Shares of Blue Safari Group (NASDAQ:BSGA) are trending higher today by 3% to an all-time-high after the SPAC entered a definitive merger agreement with Bitdeer Technologies. Bitdeer is a cryptocurrency mining platform that operates five proprietary mining centers in the U.S. and Norway. Blue Safari stated that the merger will allow it to invest in an innovative fintech and information technology (IT) company. The merger agreement will set Bitdeer at an estimated enterprise value of $4 billion.
Bitdeer’s Chairman, Jihan Wu, has high aspirations for the future of Bitdeer:
“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.”
The merger agreement certainly comes at an interesting time for cryptocurrencies. Bitcoin (CCC:BTC-USD) has fallen 10% in the past week, while Ethereum (CCC:ETH-USD) has shed 14% of its value during the same period. There could be far-reaching negative implications for BSGA stock if cryptocurrencies continue their descent downwards. A decrease in cryptocurrency value marks a decrease in miner’s profits.
Let’s dive into some key highlights surrounding the Bitdeer SPAC merger:
BSGA Stock: What You Need to Know
- Both the boards of Blue Safari Group and Bitdeer Technologies have…