Bitcoin Miner Bitdeer Bought The Maximum-security Vault In Singapore

According to Bloomberg, Bitcoin miner Bitdeer has purchased Le Freeport, a Singaporean maximum-security facility.

Jihan Wu, who previously co-founded Bitcoin mining firm Bitmain, leads the company. According to sources with knowledge of the situation who asked not to be identified because the deal was confidential, Wu’s Bitdeer Technologies Holding paid S$40 million ($28.4 million) for Le Freeport, a maximum-security vault in Singapore.

According to the individuals, Wu purchased the repository for fine art, rare stones, and gold and silver bars from stockholders led by Swiss art dealer and creator Yves Bouvier.

Since last year, when it announced a $4 billion SPAC merger with blank-check business Blue Safari Group Acquisition Corp., the company has been attempting to go public.

According to a US Securities and Exchange Commission filing this month, the deal’s deadline has been pushed out three months from September 14 to December 14.

Wu paid a significant reduction to the facility’s construction cost of S$100 million. Freeport launched with fanfare in 2010 as part of Singapore’s effort to attract luxury collectors, wealth managers, and bullion-trading institutions such as JPMorgan Chase and UBS Group.

According to one of the persons, creditors such as DBS Group Holdings received almost three-quarters of the whole amount. Bouvier, who owned 70% of Freeport, received around S$5 million from the transaction after deducting debt and fees.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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