Bitcoin mining company Bitdeer may delay public offering until 2023

Bitdeer, a crypto mining company spun off from China-based miner Bitmain, could see its public offering on the Nasdaq delayed by a year depending on a vote by shareholders of Blue Safari Group Acquisition Corp.

In a Securities and Exchange Commission filing on Nov. 2, Blue Safari said it will hold a shareholder meeting before the end of 2022 to vote on whether to extend the deadline for the deal with Bitdeer. The mining company announced in November 2021 that it had entered into a definitive merger agreement with Blue Safari to be listed through a special purpose vehicle acquisition company in the United States.

The SEC filing stated that shareholders could give the company the option to extend the deadline up to four times to December 2023, as well as move the meeting to a later date if there were insufficient votes. If successful, the two firms could merge under the name Bitdeer Technologies Group for a listing on Nasdaq.

“If the charter amendment proposal is not approved and we have not completed a business combination by the applicable termination date, we will (a) cease all operations except for liquidation purposes, (b) as soon as practicable, but no more than ten business days thereafter, subject if legally available funds therefor, redeem 100% of the public shares,” the SEC filing said. “If we liquidate, there will be no distribution from the Trust Account with respect to our rights to receive shares of common stock upon the consummation of an initial business combination, and the rights will expire worthless.”

Founded and led by former Bitmain co-founder Jihan Wu, Bitdeer facilitates cloud mining services through US-based data centers operated in Tennessee, Washington and Texas. As of 30 October, the company has reported approximately 900 Bitcoin (BTC) were mined daily.

Related: Old Bitcoin mining rigs risk ‘shutdown’ after BTC price drops below $24K

After the downturn in the crypto market in May, many crypto firms announced the termination of deals. Israel-based cryptocurrency exchange eToro was valued at roughly $10 billion as of March 2021 and was apparently headed for a SPAC merger announcing in July that it had terminated its deal with Fintech V. The exchange was reportedly considering a private funding round of up to 1 dollars. billions.

Cointelegraph reached out to Bitdeer but did not receive a response at the time of publication.