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Saitech Ltd., a Chinese Bitcoin mining business plans to go public on Nasdaq exchange through a merger with a special-purpose acquisition company.
Saitech Plans To Go Public On Nasdaq Through A Merger
Saitech will unite with TradeUP Global Corp. under the terms of the agreement, which was announced today, for a pro forma equity value of $228 million.
TradeUP Global's cash holdings of $44.9 million will be utilized to invest in Saitech's expansion efforts and provide extra working capital.
Saitech, formerly known as Saiheat was founded in 2018 and provides a patented liquid cooling and heat exchange technology that enables the utilization of waste heat to produce recovered energy.
According to the firm, its technology provides high-grade processing chips for hardware and equipment control for power and energy providers, and it promotes industrial upgrading through the use of big data, artificial intelligence, and cloud computing.
The Saitech tale does not end with providing recyclable energy to clients; the company also markets itself as a bitcoin mining corporation.
Saitech presently runs a 15-megawatt mining operation, with a further 90 megawatts under construction and scheduled to come online in the fourth quarter. In 2022, another 200 to 300 megawatts are scheduled to be installed.
Objective To Become The Worldwide Cost-Effective Digital Asset Mining Operation
According to Saitech, it aspires to be the most cost-effective digital asset mining operating firm in the world while also encouraging the clean transition of the Bitcoin mining sector.
“This is a key milestone in our journey of becoming Eurasia’s leading Bitcoin mining operator focused on lower-impact energy usage and fulfilling our mission of promoting the clean evolution of Bitcoin mining,” Arthur Lee, founder, and chief executive officer of Saitech, said in a statement.
“Our scaled mining operations in Eurasia allows us to benefit from key diversification competitive advantages, such as lower energy and infrastructure costs, as we continue to grow our self-mining Bitcoin business.”
Offering a more ecologically friendly way to mine Bitcoin is a timely pitch at a time when the cryptocurrency has been chastised for the amount of energy it consumes and its environmental impact.
Tesla Inc. creator and CEO Elon Musk, who removed support for Bitcoin payments in May, citing environmental concerns have been one of the most outspoken opponents of Bitcoin's energy usage.
Saitech is a Chinese Bitcoin firm that is going public in the United States, albeit not through an IPO. Bitmain and Chuangshi Ziben are among the investors who contributed RMB 13 million ($2 million) to Saitech.
The firm portrays itself as a Eurasian operation.