Crypto mining firm Bitdeer takes SPAC route to go public in US at US$4B valuation

Singapore-headquartered crypto mining company Bitdeer Technologies has announced a merger with the blank-cheque company Blue Safari Group Acquisition Corp. to go public in the US.

The deal values Bitdeer at approximately US$4 billion.

The combined entity is expected to be renamed Bitdeer Technologies Group and remain a publicly listed company on the NASDAQ.

The transaction is expected to be completed in Q1 2022, subject to, among other things, regulatory approvals.

“As a leader in crypto mining, we will continue to solidify our leading position in the crypto mining space. Today marks a significant milestone for Bitdeer, and we strive to create value for our broader group of stakeholders in the future, including our clients, employees and shareholders,” founder and chairman Jihan Wu said.

Bitdeer provides comprehensive digital asset mining solutions to its customers. It handles complex processes involved in mining such as miner procurement, transport logistics, mining data centre design and construction, mining machine management and daily operations.

Also Read: How Binance acquired 35 per cent market share in a year with its new crypto derivatives line

The firm currently operates five proprietary mining datacenters in the US and Norway.

Blue Safari believes the partnership presents an opportunity to invest in its target sectors, such as fintech, IT, and business services. Following the close of the transaction, the combined company will continue to be led by Wu.

Naphat Sirimongkolkasem, CFO and director of Blue Safari, stated, “The crypto mining space has attracted tremendous attention in recent years, and Bitdeer’s innovative platform has propelled it into the limelight among the most illustrious players in the sector.”

Blue Safari Group Acquisition Corp. is a special purpose acquisition company sponsored by BSG First Euro Investment Corp., a British Virgin Islands company. It was formed to effect a merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination with one or more businesses or entities.

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The post Crypto mining firm Bitdeer takes SPAC route to go public in US at US$4B valuation appeared first on e27.

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Singapore-headquartered crypto mining company Bitdeer Technologies has announced a merger with the blank-cheque company Blue Safari Group Acquisition Corp. to go public in the US.

The deal values Bitdeer at approximately US$4 billion.

The combined entity is expected to be renamed Bitdeer Technologies Group and remain a publicly listed company on the NASDAQ.

The transaction is expected to be completed in Q1 2022, subject to, among other things, regulatory approvals.

“As a leader in crypto mining, we will continue to solidify our leading position in the crypto mining space. Today marks a significant milestone for Bitdeer, and we strive to create value for our broader group of stakeholders in the future, including our clients, employees and shareholders,” founder and chairman Jihan Wu said.

Bitdeer provides comprehensive digital asset mining solutions to its customers. It handles complex processes involved in mining such as miner procurement, transport logistics, mining data centre design and construction, mining machine management and daily operations.

Also Read: How Binance acquired 35 per cent market share in a year with its new crypto derivatives line

The firm currently operates five proprietary mining datacenters in the US and Norway.

Blue Safari believes the partnership presents an opportunity to invest in its target sectors, such as fintech, IT, and business services. Following the close of the transaction, the combined company will continue to be led by Wu.

Naphat Sirimongkolkasem, CFO and director of Blue Safari, stated, “The crypto mining space has attracted tremendous attention in recent years, and Bitdeer’s innovative platform has propelled it into the limelight among the most illustrious players in the sector.”

Blue Safari Group Acquisition Corp. is a special purpose acquisition company sponsored by BSG First Euro Investment Corp., a British Virgin Islands company. It was formed to effect a merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination with one or more businesses or entities.

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

The post Crypto mining firm Bitdeer takes SPAC route to go public in US at US$4B valuation appeared first on e27.

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