Safari

Core

Bitcoin

April

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<p>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 <a href="https://app.quotemedia.com/data/downloadFiling?webmasterId=90423&amp;ref=317400428&amp;type=HTML&amp;symbol=BSGAU&amp;cdn=6944e8b91081b876f64f2ffa790ece8a&amp;companyName=Blue+Safari+Group+Acquisition+Corp.+Unit&amp;formType=425&amp;formDescription=Prospectuses+and+communications%2C+business+combinations&amp;dateFiled=2023-04-11" target="_blank" rel="noopener noreferrer nofollow">announced in a statement</a>. The deal values the crypto-mining firm at $4 billion.</p>
<h3 id="bitdeer-shares-will-start-trading-on-friday-under-the-btdr-ticker">Bitdeer Shares Will Start Trading on Friday Under the “BTDR” Ticker</h3>
<p>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.</p>
<p>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. <a href="https://www.prnewswire.com/news-releases/blue-safari-group-acquisition-corp-announces-pricing-of-50-million-initial-public-offering-301309543.html" target="_blank" rel="noopener noreferrer nofollow">Blue Safari went public</a> in June last year, raising more than $57 million via the IPO.</p>
<blockquote class="wp-block-quote">
 <p>“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.”</p> <cite>– said Linghui Kong, Chief Executive Officer of Bitdeer.</cite>
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<h3 id="spac-deals-becoming-increasingly-popular">SPAC Deals Becoming Increasingly Popular</h3>
<p>Bitdeer <a href="https://www.reuters.com/business/crypto-mining-platform-bitdeer-go-public-through-4-bln-spac-merger-2021-11-18/" target="_blank" rel="noopener noreferrer nofollow">announced its plans</a> 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.</p>
<p>Several crypto companies opted for the SPAC route to go public in recent years. In 2021, bitcoin miner <a href="https://www.reuters.com/technology/crypto-miner-core-scientific-go-public-via-43-bln-spac-deal-2021-07-21/" target="_blank" rel="noopener noreferrer nofollow">Core Scientific went public</a> 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, <a href="https://tokenist.com/core-scientific-shares-drop-26-as-crypto-miner-files-for-bankruptcy/" rel="noopener noreferrer nofollow">filing for bankruptcy in December 2022</a>.</p>
<p>Bitdeer also grappled with the cold <a href="https://tokenist.com/over-12000-cryptocurrencies-have-one-month-of-no-trading-volume-in-2022/" rel="noopener noreferrer nofollow">crypto winter</a> 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.</p>
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<p><em><strong>Considering market circumstances, do you think this is a good time for Bitdeer to make its public debut? Let us know in the comments below.</strong></em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/bitcoin-mining-firm-bitdeer-to-go-public-in-a-4b-spac-deal/">Bitcoin Mining Firm Bitdeer to Go Public in $4B SPAC Deal</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

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

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