Bitcoin ATM Provider Merges with Conexus

Bitcoin Direct, a Nevada-based company engaged in the operation of bitcoin ATMs, entered into a merger arrangement with Conexus Cattle Corp.

Conexus says it is engaged in beef cattle production, with operations centered in the Southern United States. It is publicly traded on the OTC Markets, each share currently worth $0.004, valuing the company at roughly $53,500.

The arrangement sees Conexus acquiring 51% of Bitcoin Direct, in Exchange for 500 shares of Conexus's Series H preferred shares, stated to be worth $500,000. Conexus will also provide a credit facility of $300,000 to Bitcoin Direct, to be maintained by revenue from operations. Another clause allows for Bitcoin Direct to repurchase 10% of shares for $250,000 over a five-year period.

Bitcoin Direct says to operate ATMs in New York and Montreal, and through stated relationships with bitcoin miners, plans to expand operations to additional locations.

The merger brings another Bitcoin company into the publicly traded sphere. Several have made the move this year, suggesting greater acceptance of the industry in the mainstream to some observers.