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

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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 large Bitmain in January and has been doubling down on its adoption of renewable know-how 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 personal firm. The deal then takes the non-public firm public.

This 12 months, a number of firms within the digital asset area 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 record on the Nasdaq inventory alternate 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 under $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; Enhancing by Ramakrishnan M.

Our Requirements: The Thomson Reuters Trust Principles.

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