The deal with the SPAC enables Bitdeer Technologies to become a publicly-listed firm in the US while helping it continuously mine cryptocurrencies and cater to the cryptocurrency mining community
Bitdeer Technologies has agreed to merge with blank cheque company Blue Safari Group Acquisition in a deal that values the cryptocurrency cloud mining service platform at around $4bn.
Listed on Nasdaq, Blue Safari is sponsored by British Virgin Islands-based BSG First Euro Investment.
The deal with Blue Safari enables Bitdeer Technologies to become a publicly-listed firm that will trade on Nasdaq.
Based in Singapore, Bitdeer Technologies operates five mining data centres located in the US and Norway. The digital asset mining services provider is said to manage processes like miner procurement, design, and construction of mining data centres, transport logistics, mining machine management and daily operations.
Bitdeer Technologies founder and chairman Jihan Wu said: “We are excited to enter into the Transaction and proud to partner with the Blue Safari team in bringing our combined company to the capital market.
“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.”
Wu will continue to lead the combined company, post-merger.
Blue Safari stated that the deal puts Bitdeer Technologies in a position to continuously mine cryptocurrencies as well as cater to the cryptocurrency mining community with easy-to-use cryptocurrency mining solutions.
Furthermore, the special acquisition company (SPAC) stated that the merger gives it scope to invest in a major player in its target industry sectors of fintech, IT, and business services.
Blue Safari CFO and director Naphat Sirimongkolkasem said: “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.
“The visionary management team led by Chairman Jihan Wu and CEO Matt Linghui Kong has uniquely positioned Bitdeer as a leader in the industry. It is our privilege to embark on this phenomenal journey and deliver this excellent opportunity to our investors.”
The deal has been approved unanimously by the boards of directors of both firms. It is anticipated to close in Q1 2022, subject to regulatory approvals, Blue Safari’s shareholders’ approval, and other conditions.