Bitdeer, led by Jihan Wu, a tech company specializing in blockchain and high-performance computing, has recently completed the acquisition of Desiweminer, a fabless crypto ASIC design firm. This all-stock deal, valued at $140 million, marks a significant milestone for Bitdeer. Earlier, the company secured $150 million in funding from Tether, a stablecoin specialist.
The acquisition of Desiweminer brings proprietary technologies and intellectual property under Bitdeer’s umbrella. This move is expected to expedite product development and enhance market competitiveness. The announcement was shared on Bitdeer’s official Twitter account, along with a link to the full news release.
In a share purchase agreement signed on June 3, 2024, Bitdeer agreed to acquire all issued and outstanding shares of Desiweminer for 20 million Bitdeer Class A ordinary shares. Some of these shares will vest over a period of five to seven years, subject to certain conditions. Restrictions on the sale of shares by certain sellers will be in place for six to twelve months post-transaction closure.
The strategic acquisition follows a thorough ten-month due diligence process by Bitdeer, evaluating Desiweminer’s technology, talent pool, and supply chain. Desiweminer’s chips, designed for 4nm and below semiconductor processes, align well with Bitdeer’s chip designs. This integration will bolster Bitdeer’s ASIC design team in Singapore, paving the way for the launch of innovative products.
Linghui Kong, Chief Business Officer at Bitdeer, expressed enthusiasm for the acquisition, citing Desiweminer’s track record in ASIC design and market presence. The addition of Desiweminer’s technologies is poised to enhance Bitdeer’s product portfolio and drive the development of next-generation ASICs. With a leadership team well-versed in Bitcoin, Bitdeer aims to revolutionize the ASIC market in the years to come.