Bitdeer to go public in SPAC merger as Marathon Digital receives SEC subpoena
As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week’s top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly.
BITDEER TO GO PUBLIC: Bitdeer and Blue Safari Group Acquisition (BSGA) announced Thursday that they have entered into a definitive merger agreement for a business combination of Blue Safari and the company. As a result of the transaction, the combined company is expected to be renamed Bitdeer Technologies and remain a publicly listed company on Nasdaq. Bitdeer is a technology company for the cryptocurrency mining community. Headquartered in Singapore, Bitdeer currently operates five proprietary mining datacenters in the United States and Norway. Following the close of the transaction, the combined company will continue to be led by Jihan Wu as chairman and founder of Bitdeer. The transaction values Bitdeer at an implied enterprise value of approximately $4B. The Bitdeer and Blue Safari boards of directors have unanimously approved the proposed transaction, which is expected to be completed in the first quarter of 2022, subject to, among other things, regulatory approvals, the approval by Blue Safari’s shareholders of the transaction and satisfaction or waiver of other customary closing conditions.
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