Cryptocurrency Mining Company Bitdeer Gets $4B SPAC Deal: What Investors Should Know

A leading technology company helping the cryptocurrency mining community is going public with a SPAC deal announced Thursday.

The SPAC Deal: Bitdeer, which operates five proprietary mining datacenters in the United States and Norway, announced a merger with Blue Safari Group Acquisition Corp BSGA.

The merger gives Bitdeer an enterprise value of $4 billion. The company plans to list as Bitdeer Technologies Group on the Nasdaq with a to-be-announced ticker. The deal is expected to close in the first quarter of 2022.

About Bitdeer: Headquartered in Singapore, Bitdeer is a company dedicated to helping the cryptocurrency mining community. Services provided include miner procurement, transport logistics, mining datacenter design and construction, mining machine management and daily operations.

The management team has extensive experience in the cryptocurrency space, according to the press release.

“As a leader in crypto mining, we will continue to solidify our leading position in the crypto mining space,” Bitdeer Chairman Wu Jihan said.

A press release announcing support for Filecoin was recently announced by Bitdeer, which named the company as the “world’s leading digital assets mining and cloud service platform. The company works with over three million users in 200 countries, according to the release.

Related Link: November SPAC Merger Calendar: Upcoming Votes, Earnings, Stocks To Watch

Growth Ahead: Going public will help the company “serve the cryptocurrency mining community by providing innovative, reliable and easy-to-use cryptocurrency mining solutions.”

Blue Safari said they're taking Bitdeer public as they see the company being a leader in the sector.

Bitdeer is the world’s first mining platform to have a hashrate capacity base rate of 1TB, according to a press release. The company offers support for over 10 cryptocurrencies and has plans to add more in the future.

Current coins supported include Bitcoin BTC/USD, Dogecoin DOGE/USD, Litecoin LTC/USD and Ethereum ETH/USD.

The company has constructed over 30 mining datacenters for proprietary use and client partners.

No investor presentation was filed Thursday for the SPAC deal.

Price Action: BSGA shares are up 3% to $10.31 on Thursday.