Bitdeer Closes in on SPAC Deal in Tricky Market

SPAC deals have slowed immensely since 2021, but Bitdeer is one of the few companies that’s managed to near the finish line

article-image

rafapress/Shutterstock modified by Blockworks

share

Bitdeer is one step closer to becoming one of a handful of Special Purpose Acquisition Companies (SPAC) to go public in 2023. The deal is valued at $1.18 billion, after being valued at $4 billion when first announced. 

After three delays, the company will begin trading under the ticker symbol BTDR on Friday. The company originally planned to go public in November 2021, around the time when SPAC hype was at an all-time high. 

So far in 2023, only six companies have filed for IPOs, with 11 still searching according to data from SPACInsider. In 2021, 129 SPACs hit the market. 

The mining company will merge with a Hong Kong-based blank check company called Blue Safari Group Acquisition. Blank check companies go public to raise money and have no set business plans, with the aim of looking for a company to acquire or merge with. 

Bitdeer, which is headquartered in Singapore, has five mining facilities operating globally. Similarly to competing mining companies Riot and Marathon, it also has a Texas mining facility. The company had an aggregate megawatt capacity of 775, according to SEC documents

According to Riot’s website, its Rockdale facility has a capacity of 750 megawatts. It announced last year that it would be expanding to give the company “1.7 gigawatts of total developed capacity.”

Marathon obtained a capacity of over 300 megawatts after it entered into a hosting arrangement with Applied Blockchain in July 2022. 

“We are already a leading hash rate supplier, and our public listing will allow us to make even greater contributions to the crypto economy. Looking ahead, we are well-positioned to generate sustainable value as we execute on our long-term business strategy,” Bitdeer CEO Linghui Kong said in the 8-K filed with the SEC. 

With its Nasdaq listing, Bitdeer will join Riot and Marathon — both have previously gone public on the tech-focused exchange.

Bitdeer is a spin-off of Bitmain — an at times controversial China-based mining chip manufacturer which recently was reportedly fined more than 24 million yuan for tax violations.

Updated April 13, 2022 at 10:54 am ET: The deal is now worth $1.18 billion after being valued at $4 billion initially.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg

Research

In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.

article-image

BUZZ holds shares of Coinbase, Robinhood and MicroStrategy

article-image

Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile

article-image

The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally

article-image

While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders

article-image

Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume

article-image

DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit