Investing

Bitcoin Mining Firm Bitdeer to Go Public in $4B SPAC Deal

Tim Fries

Published: April 12, 2023 10:21 pm

Bitdeer, a crypto mining firm founded by crypto tycoon Jihan Wu, is set to go public on Nasdaq on April 14th through a merger with a Special Acquisition Purpose Company (SPAC), the company announced in a statement. The deal values the crypto-mining firm at $4 billion.

Bitdeer Shares Will Start Trading on Friday Under the “BTDR” Ticker

Crypto miner Bitdeer Technologies said it would debut on the Nasdaq stock exchange on April 14, the company announced Tuesday. The Singapore-based mining firm will go public through a $4 billion SPAC deal, which has been delayed multiple times.

Bitdeer will complete the business combination with the SPAC Blue Safari Group Acquisition on April 13, while the crypto miner’s shares will debut on Nasadaq a day later under the ticker symbol “BTDR.” A SPAC, also known as a blank check company, is a publicly traded investment vehicle that raises funds through an initial public offering (IPO) to acquire an existing private company and take it public. Blue Safari went public in June last year, raising more than $57 million via the IPO.

“We are already a leading hash rate supplier, and our public listing will allow us to make even greater contributions to the crypto economy. Looking ahead, we are well-positioned to generate sustainable value as we execute our long-term business strategy.”

– said Linghui Kong, Chief Executive Officer of Bitdeer.

SPAC Deals Becoming Increasingly Popular

Bitdeer announced its plans to go public in November 2021 when it reached a definitive merger agreement with Blue Safari. However, the deadline for the deal was delayed again in November 2022 due to a vote from the shareholders of Blue Safari.

Several crypto companies opted for the SPAC route to go public in recent years. In 2021, bitcoin miner Core Scientific went public through a merger with a SPAC backed by BlackRock, the world’s biggest asset manager. However, the mining firm fell prey to the 2022 crypto winter, filing for bankruptcy in December 2022.

Bitdeer also grappled with the cold crypto winter winds last year, reporting a net loss of $25 million in the first half of 2022, compared to a $113.8 million profit a year ago. Jihan Wu, a billionaire cryptocurrency entrepreneur from China, founded Bitdeer. Bitdeer was spun off from Bitmain, a bitcoin mining giant Wu co-founded in 2013.

This article originally appeared on The Tokenist