Prominent Bitcoin (BTC) miner Bitdeer announced that it has acquired Desiweminer, a chip designer for ASIC miners, in a significant $140 million all-stock transaction. This strategic move aims to strengthen Bitdeer’s capabilities in ASIC chip design and strengthen its position in the highly competitive cryptocurrency mining industry.
According to Thursday’s announcement, Bitdeer will acquire all outstanding shares of Desiweminer in exchange for 20 million shares of BTDR’s Class A common stock. The transaction is subject to customary closing conditions, signifying the conclusion of negotiations between the two companies.
As part of the acquisition, the Desiweminer team will be integrated with Bitdeer’s ASIC design team based in Singapore. This collaboration is expected to lead to the development of innovative products that combine the expertise and technology of both companies. These new products are scheduled for immediate release and highlight the rapid integration efforts underway.
Bitdeer’s acquisition of Desiweminer comes shortly after the company received a significant investment of $150 million from stablecoin company Tether late last month. This capital injection highlights Bitdeer’s commitment to expand operations and invest in strategic partnerships to drive growth in the evolving cryptocurrency market environment.
BTDR shares rose slightly following the announcement, rising 0.54% to $7.05 in pre-market trading. This response is indicative of initial market confidence in the potential synergies and value creation expected from the acquisition transaction.
Overall, Bitdeer’s acquisition of Desiweminer represents a strategic move to strengthen its position in the highly competitive ASIC chip design market and strengthen its position in the rapidly evolving cryptocurrency mining sector.
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