Polygon Eyes Bitcoin ATM Provider Coinme Acquisition for $100M to $125M: Report

Core Insights - Polygon is reportedly close to acquiring Coinme, a US Bitcoin ATM provider, for a price between $100 million and $125 million [1] - Coinme has over 50,000 Bitcoin ATM locations across 49 US states, having launched its first crypto kiosk in 2014 [2] - The acquisition is seen as a significant move for both companies, especially after Polygon's successful $450 million funding round in 2023 [5] Company Overview - Coinme is one of the early entrants in the Bitcoin ATM market in the US, with a substantial network of ATMs [2] - The company is currently facing regulatory challenges, including a halt on money transmission services ordered by Washington state's Department of Financial Institutions [3] - Coinme has been accused of illegally converting unredeemed customer funds into corporate revenue, leading to potential penalties and license revocation [4] Financial Implications - The acquisition price for Coinme is estimated to be between $100 million and $125 million, indicating a strategic investment by Polygon [1] - Polygon's recent funding round of $450 million, led by Sequoia Capital India, positions it well for this acquisition [5]