Bitdeer Technologies Holdings, a digital mining firm founded by crypto-billionaire Jihan Wu in 2018, is set to go public on the Nasdaq stock exchange through a special purpose acquisition company (SPAC) deal with Blue Safari Group on April 14, 2023. The bitcoin mining firm will trade under the ticker symbol “BTDR”. Bitdeer Technologies Holdings operates mining farms in Europe and North America and has strategic partnerships with mining pools including Btc.com, Viabtc, Foundry USA, Antpool, F2pool, and Btc.top. The company established a $250 million fund to purchase assets from distressed bitcoin miners in September of last year, and acquired Singapore’s Le Freeport storage facility in the same month.
According to the latest filing with the U.S. Securities and Exchange Commission (SEC), the shareholders of Blue Safari Group approved the deal at an extraordinary general meeting on April 11, 2023. Linghui Kong, CEO of Bitdeer, said in a statement that the company’s public listing will allow it to make greater contributions to the crypto economy.
Bitcoin mining companies have become a fixture on traditional stock exchanges since 2021, but many of these firms experienced significant declines in their shares during 2022. However, 2023 has been a better year for bitcoin mining companies, with the price of bitcoin (BTC) rising 80% since the last day of December and 36.3% over the last 30 days. Over the past week, shares of publicly listed bitcoin mining firms such as Riot Blockchain, Bitfarms, Marathon Digital, and Cleanspark have increased in value against the U.S. dollar.
It remains to be seen whether Bitdeer Technologies Holdings’ decision to go public via SPAC deal with Blue Safari Group is a wise move, and what impact the recent surge in bitcoin prices will have on the publicly listed bitcoin mining firms. Nevertheless, with the growing interest in cryptocurrency and blockchain technology, it is likely that more companies in this space will seek public listings in the near future.
