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The Singapore-based Bitcoin mining firm, Bitdeer Technologies Group, is set to go public on Nasdaq this Friday.
This will be part of a special purpose acquisition company (SPAC) merger after multiple delays in closing the deal.
Expected to hit a $4 billion valuation, a Bitdeer spokesperson told Decrypt that "the adjusted valuation for the transaction is $1.18 billion." The reduced valuation is a reflection of the current market conditions and "is designed to assist in increasing the public float of the merged companies," said the spokesperson.
Blue Safari Group, the SPAC firm taking Bitdeer public, filed for three extensions within six months last year with the last extension being a year long. The deal was originally expected to close in November 2021.
"Today marks a significant milestone for Bitdeer, leaving us poised to list on the Nasdaq and equipped to seize the growth opportunities ahead of us. I am incredibly proud of what we have achieved so far, and look forward to embarking on the next chapter of our journey," Bitdeer's CEO Linghui Kong said in their latest statement.
A SPAC—also known as a blank check company—is a company with no commercial operations that is only formed to raise capital via an initial public offering (IPO) to acquire or merge with an existing company.
The stopping block for the latest extension was insufficient time to get shareholder approval.
However, in their latest statement, they have revealed that shareholder approval has been filed with the SEC.
As a result, Bitdeer Technologies Group is expected to begin trading on the Nasdaq under the ticker symbol "BTDR" on April 14, 2023.
Bitdeer operates six mining data centers globally with the purpose of proprietary mining, hash rate sharing, and hosting.
The firm is entering a mining market that was recently shaken by market volatility, leading to several notable bankruptcies.
Now, miners that have survived are doubling down on expansion efforts. Yesterday, for example, the U.S. mining firm CleanSpark announced the purchase of 45,000 new mining machines for $144.9 million.
As for Bitcoin's hash rate, or the amount of energy being used to mine the leading cryptocurrency, it too has come roaring back after a minor dip at the year's start, per data from CoinWarz.
Editor's Note: On March 13, 2023, at 3:30 am ET, this article was updated to include commentary from Bitdeer regarding the deal's valuation.
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