Bitdeer Technologies Holding, a Singapore-based Bitcoin (BTC) mining company, has announced a definitive merger agreement with Blue Safari Group Acquisition Corp. To combine Blue Safari and mining business.
According to the announcement, the two companies are expected to merge, rename them Bitdeer Technologies Group, and retain their NASDAQ roster.
Bitdeer is a Singapore-based cryptocurrency mining company. The bitcoin miner currently has five of its mining data centers in the United States and Norway.
According to the announcement, the deal positions Bitdeer as a potential intruder in the crypto-mining sector. As Chairman and Founder of Bitdeer, Jihan Wu will continue to lead the combined organization once the transaction is completed. Commenting on the deal, Wu expressed his happiness at the merger of the two organizations. he added:
As a leading cryptocurrency mining company, we will continue to strengthen our leadership position in cryptocurrency mining. Today marks an important milestone for Bitdeer as we strive to create value for the broader group of stakeholders in the future, including our customers, employees and shareholders. ”
The announcement states that after the transaction, Bitdeer’s valuation will be approximately $4 billion. The proposed merger has been approved by the Boards of Directors of the two companies and is expected to be completed in the first quarter of 2022, subject to government approval, shareholder approval and other normal termination terms.
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The deal is another example of a large company entering the bitcoin mining market after Greenidge announced its agreement to merge with customer support and tech support solutions provider Support.com on September 13.