Crypto Miner Bitdeer May Extend IPO Deadline by 1 Year

Jihan Wu's cloud-mining firm may not go public till December 2023.

By Eliza Gkritsi

Nov 2, 2022 at 12:59 p.m. UTC

Updated Nov 2, 2022 at 2:11 p.m. UTC

CDCROP: Bitmain co-founder Jihan Wu (CoinDesk) — Bitdeer founder Jihan Wu (CoinDesk)

Eliza Gkritsi

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Follow @egreechee on Twitter

The deadline for completing a merger that would see crypto-mining firm Bitdeer go public on the Nasdaq might be extended by up to one year, a Wednesday filing with the U.S. Securities and Exchange Commission shows.

Last year, Bitdeer announced that it was merging with special purpose acquisition company (SPAC) Blue Safari Group Acquisition Corp. But according to Wednesday's filing, the SPAC will hold a shareholder meeting to vote on extending the deadline to close the deal to as late as Dec. 14, 2023.

Bitcoin (BTC) miners have been struggling with liquidity, and raising capital has proved difficult amid the market downturn. Their margins have dwindled as the price of bitcoin is low while energy prices are high.

The deadline has already been extended twice by three months each, and the SPAC is asking shareholders for the discretion to continue pushing it back, with another four three-month extensions, the filing says.

Bitdeer offers cloud-mining services, meaning customers can rent computing power from machines that Bitdeer owns and operates. It is founded and led by Jihan Wu, a co-founder of mining rig manufacturer Bitmain who is renowned within the industry.

Read more about

Bitcoin Mining Bitdeer IPO SPAC

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.