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

Bitdeer Technologies, which operates five cryptocurrency mining data centers in the U.S. and Norway, announced its merger with special purpose acquisition company (SPAC) Blue Safari Group Acquisition Corp. on Thursday.

• The deal values Bitdeer at an implied enterprise value of approximately $4 billion and was unanimously approved by the boards of both companies, the release said.
• In addition to its mining centers, Bitdeer provides tech and mining services for bitcoin miners including miner procurement, transport logistics, mining datacenter design and construction, mining machine management and daily operations.
• The combined company will be renamed Bitdeer Technologies Group and will remain a publicly listed company on the Nasdaq.
• Following the deal’s completion, expected in the first quarter of next year, the merged firm will be led by Jihan Wu, chairman and founder of Bitdeer.
• Bitdeer was spun off earlier this year by mining chip and equipment maker Bitmain, which Wu co-founded and served as chairman and CEO. The spin-off resolved a long power struggle between Wu and Bitmain’s other co-founder, Micree Zhan.
• A SPAC is a company without commercial operations. It is designed to raise capital via an initial public offering and then acquire or merge with existing companies. In Blue Safari’s case, the company was focused on opportunities in Asia.

Read more: What Is a SPAC? Your Questions Answered