Bitdeer To Dominate Nasdaq In Explosive SPAC Debut

Key Points:

• Bitdeer will go public on Nasdaq through a SPAC deal with Blue Safari Group Acquisition.
• As of the end of 2022, Bitdeer operates six mining centers in the U.S. and Norway with an aggregate power capacity of 775 megawatt.
• In the first half of 2022, Bitdeer booked a net loss of US$25.2 million, compared to a net profit of US$113.8 million in the same period in 2021.

Crypto mining company Bitdeer, which Chinese crypto tycoon Jihan Wu founded, is expected to complete its business combination with SPAC Blue Safari Group Acquisition on Thursday.

Its shares are set to begin trading under the ticker symbol “BTDR” on Friday. This development is a significant milestone for the cloud mining service, which announced the SPAC deal in November 2021.

As of the end of 2022, Bitdeer operates six mining centers in the U.S. and Norway with an aggregate power capacity of 775 megawatt. Despite its positive performance as a leading hash rate supplier in recent years, it booked a net loss of US$25.2 million in the first half of 2022, compared to a net profit of US$113.8 million in the same period in 2021. However, according to Linghui Kong, the company’s CEO, Bitdeer’s public listing will allow it to make even greater contributions to the crypto economy.

The advent of Bitdeer’s listing on Nasdaq could potentially attract more investment and partnerships in the future. By going public, the company will have greater access to capital and resources, which could enable it to expand its operations and introduce new products and services. It also marks a major milestone for Bitdeer and the broader crypto industry, as it is one of the few crypto mining companies to achieve such a feat.

However, it remains to be seen how Bitdeer will navigate the volatile crypto market landscape and whether it will be able to turn its fortunes around in the coming quarters. Nevertheless, the company’s listing on Nasdaq is a testament to its achievements and potential for growth, and could be a promising opportunity for investors and crypto enthusiasts alike.

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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Annie

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