Bitcoin miner will list on Nasdaq after $4 billion SPAC merger
The newly amalgamated firm will continue to trade under the ticker code BSGA on the Nasdaq stock market, and Jihan Wu will continue to serve as CEO.
Bitdeer Technologies Holding Company, a Singapore-based Bitcoin (BTC) mining company, announced the signing of a final merger agreement with Blue Safari Group Acquisition Corp. to unite the miner’s and Blue Safari’s businesses.
According to the release, the two companies will combine and become Bitdeer Technologies Group, which will keep its NASDAQ listing.
Bitdeer is a Singapore-based cryptocurrency mining startup. Currently, the Bitcoin mining firm operates five of its own data centres in the United States and Norway.
The transaction, according to the release, establishes Bitdeer as a potential disruptor in the cryptocurrency mining industry. Jihan Wu, the founder and chairman of Bitdeer, will continue to head the merged firm after the transaction’s closure. Wu showed his enthusiasm over the purchase when remarking on it. Additionally, he stated:
“As the market leader in crypto mining, we will continue to strengthen our position as the market leader. Today is a watershed moment for Bitdeer, and we look forward to continuing to build value for our larger set of stakeholders, including our customers, staff, and shareholders.”
According to the release, Bitdeer would have an inferred corporate value of about $4 billion after the deal. The proposed merger has been accepted by both businesses’ boards of directors, and it is expected to close in the first quarter of 2022, subject to regulatory approvals, shareholder approval, and other standard closing conditions.
This is the latest example of a huge firm joining the Bitcoin mining market after Greenidge announced its merger with customer and technical support solutions provider Support.com on Sept. 13.
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