Bitdeer Technologies, a major player in blockchain and high-performance computing, has decided to acquire Desiweminer, a fabless crypto ASIC design company. This acquisition was announced following the finalization of a share purchase agreement on June 3rd.
Also Read: Bitdeer to Launch Bitdeer AI Cloud in Singapore
Bitdeer, listed on NASDAQ under the ticker BTDR, will acquire all issued and outstanding shares of Desiweminer. The payment for this acquisition will be made in the form of 20 million Class A ordinary shares of Bitdeer.
Bitdeer will lock shares for six to twelve months
Desiweminer, known for its fabless crypto ASIC design, focuses on Bitcoin mining. The company’s official website states that it is dedicated to providing environmentally sustainable, high-performance mining equipment and solutions. Desiweminer combines advanced circuit architecture and predictive yield technology to ensure the production of superior products.
According to Bitdeer’s press announcement, the agreement includes several strategic conditions. A portion of the company’s shares will vest over five to seven years, ensuring long-term commitment from key stakeholders. Additionally, 50% of the shares issued to certain sellers will be non-transferable for six months post-closing, and the remaining 50% will be locked for twelve months.
This structure is designed to maintain stability and facilitate a smooth integration. Bitdeer conducted a thorough ten-month due diligence period before finalizing this acquisition. This period involved an in-depth evaluation of Desiweminer’s technology, engineering team, and supply chain. Desiweminer’s advanced chip designs, optimized for 4nm and below semiconductor processes, align perfectly with Bitdeer’s technological needs.
Bitdeer will improve its capabilities with Desiweminer
The integration of Desiweminer’s team into Bitdeer’s ASIC design unit in Singapore is expected to significantly boost Bitdeer’s capabilities, per the announcement. The goal is to accelerate the time to market for new products that feature the integrated technologies of both companies. According to Bitdeer, products featuring these combined technologies are ready for imminent release.
Also Read: Is Crypto Mining Profitable in 2023? Top 5 Crypto Miners
Linghui Kong, Chief Business Officer of Bitdeer, expressed enthusiasm about the acquisition. “We are thrilled to welcome Desiweminer into the Bitdeer family. Desiweminer’s remarkable achievements in ASIC design and their proven track record, with nearly 30,000 high-performance machines in the market, make them one of the top ASIC design groups in the world,” he said. Kong emphasized that this acquisition is a key part of Bitdeer’s strategy to drive innovation in the mining industry and deliver long-term value to shareholders.
Cryptopolitan reporting by Jai Hamid
