BitDeer successfully completed its backdoor listing and fell below its IPO price on the first day of trading.

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Bitcoin Mining Company Bitdeer

Bitdeer is a cryptocurrency mining company that originated in China and moved to Singapore two years ago after China declared cryptocurrency mining illegal. Bitdeer handles complex mining affairs such as mining machine procurement, transportation logistics, mining data center design and construction, mining machine management, and daily operations. It has deployed mining data centers in Washington, Texas, Tennessee in the United States, and Norway, totaling five mining farms.

According to CoinDesk's report, its hash rate in late January was 16.2 EH per second, second only to bankrupt Core Scientific CORZ, higher than Riot Platforms RIOT and Marathon Digital Holdings MARA. One-quarter of its hash rate is used for self-mining, and the rest is used for cloud mining, providing customers the opportunity to rent its hash rate and receive mining rewards.

Learn more about Bitdeer: Bitdeer released its 2022 financial report, with the stock price remaining below the IPO price after going public through a reverse merger.

Going Public Through Blue Safari

Blue Safari Group Acquisition Corp. was established in February 2021. The purpose of the company is to engage in mergers, stock exchanges, asset acquisitions, stock purchases, reorganizations, or corporate mergers. As no substantial business has been conducted since its establishment and no operating income has been generated, according to its submitted 2022 financial report, the company has spent $6.6 million since its establishment, with approximately $3.21 million coming from Bitdeer in the form of interest-free loans.

Due to the delay of this reverse merger plan for over a year and the significant drop in Bitcoin prices last year, Blue Safari shareholders redeemed company shares worth approximately $42 million at the end of last year, resulting in only $18.23 million in assets left in its trust account.

Bitdeer Goes Public Below IPO Price

After several delays, Bitdeer finally went public on Nasdaq on April 14th. However, on the first day of trading, it dropped 27%, falling below the IPO price, closing at $7.03, with a current market value of $450 million.