Jihan Wu’s Bitdeer goes public for over $ 4 billion in SPAC – Binance.US prepares to go public

Bitdeer Technologies, which is controlled by Jihan Wu, plans to go public in the United States by merging with a short checking company – a company formed for the sole purpose of acquiring one or more companies Singapore-based $ 4 billion bitcoin mining company.

Jihan Wu – President of Bitdeer Technologies

Bitdeer is a spin-off from Bitmain Technology, the Chinese manufacturer of Bitcoin mining chips that Wu co-founded in 2013. Bitdeer has notification on Thursday that it agreed to merge with Safari Group Acquisition Corp. was listed on the Nasdaq. This Special Purpose Acquisition Company (SPAC) raised $ 57.7 million when it went public (Initial Public Offering) in June.

Bitdeer said the SPAC deal is expected to close in the first quarter of next year. Bitdeer President Wu will take control of the company upon completion.

“As a leading company in crypto mining, we will continue to strengthen our leadership position in this area. Today marks an important milestone for Bitdeer and we are committed to creating value for our ever-growing stakeholders, including customers, employees and shareholders, in the future. ”

Bitdeer split from Bitmain in January when Wu stepped down as CEO and chairman of the Chinese chip mining giant. The company offers a service for sharing computing power for miners of Bitcoin and other cryptocurrencies. Bitdeer says it currently operates 5 proprietary mining data centers in the US and Norway. According to the official website, it has served users from more than 200 countries and regions.

Wu is considered to be one of the most prominent figures in the cryptocurrency industry. He has ventured into the emerging space since around 2011 and is known for being the first to translate Satoshi Nakamoto’s Bitcoin whitepaper into Chinese. Bitmain under Wu has postponed plans to go public in Hong Kong in 2019, six months after the company registered for an IPO. Back then, the crypto entrepreneur made it onto Forbes’ list of rich Chinese.

Wu was also the co-founder of Matrixport, a crypto financial services platform based in Singapore. The two-year-old company achieved unicorn status in August after a round of funding led by investors including DST Global’s Russian-Israeli billionaire Yuri Milner.

Binance aims to go public

Despite the obstacles posed by regulation, the Binance exchange and companies in many other areas of the platform have proven to be remarkably successful businesses.

With a big year of profit, Binance US has been planning an IPO for some time. You started the process with the first round of funding. According to Binance CEO Changpeng Zhao (CZ), the round is expected to “be completed in about a month or two”.

Specified At the Bloomberg New Economy Forum in Singapore on November 19, CZ added that the company raised “several hundred million” during the round, although it was unsure of the exact number.

Binance US will be the second largest exchange in the US to be publicly listed after Coinbase, and CZ plans to follow suit. CZ notes that fundraising is the way to go public in the country.

“There is a way, and Coinbase did it … Just go the Coinbase way, prudent compliance, hopefully less expensive.”

CZ says this will allow the company to attract both users and investors, and pave the way for a future IPO after several successful rounds of funding.

However, an IPO for the global entity Binance can happen in the future, but there will be other problems. According to CZ, due to the size and lack of a head office, careful consideration must be given to local regulations when choosing a location for the company’s public listing.

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Minh Anh

According to AZCoin News

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