Singapore-headquartered cryptocurrency mining firm Bitdeer Technologies is set to go public on Nasdaq on April 14 via a special purpose acquisition company (SPAC) merger, the company said in a statement on Tuesday, following multiple delays in closing the US$1.18 billion deal.
- Bitdeer, founded by Chinese crypto tycoon Jihan Wu, is expected to complete the business combination with SPAC Blue Safari Group Acquisition on Thursday, and its shares will begin trading under the ticker symbol “BTDR” on Friday, the company said.
- Bitdeer, which announced the SPAC deal in November 2021, is a cloud mining service spun off from Chinese mining machine maker Bitmain. As of the end of 2022, it operates six mining centers in the U.S. and Norway with an aggregate power capacity of 775 megawatt.
- “We are already a leading hash rate supplier, and our public listing will allow us to make even greater contributions to the crypto economy,” Linghui Kong, chief executive officer of Bitdeer, said.
- In the first half of 2022, Bitdeer booked a net loss of US$25.2 million, compared to a net profit of US$113.8 million in the same period in 2021, according to a proxy statement filed last month.
(Corrects first paragraph to show most recent valuation was US$1.18 billion.)