Business

Crypto mining platform Bitdeer to go public through $4 bln SPAC merger

2 minute read
1/2

A small toy figure and representations of the virtual currency Bitcoin stand on a motherboard in this picture illustration taken May 20, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

Register now for FREE unlimited access to reuters.com

Nov 18 (Reuters) - Bitdeer Technologies said on Thursday it plans to go public by merging with blank-check firm Blue Safari Group Acquisition Corp (BSGA.O) in a deal valuing the cryptocurrency mining platform at $4 billion.

The Singapore-based company was spun-off from Chinese bitcoin mining giant Bitmain in January and has been doubling down on its adoption of renewable technology in digital asset mining.

The special purpose acquisition company (SPAC), Blue Safari Group, went public in June, raising $57.5 million from its initial public offering.

Register now for FREE unlimited access to reuters.com

A SPAC is a listed firm with no business operations but a pool of capital that it uses to merge with a private company. The deal then takes the private company public.

This year, several companies in the digital asset space have chosen the blank-check route to public markets. In July, cryptocurrency miner Core Scientific Holding Co agreed to such a merger with a SPAC backed by BlackRock Inc (BLK.N).

In the same month, crypto firm Bullish also agreed to merge with a blank-check company in a $9 billion deal.

Bitdeer said it plans to list on the Nasdaq stock exchange after the deal closes in the first quarter of next year.

Bitcoin, the most popular cryptocurrency, has continued to see wild price swings in recent months. Earlier this week, it fell below $60,000 for the first time in more than two weeks, after reaching a record high of $69,000 on Nov.10.

Register now for FREE unlimited access to reuters.com
Reporting by Mehnaz Yasmin in Bengaluru; Editing by Ramakrishnan M.

Our Standards: The Thomson Reuters Trust Principles.

More from Reuters