Bitdeer, under the leadership of Jihan Wu, a prominent figure in blockchain and high-performance computing, has recently acquired Desiweminer, a renowned fabless crypto ASIC design firm, in a significant all-stock transaction valued at $140 million. This acquisition marks a strategic move for Bitdeer, aiming to enhance its technological capabilities and accelerate its time to market.
The deal, finalized on June 3, 2024, involves Bitdeer purchasing all outstanding shares of Desiweminer for 20 million Bitdeer Class A ordinary shares. A portion of these shares will vest over a period of five to seven years, subject to certain conditions. Additionally, some shares issued to specific sellers will have restrictions on sale for six to twelve months post-transaction closure.
After a thorough ten-month due diligence process evaluating Desiweminer’s technology, engineering expertise, and supply chain network, Bitdeer found strong alignment between the two companies. Desiweminer’s advanced proprietary chips, compatible with cutting-edge semiconductor processes at 4nm and below, will complement Bitdeer’s chip designs. The integration of Desiweminer’s team into Bitdeer’s ASIC design team in Singapore is expected to lead to the swift launch of new products featuring these integrated technologies.
Linghui Kong, Bitdeer’s Chief Business Officer, expressed enthusiasm about the acquisition, highlighting Desiweminer’s track record of success in ASIC design with nearly 30,000 efficient machines in the market. Kong emphasized that this acquisition is a key step towards enhancing the mining industry’s standards and creating value for shareholders. The incorporation of Desiweminer’s advanced technologies is set to bolster Bitdeer’s product offerings and drive the development of next-generation ASICs, reshaping the future of ASIC technology and performance.
With a leadership team deeply rooted in Bitcoin, Bitdeer aims to redefine and lead the multi-billion-dollar ASIC market in the years to come, leveraging the expertise and resources gained through the acquisition of Desiweminer.