eastwest connect

Bitdeer IPO on Nasdaq: Providing users with crypto mining machine sharing services | valued at US$1.18 Billion

Source: Leidi (touchweb)


It is learned on April 14 from Leidi (touchweb), Bitdeer Technologies Group and the blank check company Blue Safari Group Acquisition Corp have completed the merger and listed on Nasdaq in the United States under the stock ticker “BTDR”.

After the transaction was completed, the merged company was renamed Bitdeer Technologies Group, with Bitmain co-founder Wu Jihan continuing to serve as the chairman and Linghui Kong (Kong Linghui) serving as the company’s CEO.

After the IPO, Jihan Wu, the co-founder of Bitmain, controlled 43.6% of the shares through BSG First Euro Investment Corp., with 88.5% of the voting rights;
Zhaofeng Zha holds 13.8% of the shares and has 2.8% of the voting rights. Yuesheng Ge and Yishuo Hu each hold 9.2% of the shares and have 1.9% of the voting rights.

The merger values Bitdeer at $1.18 billion.

As early as November 2021, Bitdeer planned to merge with blank check company Blue Safari Group Acquisition Corp through SPAC, with a company valuation of US$4 billion.

This means that after one and a half years, Bitdeer finally completed the curve listing. Of course, the company’s valuation has also shrunk severely, directly from $4 billion to $1.18 billion, a drop of up to 70.5%.

According to reports, Bitdeer is a platform that provides users with mining machine sharing services, which saves users the complicated process of purchasing, installing, and hosting mining machines, and can enjoy the service by placing an order with one click.

Different from any mining machine sharing product on the market, Bitdeer claims that user benefits on the platform are more transparent: real mining machines provide mining services, and the platform connects to designated mining pools according to user instructions, and then the mining pools mine digital currency. Mining output is directly allocated to the wallet address provided by the user.