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

0
74

Bitdeer Technologies, which operates 5 cryptocurrency mining knowledge facilities within the U.S. and Norway, announced its merger with particular objective 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 authorised by the boards of each corporations, the discharge stated.
  • In addition to its mining facilities, Bitdeer gives tech and mining companies for Bitcoin miners together with miner procurement, transport logistics, mining datacenter design and building, mining machine administration and every day operations.
  • The mixed firm might 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 12 months, the merged agency might be led by Jihan Wu, chairman and founding father of Bitdeer.
  • Bitdeer was spun off earlier this 12 months 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 elevate capital by way of an IPO after which purchase or merge with current corporations. In Blue Safari’s case, the corporate was targeted on alternatives in Asia.

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