Bitdeer, under the leadership of Jihan Wu, a renowned technology company specializing in blockchain and high-performance computing, has made a significant move by acquiring Desiweminer, a fabless crypto ASIC design firm, in a deal valued at $140 million. This strategic acquisition aims to enhance Bitdeer’s capabilities and accelerate its time to market.
The acquisition was finalized on June 3, 2024, with Bitdeer agreeing to purchase all of Desiweminer’s shares for 20 million Bitdeer Class A ordinary shares. Some of these shares will be vested over a period of five to seven years, while others are subject to restrictions on sale for six to twelve months following the transaction closure.
Bitdeer conducted a thorough ten-month due diligence process on Desiweminer, focusing on its technology, engineering talent, and sourcing network. Desiweminer’s proprietary chips, compatible with semiconductor processes at 4nm and below, align well with Bitdeer’s chip designs. This integration will strengthen Bitdeer’s ASIC design team in Singapore, paving the way for the launch of new products with advanced technologies.
Linghui Kong, Bitdeer’s Chief Business Officer, expressed excitement about the acquisition, highlighting Desiweminer’s achievements in ASIC design and their existing market presence with nearly 30,000 efficient machines. Kong emphasized that this acquisition is a key step towards enhancing the mining industry’s excellence and creating shareholder value.
By incorporating Desiweminer’s sophisticated technologies, Bitdeer aims to redefine the ASIC market and lead future developments in ASIC technology and performance. With a leadership team deeply rooted in Bitcoin, Bitdeer is poised to dominate the multi-billion-dollar ASIC market in the years to come.