The newly merged corporation will retain its ticker symbol BSGA on the Nasdaq stock exchange. Jihan Wu will continue to lead the combined organization.
Bitdeer Technologies Holding Company, a Singapore-based Bitcoin (BTC) mining corporation, has announced that it has entered into a definitive merger agreement with Blue Safari Group Acquisition Corp. for a business combination of Blue Safari and the miner.
According to the announcement, the two firms are expected to merge and be renamed Bitdeer Technologies Group, retaining their NASDAQ stock market listing.
Bitdeer is a Singapore-based company that focuses on the cryptocurrency mining industry. The Bitcoin mining company currently has five proprietary mining data centers in the United States and Norway.
According to the announcement, the transaction positions Bitdeer as a potential disruptor in the cryptocurrency mining sector. As chairman and creator of Bitdeer, Jihan Wu will continue to lead the combined organization following the conclusion of the transaction. While commenting on the transaction, Wu expressed his excitement about the two organizations coming together. He further added:
"As a leader in crypto mining, we will continue to solidify our leading position in the crypto mining space. 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."
The announcement claims that following the transaction, Bitdeer has an implied corporate value of around $4 billion. The proposed merger has been approved by the boards of directors of both companies, and it is anticipated to be completed in the first quarter of 2022, subject to regulatory clearances, shareholder approval for the transaction, and other customary closing conditions being met.
The transaction is yet another instance of a large corporation entering the Bitcoin mining space since Greenidge announced its agreement to merge with customer and technical support solutions provider Support.com on Sept. 13.