Crypto Mining Firm Bitdeer Plans to go Public by a SPAC Transaction

Bitdeer Technologies, a Bitcoin mining firm plans to go public in the United States though a special purpose acquisition company Safari Group Acquisition Corporation.

The deal is reportedly valuing Bitdeer at $4.00 billion. Bitdeer in a statement said it plans to get listed in the Nasdaq stock exchange and the deal is planned to close in the first quarter next year.

The Singapore bitcoin mining company spun off from Chinese Bitcoin mining giant Bitmain in January and since the been doubling down its efforts to renewable technology in its mining process.

SPAC transactions in the crypto space seen significant traction this year. In July, cryptocurrency miner Core Scientific Holding Co agreed to merger with a SPAC of BlackRock Inc. In the same month, crypto firm Bullish merged with another SPAC transaction valued at $9 billion.