Key Takeaways
- Bitdeer has acquired Desiweminer for $140 million in an all-stock deal.
- The acquisition will enhance Bitdeer's ASIC design capabilities and product lineup.
- Bitdeer unveiled its SEALMINER technology roadmap, promising energy-efficient mining chips.
Bitcoin miner Bitdeer announced on June 3, 2024, that it has agreed to acquire Desiweminer, a leading fabless Bitcoin ASIC design company, in an all-stock transaction valued at approximately $140 million. The acquisition involves Bitdeer obtaining all outstanding shares of Desiweminer for 20 million Class A ordinary shares of Bitdeer.
This acquisition follows a significant $150 million investment from stablecoin giant Tether at the end of May 2024. Bitdeer has committed to filing registration statements for the resale of these shares in accordance with U.S. securities laws.
According to CoinDesk, the acquisition is pending customary closing conditions. Desiweminer’s team will merge with Bitdeer’s ASIC design team in Singapore to develop integrated products, which are expected to enter the market soon.
Linghui Kong, Chief Business Officer of Bitdeer, expressed enthusiasm about the deal, stating:
Desiweminer’s remarkable achievements in ASIC design […] make them one of the top ASIC design groups in the world.
Kong emphasized that this acquisition is a strategic move to drive innovation and provide value in the mining industry.
The deal follows a rigorous ten-month due diligence process during which Bitdeer assessed Desiweminer’s technology, engineering team, and supply chain capabilities. Desiweminer is renowned for its advanced chip designs suitable for semiconductor processes at 4nm and below. This acquisition is expected to enhance Bitdeer’s product lineup and accelerate the development of next-generation ASICs.
Additionally, Bitdeer unveiled its SEALMINER technology roadmap, committing to enhanced transparency in the mining industry. The roadmap outlines the release of increasingly energy-efficient mining chips, with the SEAL04 chip expected to achieve breakthrough energy efficiency of 5J/TH by Q2 2025.
Following the announcement, Bitdeer’s stock showed a modest rise of 0.54% to $7.05 in pre-market trading, indicating cautious optimism in the market as Bitdeer continues to expand its technological capabilities and market presence.
