17.6 C
New York
Tuesday, September 27, 2022

Buy now

spot_img

Crypto ATM operator Bitcoin Depot, marketplace WonderFi seek to go public on Nasdaq


US-based crypto ATM provider Bitcoin Depot has struck a special-purpose acquisition company (SPAC) deal of $855 million to aid its application for a Nasdaq listing by Q1 2023.

Bitcoin Depot confirmed that it will go public following its special-purpose acquisition company (SPAC deal) with GSR II Mererora.

A special-purpose acquisitions company (SPAC) is a company formed by investors with the sole intent of raising money through an initial public offering (IPO).

The deal will amount to about $320 million, which will enable Bitcoin Depot to reach a valuation of $885 million.

CEO Brandon Mintz told WSJ that the ATM provider’s sales and profit performance is doing well despite the declining condition.

The Atlanta-based crypto ATM provider holds a global market share of 19.1% with over 7,000 ATM installations across the United States and Canada.

Crypto marketplace WonderFi is coming to the U.S.

Canada-based crypto marketplace WonderFi has applied to list its common shares on Nasdaq. It also filed an application for registration with the Securities and Exchange Commission in the United States.

A potential approval will further WonderFi’s effort to see that its shares attract institutional and retail investors globally.

WonderFi CEO Ben Samaroo commented:

“Submission for listing on NASDAQ and registration with the SEC is an important step for WonderFi as we continue to expand the company in the United States and globally”

Nasdaq in the crypto winter

In the wake of the 2022 crypto winter, Nasdaq has reportedly lost over $7 trillion as of May 2022. Most of the crypto exchanges on Nasdaq was hit hard  by the decline.

Coinbase was the first cryptocurrency exchange to go public in April 2021. Its share price inflated to a high of $400 on debut day but has declined to around $70, representing a 72% price decline. Consequently, Coinbase recorded a loss of $1.1 billion in Q2 of 2022.

Robinhood took went public three months later in July 2021, but failed to have an impressive price start, as its share price closed $34.8, 8.4% lower than listing price. By Q2 of 2022, it recorded a loss of $295  million.

The decline notwithstanding, many Nasdaq investors are still looking to add crypto to their portfolio. A recent study by Nasdaq shows that 72% of financial advisors are interested in investing in crypto assets.



Source link

Related Articles

Stay Connected

0FansLike
3,503FollowersFollow
0SubscribersSubscribe
- Advertisement -spot_img

Latest Articles