Crypto mining platform Bitdeer to go public by $4 billion SPAC merger


(Reuters) – Bitdeer Applied sciences mentioned on Thursday it plans to go public by merging with blank-check agency Blue Safari Group Acquisition Corp in a deal valuing the cryptocurrency mining platform at $4 billion.

The Singapore-based firm was spun-off from Chinese language bitcoin mining large Bitmain in January and has been doubling down on its adoption of renewable know-how in digital asset mining.

The particular goal acquisition firm (SPAC), Blue Safari Group, went public in June, elevating $57.5 million from its preliminary public providing.

A SPAC is a listed agency with no enterprise operations however a pool of capital that it makes use of to merge with a personal firm. The deal then takes the non-public firm public.

This 12 months, a number of firms within the digital asset area have chosen the blank-check path to public markets. In July, cryptocurrency miner Core Scientific Holding Co agreed to such a merger with a SPAC backed by BlackRock Inc.

In the identical month, crypto agency Bullish additionally agreed to merge with a blank-check firm in a $9 billion deal.

Bitdeer mentioned it plans to checklist on the Nasdaq inventory trade after the deal closes within the first quarter of subsequent 12 months.

Bitcoin, the preferred cryptocurrency, has continued to see wild worth swings in current months. Earlier this week, it fell under $60,000 for the primary time in additional than two weeks, after reaching a file excessive of $69,000 on Nov.10.

(Reporting by Mehnaz Yasmin in Bengaluru; Modifying by Ramakrishnan M.)

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