Bitdeer, led by Jihan Wu, a technology company specializing in blockchain and high-performance computing, has recently completed the acquisition of Desiweminer, a renowned fabless crypto ASIC design firm, in an all-stock transaction valued at $140 million. This move follows Bitdeer’s successful fundraising of $150 million from Tether, a stablecoin provider, earlier this month.
The acquisition of Desiweminer marks a significant milestone for Bitdeer, as it aligns with the company’s strategic objectives and will enhance its market competitiveness. The deal includes the purchase of all outstanding shares of Desiweminer by Bitdeer in exchange for 20 million Bitdeer Class A ordinary shares. Some of these shares will vest over a period of five to seven years, with certain restrictions on sale for six to twelve months following the transaction closure.
Bitdeer’s decision to acquire Desiweminer was the result of an extensive ten-month due diligence process, focusing on the technological expertise, engineering talent, and supply chain capabilities of Desiweminer. The compatibility of Desiweminer’s proprietary chips with advanced semiconductor processes below 4nm aligns well with Bitdeer’s chip design strategy. This acquisition will integrate Desiweminer’s team into Bitdeer’s ASIC design team in Singapore, paving the way for the development of innovative products combining the strengths of both companies.
Linghui Kong, Bitdeer’s Chief Business Officer, expressed enthusiasm about the acquisition, highlighting Desiweminer’s track record in ASIC design and operational efficiency. The integration of Desiweminer’s cutting-edge technologies will enrich Bitdeer’s product portfolio and drive the development of next-generation ASICs. With a leadership team deeply rooted in the Bitcoin industry, Bitdeer aims to revolutionize the ASIC market and establish a dominant position in the industry in the years to come.
Through this acquisition, Bitdeer seeks to redefine the future of ASIC technology and performance, positioning itself as a key player in the multi-billion-dollar market. The collaboration between Bitdeer and Desiweminer is expected to bring about groundbreaking advancements in the mining industry, creating significant value for shareholders and shaping the future of blockchain technology.