Jihan Wu's Bitcoin mining outfit Bitdeer plans public listing via $4 billion SPAC merger

Startups • November 18, 2021, 7:43AM EST

Bitdeer Technologies, a Bitcoin mining outfit owned by former Bitmain chairman Jihan Wu, is planning to become a publicly listed company in the United States.

According to a press release issued on Thursday, Bitdeer has entered into a “definitive merger agreement” with blank-check firm Blue Safari Group Acquisition Corp.

The planned merger with the special purpose acquisition company (SPAC) will see Bitdeer achieve an implied enterprise value of about $4 billion. Both companies plan to have the deal concluded before the end of Q1 2022.

Following the conclusion of the merger, Wu will retain control as chairman and founder of the combined corporate Bitcoin mining entity.

Wu assumed ownership of Bitdeer as part of the Bitmain business split back in December. The split ended the internal power struggle between Wu and fellow Bitmain figurehead Zhan Ketuan.

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Osato is a news reporter at The Block as part of the crypto ecosystems team that focuses on DAO governance, staking, blockchain layers, and DeFi. He was previously a news reporter at Cointelegraph. Based in Lagos, Nigeria, he enjoys crosswords, poker, and attempting to beat his Scrabble high score. Follow him on Twitter at @OsatoNomayo.