Bitdeer, led by Jihan Wu and specializing in blockchain and high-performance computing, has recently completed the acquisition of Desiweminer, a fabless crypto ASIC design firm, in a deal valued at $140 million in stocks. This move follows Bitdeer’s successful fundraising of $150 million from Tether, a stablecoin company.
The acquisition of Desiweminer by Bitdeer marks a significant milestone in the company’s growth strategy. The proprietary technologies and intellectual property of Desiweminer are expected to complement Bitdeer’s capabilities and expedite their time to market for new products.
The deal, which was finalized on June 3, 2024, involves Bitdeer acquiring all of Desiweminer’s issued and outstanding shares for 20 million Bitdeer Class A ordinary shares. These shares will be vested over a period of five to seven years, with certain restrictions on sale for some sellers for six to twelve months post-transaction.
Bitdeer conducted an extensive ten-month due diligence on Desiweminer’s technology, engineering talent, and sourcing network before finalizing the acquisition. Desiweminer’s cutting-edge chips are compatible with advanced semiconductor processes, including 4nm and below. This alignment with Bitdeer’s chip designs will strengthen their ASIC design team in Singapore and pave the way for the launch of new products incorporating these technologies.
Linghui Kong, Bitdeer’s Chief Business Officer, expressed enthusiasm for the acquisition, praising Desiweminer’s achievements in ASIC design and their existing market presence. The integration of Desiweminer’s technologies is expected to enhance Bitdeer’s product offerings and drive the development of next-generation ASICs. With a leadership team deeply rooted in Bitcoin, Bitdeer aims to redefine and dominate the ASIC market in the years to come.
By combining forces with Desiweminer, Bitdeer is poised to revolutionize the ASIC market and set new standards for technology and performance. With a clear focus on creating value for shareholders, Bitdeer’s strategic acquisition of Desiweminer signals a bold step towards shaping the future of the mining industry.