Third time is a charm? Bitcoin Miner Bitdeer Delays $4 Billion SPAC Deal Again

Blue Safari Group, the SPAC company that takes crypto miner Bitdeer public at a $4 billion valuation, has just requested another extension— the third in less than six months, and this time up to a year.

The company was supposed to merge with Bitdeer by the end of December, but said in the filing that it had “determined that there may not be sufficient time before December 14, 2022 (the termination date current) to hold an extraordinary general meeting in order to obtain the required shareholder approval and to complete it”, the merger.

The news comes as Blue Safari Group requested a similar extension just in September when it pushed back the deadline for merging with BitDeer to December of this year. This three-month extension followed another already filed in June. The deal was originally announced in November 2021.

SPACs are blank check companies created to raise funds to take a company public through acquisition or merger. They have become popular in recent years as a faster way to list companies on the stock market than initial public offerings or IPOs.

However, investor appetite for crypto mining ventures appears to have cooled considerably since the heyday of last year.

A combination of soaring energy prices, all-time high hash rates and falling token prices has also seen many once powerful players file the balance sheet Where borrow money from people like Binance to stay afloat.

Previous delays to Bitdeer’s deal cost the company $575,000 each time, according to a Press release filed with the SEC. The miner has already loaned the SPAC entity nearly $2 million so far for this purpose.

Crypto SPACs have a cold shoulder

Bitdeer is not the only company to suffer from the last crypto winter.

USD coin issuer CircleExchange platform eToroand Bull group all delayed their plans to make SPACs public.

In August, crypto miner PrimeBlock saw its CEO Gaurav Budhrani resign after cancelation its plans to merge with 10X Capital Venture at a valuation of $1.3 billion.

And in July, VCV Digital Technology, a crypto miner valued at $294 million, abandoned his plans to go public by merging with Fortune Rise Acquisition Corporation.

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