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Bitdeer Acquires Desiweminer to Bolster ASIC Design Capabilities

Bitdeer Acquires Desiweminer to Bolster ASIC Design Capabilities

Jun 10, 2024
Bitcoin Mining

Bitdeer Acquires Desiweminer to Bolster ASIC Design Capabilities

Bitcoin miner Bitdeer announced on June 3, 2024, that it has entered into an agreement to acquire Desiweminer, a prominent fabless Bitcoin ASIC design company. The all-stock transaction, valued at approximately $140 million, involves Bitdeer acquiring all outstanding shares of Desiweminer for a consideration of 20 million Class A ordinary shares of Bitdeer.

The deal comes on the heels of a significant $150 million investment Bitdeer received from stablecoin giant Tether at the end of May 2024. Bitdeer has committed to filing registration statements for the resale of the ordinary shares issuable in connection with this private placement, as per U.S. securities laws.

According to the CoinDesk article dated June 6, 2024, the acquisition awaits customary closing conditions. Desiweminer's team is expected to merge with Bitdeer's ASIC design team based in Singapore to develop products with integrated technologies from both entities. These products are anticipated to hit the market immediately.

Linghui Kong, Chief Business Officer of Bitdeer, expressed enthusiasm about the acquisition, noting, “Desiweminer’s remarkable achievements in ASIC design [...] make them one of the top ASIC design groups in the world.” Kong emphasized the move as a key part of Bitdeer's investment strategy to drive innovation and provide value in the mining industry.

The acquisition followed a rigorous ten-month due diligence period during which Bitdeer evaluated Desiweminer’s technology, engineering team, and supply chain capabilities. Desiweminer is known for cutting-edge chip designs suitable for advanced semiconductor processes at 4nm and below. The acquisition is expected to enhance Bitdeer's existing product lineup and accelerate the development of its next-generation ASICs.

In a related update, Bitdeer unveiled its SEALMINER technology roadmap, committing to enhanced transparency in the mining industry. The roadmap outlines the planned release of increasingly energy-efficient mining chips, with the SEAL04 chip expected to achieve breakthrough energy efficiency of 5J/TH by Q2 2025.

News Release image

Bitdeer's stock showed a modest rise of 0.54% to $7.05 in pre-market trading following the announcement. The market's reaction suggests cautious optimism as Bitdeer continues to expand its technological capabilities and market presence.

CoinDesk Article

Bitdeer Press Release 1

Bitdeer Press Release 2

Bitdeer Press Release 3


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