Cryptocurrency mining firm Bitdeer plans to go public in 2022 through a merger with special purpose acquisition company (SPAC) Blue Safari Group Acquisition Corp. The deal, which is still subject to regulatory approvals, is expected to be completed in the first quarter of 2022 and would value the company at $4 billion.
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"We are excited to enter into the Transaction and proud to partner with the Blue Safari team in bringing our combined company to the capital market," said Bitdeer Chairman, Jihan Wu.
Cooley and Travers Thorp Alberga are serving as legal advisors to Bitdeer, with China Renaissance Securities as a financial advisor. The combined company is expected to be renamed Bitdeer Technologies Group and remain a publicly listed company on the NASDAQ Stock Market.
Bitdeer was founded in 2018 by Jihan Wu, a former Co-founder of Bitmain. The new firm was founded along with Sequoia Capital, IDG, and other investment institutions.
In February this year, 500.com, the largest online sports lottery provider in China, announced the acquisition of the fourth in terms of hash rate mining pool BTC.com, owned by Wu, for an aggregate price of 44,353,435 shares (approximately 10% of the company's shares) of par value $0.00005 per share.
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