Bitdeer crypto mining platform to go public thanks to $ 4 billion SPAC merger
Bitdeer Technologies on Thursday announced plans to go public by merging with blank check firm Blue Safari Group Acquisition Corp in a deal valuing the cryptocurrency mining platform at $ 4 billion.
The Singapore-based company was spin off from Chinese bitcoin mining giant Bitmain in January and doubled its adoption of renewable technology in digital asset mining.
Special Purpose Acquisition Company (SPAC) Blue Safari Group went public in June, raising $ 57.5 million in its initial public offering.
A SAVS is a listed company with no commercial activity but a pool of capital that it uses to merge with a private company. The deal then takes the private company on the stock market.
This year, several companies in the digital assets sector have chosen the blank check route to public procurement. In July, cryptocurrency miner Core Scientific Holding Co agreed to such a merger with a SPAC backed by BlackRock Inc BLK.N.
That same month, crypto firm Bullish also agreed to merge with a blank check firm in a $ 9 billion deal.
Bitdeer has announced its intention to list on the Nasdaq stock exchange after the transaction closes in the first quarter of next year.
Bitcoin, the most popular cryptocurrency, has continued to experience crazy price swings in recent months. Earlier this week, it fell below $ 60,000 for the first time in more than two weeks, after hitting a record high of $ 69,000 on November 10.
(Reporting by Mehnaz Yasmin in Bangalore; Editing by Ramakrishnan M.) (([email protected];))