BitDeer logo on phone in front of computer screen

Bitmain spinoff Bitdeer now public on Nasdaq via SPAC deal

Bitdeer, a block reward mining and cloud services company founded by ex-Bitmain CEO Jihan Wu, is now public on Nasdaq via a SPAC deal this week.

Bitdeer combined with Blue Safari Group Acquisition Corp, a special purpose acquisition company (SPAC), in a deal that values the new entity at $4 billion. However, a company spokesperson says the adjusted valuation is $1.18 billion. Under the ticker symbol BTDR, the company’s shares are listed on Nasdaq.

“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,” Linghui Kong, the company’s CEO, commented.

“We are already a leading hash rate supplier, and our public listing will allow us to make even greater contributions to the crypto economy. Looking ahead, we are well-positioned to generate sustainable value as we execute on our long-term business strategy.”

Blue Safari and Bitdeer have been attempting to list on Nasdaq for months, with the listing initially scheduled for last November. The companies have filed for three extensions in the past six months, blaming insufficient time to get shareholders’ approval for their most recent extension.

Based in Singapore, Bitdeer is a spinoff of Bitmain and was founded by Wu after his controversial exit from the ASIC manufacturer. It operates five proprietary mining data centers in the U.S. and Norway.

One of the company’s largest operations in Rockdale, Texas, has been embroiled in controversy over its dealings with the Texas grid operator, ERCOT. A recent New York Times exposé revealed that the company was paid $175,000 an hour over four days in February 2021 to shut down its mining rigs.

ERCOT has an arrangement with miners where it can order them to cease mining when power demand surges. In return, it compensates them for the lost revenue, essentially paying the miners for not mining.

As Bitdeer raked in $18 million over four days, ERCOT struggled to meet Texans’ power needs as Winter Storm Uri wreaked havoc. At the end of it, over 40 people lost their lives.

The miner has denied the claims.

Watch: ESG Compliance & Blockchain

YouTube video

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.