Home Bitcoin News Bitcoin Mining Crypto mining platform Bitdeer to go public through $4 bln SPAC merger – Reuters

Crypto mining platform Bitdeer to go public through $4 bln SPAC merger – Reuters

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Nov 18 (Reuters) – Bitdeer Applied sciences mentioned on Thursday it plans to go public by merging with blank-check agency Blue Safari Group Acquisition Corp (BSGA.O) in a deal valuing the cryptocurrency mining platform at $4 billion.

The Singapore-based firm was spun-off from Chinese language bitcoin mining big Bitmain in January and has been doubling down on its adoption of renewable expertise in digital asset mining.

The particular function acquisition firm (SPAC), Blue Safari Group, went public in June, elevating $57.5 million from its preliminary public providing.

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A SPAC is a listed agency with no enterprise operations however a pool of capital that it makes use of to merge with a non-public firm. The deal then takes the non-public firm public.

This 12 months, a number of firms within the digital asset house have chosen the blank-check path to public markets. In July, cryptocurrency miner Core Scientific Holding Co agreed to such a merger with a SPAC backed by BlackRock Inc (BLK.N).

In the identical month, crypto agency Bullish additionally agreed to merge with a blank-check firm in a $9 billion deal.

Bitdeer mentioned it plans to checklist on the Nasdaq inventory change after the deal closes within the first quarter of subsequent 12 months.

Bitcoin, the most well-liked cryptocurrency, has continued to see wild worth swings in current months. Earlier this week, it fell beneath $60,000 for the primary time in additional than two weeks, after reaching a report excessive of $69,000 on Nov.10.

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Reporting by Mehnaz Yasmin in Bengaluru; Modifying by Ramakrishnan M.

Our Requirements: The Thomson Reuters Trust Principles.

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