Shares of Blue Safari Group (NASDAQ:BSGA) are trending higher today by 3% to an all-time-high after the SPAC entered a definitive merger agreement with Bitdeer Technologies. Bitdeer is a cryptocurrency mining platform that operates five proprietary mining centers in the U.S. and Norway. Blue Safari stated that the merger will allow it to invest in an innovative fintech and information technology (IT) company. The merger agreement will set Bitdeer at an estimated enterprise value of $4 billion.
Bitdeer’s Chairman, Jihan Wu, has high aspirations for the future of Bitdeer:
“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 merger agreement certainly comes at an interesting time for cryptocurrencies. Bitcoin (CCC:BTC-USD) has fallen 10% in the past week, while Ethereum (CCC:ETH-USD) has shed 14% of its value during the same period. There could be far-reaching negative implications for BSGA stock if cryptocurrencies continue their descent downwards. A decrease in cryptocurrency value marks a decrease in miner’s profits.
Let’s dive into some key highlights surrounding the Bitdeer SPAC merger:
BSGA Stock: What You Need to Know
- Both the boards of Blue Safari Group and Bitdeer Technologies have unanimously approved the SPAC transaction.
- Shareholders of Blue Safari Group must approve the transaction in order for it to be successful.
- The merger is set to wrap up in the first quarter of 2022.
- Bitdeer’s management team has “extensive experience in the cryptocurrency industry, encompassing research and development, mining, sales of mining machines, and many of them are pioneers in mining datacenters construction and operation.”
- Additionally, the crypto mining platform handles complex processes, such as miner procurement, transport logistics, mining machine maintenance, and data center design and construction.
- Details on Bitdeer’s ticker or share count are not available at this time.
- Finally, Bitdeer Technologies is headquartered in Singapore, but will comply with U.S. Securities and Exchange Commission (SEC) policies.
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On the date of publication, Eddie Pan did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.