HomeNEWSBitdeer completes $140m Desiweminer takeover deal

Bitdeer completes $140m Desiweminer takeover deal

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Renowned Bitcoin (BTC) miner Bitdeer acquired Desiweminer, a company that designs chips for ASIC mining machine. The Bitcoin miner announced the acquisition on Thursday via an official blog post. According to the announcement, Bitdeer completed the takeover of Desiweminer through an all-stock transaction worth $140 million.

More so, the disclosure established that as part of the deal, Bitdeer will also acquire all the outstanding shares in Desiweminer for a consideration of 20 million Class A ordinary BTDR shares. Meanwhile, the acquisition, according to the Bitcoin miner surfaced after a rigorous evaluation that took the firm ten months. 

During the evaluation process, Bitdeer examined Desiweminer’s technology, engineering team, and supply chain. Hence, the Bitcoin miner discovered that Desiweminer’s cutting-edge chip designs are complementary to those it has developed. The Bitcoin miner due to the result of the evaluation proceeded to complete the takeover deal. 

Furthermore, upon the completion of the takeover process, the Desiweminer team will join Bitdeer’s ASIC design crew in Singapore. With the integration of the Desiweminer team into Bitdeer, the Bitcoin miner will now have an improved workforce that will support the firm and boost its production efficiency. 

Consequently, the new team will work on the immediate release of products that feature the combined technologies of the two firms. However, BTDR shares reacted to the takeover by a little fraction, soaring 0.54% to $7.05 in pre-market trading.

Insight Into The Takeover Process Of Desiweminer By Bitdeer

The Chief Business Officer of Bitdeer, Linghui Kong, provided more insights into the takeover deal. In his disclosure, Linghui Kong described Desiweminer as one of the top ASIC design groups in the world citing the proven track record of the firm. The executive disclosed how the firm has produced about 30,000 high-performance machines. 

Additionally, the Chief Business Officer stated that the investment into the ASIC business is one of the core focuses of the firm’s strategy to “drive innovation and excellence in the mining industry and deliver long-term value for our shareholders.” He discussed how the integration of advanced technologies will enhance the existing product lineup and fast-track the research and development of Bitdeer’s next-generation ASICs.

With the advanced research, Linghui Kong emphasized that ASIC technology and efficiency will hit a new height. Lastly, the executive added that with the position of Bitdeer in the Bitcoin sector, the firm is set to become a force to reckon with in the multi-billion-dollar ASIC market. 

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David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

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