Bitcoin Miner Bitdeer to Go Public With SPAC Merger; Deal Values Company at Around $4B

Bitcoin Miner Bitdeer to Go Public With SPAC Merger; Deal Values Company at Around $4B

Bitdeer Technologies, which operates 5 cryptocurrency mining information facilities within the U.S. and Norway, announced its merger with particular function acquisition firm (SPAC) Blue Safari Group Acquisition Corp, on Thursday.

  • The deal values Bitdeer at an implied enterprise worth of roughly $4 billion and was unanimously permitted by the boards of each firms, the discharge mentioned.
  • In addition to its mining facilities, Bitdeer supplies tech and mining providers for Bitcoin miners together with miner procurement, transport logistics, mining datacenter design and building, mining machine administration and each day operations.
  • The mixed firm can be renamed Bitdeer Technologies Group and can stay a publicly listed firm on the Nasdaq.
  • Following the deal’s completion, anticipated within the first quarter of subsequent yr, the merged agency can be led by Jihan Wu, chairman and founding father of Bitdeer.
  • Bitdeer was spun off earlier this yr by mining chip and gear maker Bitmain, which Wu co-founded and served as chairman and CEO. The spinoff resolved a protracted energy battle between Wu and Bitmain’s different co-founder Micree Zhan.
  • A SPAC is an organization with out industrial operations. It is designed to increase capital through an IPO after which purchase or merge with current firms. In Blue Safari’s case, the corporate was centered on alternatives in Asia.

Read extra: Bitmain Co-Founder Exits, Resolving Years-Long Power Struggle as Mining Firm Preps IPO

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