Bitcoin Depot is convinced that its plan to merge with a special purpose acquisition company (SPAC) and go public at a $1 billion value would be successful.
Bitcoin Depot, CEO Brandon Mintz, said that SPAC acquisition would not only position Bitcoin Depot to dominate the industry as a whole but will also help to consolidate it.
The CEO of Bitcoin Depot did not specify which cryptocurrency ATM operator the firm is aiming for, but Fortune stated that any such merger would be beneficial for the company.
Presently, more than 20% of the 30,000 or more cryptocurrency ATMs in the United States are run by Bitcoin Depot.
Despite the CEO's confidence on Bitcoin Depot’s plan, industry observers have remained skeptical of the plan.
An abnormally high proportion of SPAC acquisitions have fallen short of expectations, according to analysts.