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Bitcoin miner to go public on Nasdaq after $4B SPAC merger

11/18/2021

The newly merged company will retain its ticker image BSGA on the Nasdaq inventory trade. Jihan Wu will proceed to steer the mixed group.

Bitdeer Applied sciences Holding Firm, a Singapore-based Bitcoin (BTC) mining company, has introduced that it has entered right into a definitive merger settlement with Blue Safari Group Acquisition Corp. for a enterprise mixture of Blue Safari and the miner.

In keeping with the announcement, the 2 companies are anticipated to merge and be renamed Bitdeer Applied sciences Group, retaining their NASDAQ inventory market itemizing.

Bitdeer is a Singapore-based firm that focuses on the cryptocurrency mining business. The Bitcoin mining firm at the moment has 5 proprietary mining information facilities in the USA and Norway.

In keeping with the announcement, the transaction positions Bitdeer as a possible disruptor within the cryptocurrency mining sector. As chairman and creator of Bitdeer, Jihan Wu will proceed to steer the mixed group following the conclusion of the transaction. Whereas commenting on the transaction, Wu expressed his pleasure in regards to the two organizations coming collectively. He additional added:

“As a pacesetter in crypto mining, we are going to proceed to solidify our main place within the crypto mining house. Right this moment marks a major milestone for Bitdeer, and we try to create worth for our broader group of stakeholders sooner or later, together with our shoppers, workers and shareholders.”

The announcement claims that following the transaction, Bitdeer has an implied company worth of round $4 billion. The proposed merger has been accepted by the boards of administrators of each corporations, and it’s anticipated to be accomplished within the first quarter of 2022, topic to regulatory clearances, shareholder approval for the transaction, and different customary closing circumstances being met.

Associated: Industrial Bitcoin mining breathes new life into tiny Texan city

The transaction is one more occasion of a giant company getting into the Bitcoin mining house since Greenidge introduced its settlement to merge with buyer and technical assist options supplier Help.com on Sept. 13.