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  • November 18, 2021

Bitdeer, a bitcoin miner, will go public through a SPAC merger, valuing the company at around $4 billion.

On Thursday, Bitdeer Technologies, which operates five cryptocurrency mining data centres in the United States and Norway, announced its merger with Blue Safari Group Acquisition Corp, a special purpose acquisition company (SPAC).

The deal values Bitdeer at an implied enterprise value of approximately $4 billion and was unanimously authorised by the boards of both companies, the release said.

Bitdeer offers Bitcoin miners a variety of tech and mining services, including miner procurement, transportation logistics, mining datacenter design and building, mining machine management, and day-to-day operations, in addition to its mining centres.

Bitdeer Technologies Group will be the combined company's name, and will remain a publicly listed company on the Nasdaq.

The amalgamated company will be overseen by Jihan Wu, the chairman and creator of Bitdeer, once the merger is completed, which is expected in the first quarter of next year.

Bitdeer was spun off earlier this year from Bitmain, a mining chip and equipment company that Wu co-founded and led as chairman and CEO. The split ended a long power battle between Wu and another co-founder of Bitmain, Micree Zhan.

A SPAC is a business that does not have any commercial operations. Its goal is to collect money through an initial public offering (IPO) and then buy or merge with other businesses. Blue Safari, on the other hand, was focused on Asian chances.