Bitdeer, a World-Leading Technology Company for the Cryptocurrency Mining Community, Announces Plans to List on the NASDAQ Through Merger with Blue Safari Group Acquisition Corp



Bitdeer Technologies Holding Company (“Bitdeer” or the “Company”), a world-leading technology company for the cryptocurrency mining community, and Blue Safari Group Acquisition Corp. (NASDAQ: BSGA) (“Blue Safari”), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive merger agreement for a business combination of Blue Safari and the Company (the “Transaction”). As a result of the Transaction, the combined company is expected to be renamed Bitdeer Technologies Group and remain a publicly listed company on the NASDAQ Stock Market.

Bitdeer and Blue Safari Highlights

Bitdeer is a world-leading technology company for the cryptocurrency mining community. Headquartered in Singapore, Bitdeer currently operates five proprietary mining datacenters in the United States and Norway. The Transaction positions Bitdeer to continuously mine cryptocurrencies and serve the cryptocurrency mining community by providing innovative, reliable and easy-to-use cryptocurrency mining solutions.

Blue Safari believes the Transaction with Bitdeer presents an opportunity to invest in a leader in Blue Safari target industry sectors of financial technology (“FinTech”), information technology, and business services. Blue Safari’s management and directors come from backgrounds ranging from veterans in the finance sector with over four decades of experience as well as specialists in the FinTech space with extensive experience with FinTech technology research and development, entrepreneurship, investment, legal and finance and marketing.

Management and Governance

Following the close of the Transaction, the combined company will continue to be led by Mr. Jihan Wu as Chairman and founder of Bitdeer. Mr. Wu is a pioneer and leading figure in the cryptocurrency industry and is supported by a passionate, visionary, tech-savvy and entrepreneurial management team with a proven execution track record. The 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.

“We are excited to enter into the Transaction and proud to partner with the Blue Safari team in bringing our combined company to the capital market,” said Chairman Wu. “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.”

Naphat Sirimongkolkasem, CFO and director of Blue Safari, stated, “The crypto mining space has attracted tremendous attention in recent years, and Bitdeer’s innovative platform has propelled it into the limelight among the most illustrious players in the sector. The visionary management team led by Chairman Jihan Wu and CEO Matt Linghui Kong has uniquely positioned Bitdeer as a leader in the industry. It is our privilege to embark on this phenomenal journey and deliver this excellent opportunity to our investors.”

Transaction Overview

The Transaction values Bitdeer at an implied enterprise value of approximately $4 billion.

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.

Additional information about the proposed Transaction, including copies of the merger agreement and related agreements, will be provided in a Current Report on Form 8-K to be filed by Blue Safari with the Securities and Exchange Commission (the “SEC”) and available at Blue Safari intends to file a registration statement, which will contain a proxy statement and a prospectus, with the SEC in connection with the Transaction.


Cooley LLP and Travers Thorp Alberga are serving as legal advisors to Bitdeer in connection with the Transaction. China Renaissance Securities (Hong Kong) Limited is serving as financial advisor to Bitdeer.

Davis Polk & Wardwell LLP, Haiwen & Partners and Ogier are serving as legal advisors to Blue Safari in connection with the Transaction.


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