money and then instruct them to withdraw money from their bank accounts, including investment or retirement accounts.
The FBI cautions that victims can utilize a QR code provided by the con artists to access their cryptocurrency wallet during a transaction.
The victim is then led to a physical crypto-ATM where they must insert cash, buy bitcoin, and scan a QR code to have the money sent to the recipient’s address instantly.
The FBI actively cautions against ongoing online contact and manipulative instructions. They advise that scammers frequently maintain continuous communication with their victims until they successfully obtain the money.
