Crypto mining firm Bitdeer has secured a $150 million share sale deal with B. Riley Financial, a special purpose acquisition company (SPAC). This agreement allows B. Riley to purchase a specified number of Bitdeer’s Class A ordinary shares over a period of three years. The agreement includes a maximum purchase of 1 million shares or 25% of Bitdeer’s shares traded on the Nasdaq during the purchase period.
Bitdeer, which was spun off from mining manufacturer Bitmain, went public through a SPAC deal in April with Blue Safari Group. The deal with B. Riley Financial gives the company an ownership stake in Bitdeer, as Class A shares typically provide shareholders with more voting rights than Class B shares. As part of the transaction, Bitdeer will pay 0.5% of the deal’s value to B. Riley and reimburse the company for legal fees and disbursements up to $50,000.
Bitdeer, founded by former Bitmain co-founder Jihan Wu, offers cloud-mining services through its U.S.-based data centers in Tennessee, Washington, and Texas. In July, the company’s self-mining business mined 220 Bitcoin (BTC), marking a 41% year-over-year increase. Bitdeer has also partnered with Druk Holding and Investments (DHI) to establish an eco-friendly and carbon-free digital asset mining operation in the Kingdom of Bhutan.
This latest share sale deal further strengthens Bitdeer’s position in the crypto mining industry and allows B. Riley Financial to become an integral player in the company’s development. As the demand for cryptocurrencies continues to rise, Bitdeer’s strategic partnerships and expansion into sustainable mining operations position it for continued growth in the market.
