Bitcoin Miner Bitdeer to Go Public With SPAC Merger; Deal Values Company at Around $4B

The combined company will be renamed to Bitdeer Technologies Group and remain listed on Nasdaq.

AccessTimeIconNov 18, 2021 at 11:41 a.m. UTC
Updated Apr 10, 2024 at 2:25 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitdeer Technologies, which operates five cryptocurrency mining data centers in the U.S. and Norway, announced its merger with special purpose acquisition company (SPAC) Blue Safari Group Acquisition Corp. on Thursday.

  • The deal values Bitdeer at an implied enterprise value of approximately $4 billion and was unanimously approved by the boards of both companies, the release said.
  • In addition to its mining centers, Bitdeer provides tech and mining services for bitcoin miners including miner procurement, transport logistics, mining datacenter design and construction, mining machine management and daily operations.
  • The combined company will be renamed Bitdeer Technologies Group and will remain a publicly listed company on the Nasdaq.
  • Following the deal’s completion, expected in the first quarter of next year, the merged firm will be led by Jihan Wu, chairman and founder of Bitdeer.
  • Bitdeer was spun off earlier this year by mining chip and equipment maker Bitmain, which Wu co-founded and served as chairman and CEO. The spin-off resolved a long power struggle between Wu and Bitmain’s other co-founder, Micree Zhan.
  • A SPAC is a company without commercial operations. It is designed to raise capital via an initial public offering and then acquire or merge with existing companies. In Blue Safari’s case, the company was focused on opportunities in Asia.
  • Why Worldcoin Is Launching a Layer 2
    20:07
    Why Worldcoin Is Launching a Layer 2
  • Polymarket Traders Bet on Fed Rate Cuts; Bitcoin Spot ETFs Register Five-Day Withdrawals Streak
    02:17
    Polymarket Traders Bet on Fed Rate Cuts; Bitcoin Spot ETFs Register Five-Day Withdrawals Streak
  • Base Monthly Active Addresses Increased by 160% in March: Nansen
    00:50
    Base Monthly Active Addresses Increased by 160% in March: Nansen
  • Bitcoin Halving: We Answer Your Questions
    04:16
    Bitcoin Halving: We Answer Your Questions
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Parikshit Mishra

    Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.