Jihan Wu’s Bitcoin Mining Firm Seeks U.S. Listing in SPAC Deal

(Bloomberg) -- Bitdeer Technologies Holding Co., the Singapore-based Bitcoin mining company controlled by Chinese billionaire Jihan Wu, is merging with Blue Safari Group Acquisition Corp. in an estimated $4 billion SPAC agreement that will allow the firm to trade in the U.S.  

Wu is considered one of the most influential people in the cryptocurrency markets, having served as head of equipment maker and miner Bitmain Technologies Ltd. before the company broke up. Blue Safari is a special purpose acquisition company that raised roughly $60 million in its initial public offering in June. 

The transaction as announced does not come with additional funding in the form of a PIPE, or private investment in public equity, from institutional backers that is typical to SPAC transactions. Shares of the SPAC hit an all-time high of $10.49 after the announcement. They’re little changed since the listing debut.

Bitdeer operates five proprietary mining data centers in the U.S. and Norway, filings show. It also provides cloud-hosting for other miners as well as mining software. Bitdeer announced the launch of presales of a mobile crypto mining farm called Antbox in June. The company’s flagship product claims to enable customers to set up a “fully equipped mining business” in half the time of a traditional mining farm and also, at half the cost. 

“As a leader in crypto mining, we will continue to solidify our leading position in the crypto mining space,” Wu said in a statement. “Today marks a significant milestone for Bitdeer, and we strive to create value for our broader group of stakeholders in the future, including our clients, employees and shareholders.”

Wu, who resigned as chairman and chief executive of Bitmain earlier this year, split from the world’s largest crypto miner after a years-long power struggle at the company he co-founded with Micree Zhan in 2013.   

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