On April 14, 2023, Bitdeer Technologies Holding Company — a leading player in the global digital asset mining industry — officially listed on the Nasdaq through a SPAC merger, trading under the ticker symbol BTDR. After merging with Blue Safari Group Acquisition Corp in 2021 and weathering the volatile cycles of crypto’s bull runs and harsh bear markets, Bitdeer has emerged as a publicly traded entity, marking a significant milestone in the evolution of blockchain infrastructure companies.
A Pioneer in Global Mining Services
Bitdeer Technologies is a Singapore-based digital asset mining service provider, co-founded by Wu Jihan — the prominent entrepreneur behind Bitmain and Matrixport — with backing from top-tier investors such as Sequoia Capital and IDG Capital. The company operates two core platforms: BitDeer and Mining++, offering comprehensive mining solutions including cloud mining services and data center算力 (computing power) management.
With five proprietary mining data centers across the United States and Norway, Bitdeer delivers reliable, scalable算力 to users in over 200 countries and regions. Its focus on operational efficiency, energy optimization, and global infrastructure positions it at the forefront of professional-grade crypto mining operations.
👉 Discover how leading mining firms are shaping the future of decentralized networks.
Strategic Funding and Institutional Backing
Prior to its public debut, Bitdeer secured multiple rounds of funding from reputable institutional investors. Notably, Huangpu River Capital led Bitmain’s USD B+ round in August 2018 — a strategic investment that helped lay the foundation for Bitdeer’s future growth. As a seasoned private equity firm focused on high-growth technology companies, Huangpu River Capital has backed more than 40 tech giants that later achieved valuations exceeding $1 billion.
This institutional support reflects growing confidence in blockchain infrastructure as a long-term, viable sector — even amid market turbulence. The involvement of globally recognized funds underscores the legitimacy and scalability of Bitdeer’s business model.
SPAC Merger: A Fast-Track to Public Markets
In December 2021, Wu Jihan’s crypto mining venture merged with Blue Safari Group Acquisition Corp, forming Bitdeer Technologies Group (BTG). On March 28, 2023, the U.S. Securities and Exchange Commission (SEC) confirmed the effectiveness of the registration statement related to this business combination. Post-merger, BTG was valued at approximately $1.18 billion.
One of the key advantages of the SPAC route is speed and certainty. Unlike traditional IPOs — which involve lengthy regulatory reviews, roadshows, pricing uncertainty, and high costs — SPAC mergers allow companies to become publicly listed faster and with more predictable financing outcomes.
Why SPACs Appeal to Crypto Companies
- Faster time-to-market: Merging with an existing public shell can cut listing time from over a year to just a few months.
- Reduced regulatory friction: While still subject to SEC scrutiny, the process avoids some complexities of initial filings.
- Guaranteed capital: Funds held in trust ensure financing upon closing.
- Strategic flexibility: Founders retain greater control during negotiations compared to conventional IPOs.
Other notable crypto firms that have used SPACs include Canaan Creative, Ebang International, Riot Blockchain, Hut8, and Cipher Mining. Coinbase took a different path via direct listing, but Bitdeer’s choice reflects a broader trend: infrastructure-focused crypto ventures prefer SPACs for their efficiency and investor alignment.
Wu Jihan retains over 88.3% of total voting power in BTG and holds all Class V common shares, giving him decisive influence over corporate decisions — a structure common among founder-led tech firms seeking long-term vision preservation.
Market Volatility and Industry Resilience
The road to listing wasn’t smooth. The cryptocurrency market faced severe headwinds in recent years, marked by high-profile collapses: Terra (LUNA), Three Arrows Capital, BlockFi, FTX, and Genesis. These events triggered massive sell-offs, with Bitcoin losing over 70% of its value at one point.
At the same time, Bitcoin’s network算力 continued to rise, pushing mining difficulty to record highs. This combination — falling prices and rising competition — squeezed miner margins significantly.
Yet resilience prevailed.
By early 2023, signs of recovery emerged. On March 29, Bitcoin surged 5.3%, briefly surpassing $28,341, while Ethereum gained **4.17%**, reaching $1,806. Though weekly gains were modest (~0.2%), momentum began shifting.
More importantly, developer activity remained strong — nearly 30,000 developers contributed to crypto projects in March alone. That number has grown steadily by over 60% in three years, indicating sustained innovation beyond speculation.
👉 See how blockchain developers are building the next generation of decentralized applications.
Regulatory Scrutiny: A Sign of Maturation
Increased regulation is another hallmark of industry maturation. In March 2023:
- The SEC accused Tron founder Justin Sun of market manipulation.
- The CFTC charged Binance and CEO Changpeng Zhao with offering unregistered derivatives in the U.S.
While enforcement actions create short-term uncertainty, they also signal that regulators are engaging seriously with the space — paving the way for clearer rules and safer ecosystems.
As speculative fervor cools, institutional participation grows. The focus shifts from price swings to real-world utility: secure networks, transparent ledgers, and decentralized finance infrastructure.
Investment Trends: From Hype to Sustainable Growth
The crypto sector is transitioning from hype-driven cycles to fundamentals-based development. Bitdeer’s listing exemplifies this shift — it's not a meme coin or DeFi experiment, but a real business with physical assets, global operations, and recurring revenue.
Investors like Huangpu River Capital didn’t back Bitdeer based on short-term price movements. Their support stems from belief in:
- The long-term viability of proof-of-work networks
- The demand for efficient算力 infrastructure
- The scalability of managed mining services
As consolidation continues post-market downturns, well-capitalized players with proven operations will lead the next phase of growth.
👉 Learn how institutional investors are positioning for the next era of digital assets.
Frequently Asked Questions (FAQ)
Q: What is Bitdeer Technologies?
A: Bitdeer is a global digital asset mining service provider offering cloud mining and算力 management through its platforms BitDeer and Mining++. It operates data centers in the U.S. and Norway and serves clients in over 200 countries.
Q: How did Bitdeer go public?
A: Bitdeer went public via a SPAC merger with Blue Safari Group Acquisition Corp., completing the deal in April 2023 with a post-merger valuation of ~$1.18 billion.
Q: Who founded Bitdeer?
A: Wu Jihan, co-founder of Bitmain and Matrixport, is the driving force behind Bitdeer, supported by major investors including Sequoia Capital and IDG.
Q: Why do crypto companies choose SPACs?
A: SPACs offer faster access to public markets, reduced costs, guaranteed funding, and less pricing volatility compared to traditional IPOs — ideal for fast-moving sectors like crypto.
Q: Is mining still profitable amid falling prices?
A: Profitability depends on efficiency. Large-scale operators like Bitdeer benefit from low electricity costs, advanced hardware, and optimized operations — maintaining margins even in bear markets.
Q: What does Bitdeer’s listing mean for the crypto industry?
A: It signals growing legitimacy for blockchain infrastructure firms and highlights investor confidence in sustainable business models within the decentralized economy.
Core Keywords:
- Bitdeer Technologies
- SPAC merger
- Digital asset mining
- Bitcoin算力
- Crypto market recovery
- Institutional investment
- Nasdaq listing
- Mining service provider
The journey of Bitdeer reflects the broader arc of the cryptocurrency industry: born in speculation, tempered by crisis, and now maturing into structured innovation. As macroeconomic conditions stabilize and regulatory clarity improves, companies like Bitdeer are well-positioned to power the next wave of decentralized progress.