Bitdeer, a cryptocurrency miner from Singapore, is set to go public on April 14 after finalizing its SPAC merger with Blue Safari Group Acquisition Corp.
Bitdeer had announced its intentions to enter Nasdaq in November 2021, but shareholders of Blue Safari delayed the initiative three times in the past several months due to the harsh environment caused by the bear market.
The ‘Significant Milestone’
As announced by the US Securities and Exchange Commission (SEC), Bitdeer and Blue Safari officially agreed to a $4 billion business combination. However, a Bitdeer spokesperson clarified to CryptoPotato that the adjusted valuation for the transaction will be $1.18 billion.
While Bitdeer and Blue Safari initially partnered at the end of 2021, shareholders delayed the SPAC merger three times, citing the harmful effects of the prolonged crypto winter.
Linghui Kong, CEO of Bitdeer, described the final step of the agreement as a “significant milestone.”
“I am incredibly proud of what we have achieved so far, and look forward to embarking on the next chapter of our journey. 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,” he added.
Blue Safari’s CFO, Naphat Sirimongkolkasem, praised Bitdeer for its “exceptional work” over the years and the “unwavering commitment to innovation.” He believes there is a bright future ahead of the BTC miner.
Other Miners Who Went Public
TeraWulf, an American bitcoin mining firm, raised nearly $200 million at the end of 2021 to boost its capacity and prepare itself for a public listing on Nasdaq. It completed a business merger with the tech company IKONICS Corporation in the following months and entered the global marketplace under the symbol “WULF.”
Some industry leaders, such as Marathon Digital and Riot Blockchain, have also listed their shares for public trading. “MARA” currently trades at approximately $10 (a 195% increase YTD), while “RIOT” is worth $12.35 (260% more than the valuation at the beginning of 2023).
Core Scientific, another popular mining firm that went public, has seen its shares plummet to $0.40 due to the company’s filing for bankruptcy protection a few days before Christmas 2022.