It was a wild day of trading in the stock, but shares of Bitcoin Depot, the world's largest crypto ATM operator, rose nearly 12% in their Nasdaq debut Monday.
, who list goods on sites like eBay or Craigslist with instructions for purchasers to pay by depositing physical currency in an ATM.
Bitcoin Depot operates over 6,000 such machines, representing a 20% market share of ATMs in the U.S. and a 17.6% global share, according to data fromWith the crypto ATM market"highly fragmented," according to Bitcoin Depot CEO Brandon Mintz, there is a lot of room for consolidation in the sector, on which the firm is now setting its sights.
"There's a few dozen operators with over 100 bitcoin ATMs in the U.S. alone and there has not been a lot of M&A activity in this space compared to other parts of the crypto and blockchain industry," Mintz told CoinDesk in an interview."Rolling up this highly fragmented market is a really exciting opportunity for us.
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