Crypto Miner Bitdeer Bought Physical Safety Vault Le Freeport for Over $28M: Report

The miner is looking to go public via a SPAC merger.

AccessTimeIconSep 19, 2022 at 11:04 a.m. UTC
Updated May 11, 2023 at 4:17 p.m. UTC

Crypto miner Bitdeer Technologies has bought a maximum security physical safety vault, Le Freeport, for S$40 million ($28.4 million), Bloomberg reported, citing sources.

Bitdeer, which is backed by crypto billionaire Jihan Wu, bought the Singapore-based vault in July, the report said. Le Freeport is a repository for fine art, precious gems, and gold and silver bars, from shareholders led by Swiss art dealer and founder Yves Bouvier, according to the report.

Wu confirmed the transaction in a text message to Bloomberg.

Le Freeport is a unique acquisition by Bitdeer, which was looking to go public through a deal with a special-purpose acquisition company.

Bitdeer was formed after Bitmain, the world's largest mining rig manufacturer, was split into two companies. Bitmain was founded by Micree Zhan and Wu and was split into two after a messy battle between the two co-founders. Zhan kept Bitmain’s design and manufacturing business, buying Wu's share, while Wu kept Bitdeer.

Bitdeer didn't immediately respond to a request for comment.


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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

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 to register and buy your pass now.