Bitdeer unveils $4bn SPAC deal with Blue Safari
15:36, 19 November 2021
Bitdeer Technologies is heading to the Nasdaq in a merger with special purpose acquisition company (SPAC) Blue Safari Group, which values the cloud miner at $4bn (£2.9bn).
Singapore-headquartered Bitdeer provides cloud cryptocurrency mining from five data centres in the US and Norway. It was launched by Chinese crypto mining rig-maker Bitmain in 2019.
As of 10:00 EST (UTC-5), Blue Safari stock was up 2 cents at $10.41. For the year to date, the stock is up 4%.
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Blue Safari listed in June of this year and raised $57.5m from its IPO. Bitdeer said it plans to list on the Nasdaq in the first quarter of 2022.
“As a leader in crypto mining, we will continue to solidify our leading position in the crypto mining space,” Bitdeer’s chair and founder Jihan Wu said in a press release. “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”.
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Wu co-founded Bitmain, which is a major player in the cryptocurrency mining space due to the dominant position Bitmain mining rigs – computer equipment that mine proof-of-work cryptocurrencies such as bitcoin – have in the space.
“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,” said Blue Safari CFO Naphat Sirimongkolkasem.