cryptoknowmics.com
Bitdeer Technologies, controlled by crypto pioneer Jihan Wu, is planning to go public in the US by amalgamating with a blank check company in a deal that will value the Singapore-based bitcoin mining firm at $4 billion.
Bitdeer is a spinoff from Bitmain Technology, a Chinese bitcoin mining-chip manufacturing giant co-founded by Wu in 2013. Bitdeer announced on Thursday that it had agreed to merge with Nasdaq-listed Blue Safari Group Acquisition Corp. The special purpose acquisition company raised $57.7 million from its initial public offering in June.
Bitdeer said the SPAC deal is expected to be completed in the first quarter of next year. Wu, the chairman of Bitdeer, will retain control of the entity upon completion, according to the statement.
Bitdeer was spun off from Bitmain in January as Wu stepped down from the CEO and chairman positions at the Chinese mining-chip behemoth. The company provides computing power-sharing services to miners of bitcoin and other cryptocurrencies. Bitdeer said it currently runs five proprietary mining data centers in the US and Norway. It has served users from more than 200 countries and regions, according to its website.