Six firms assisted crypto miner Bitdeer Technologies Holding on its Nasdaq listing after closing a merger with blank cheque company Blue Safari Acquisition at a valuation of USD1.18 billion.
Cooley and Travers Thorp Alberga served as legal counsel for Bitdeer, with partner Will Cai leading the Cooley team, and supported by partners Nicolas Dumont and Tim Pitrelli. Cooley’s special counsel Reid Hooper offered knowledge on Securities and Exchange Commission communication.
Davis Polk, Haiwen & Partners, Shook Lin & Bok and Ogier acted as legal counsel for Blue Safari.
Partner Howard Zhang led the Davis Polk team, with support from litigation partner Patrick Sinclair and intellectual property and technology transactions partner Pritesh Shah.
Haiwen & Partners’ team included partner Jackson Tang, and international partners Fan Yunpeng and Wu Shan. Rachel Huang led Ogier’s team.
As one of the largest crypto miners in the world, Bitdeer announced a merger with Blue Safari Acquisition in 2021, a business combination initially valued at USD4 billion when bitcoin was trading at close to USD70,000. However, as the crypto market bubble burst, the planned SPAC listing was postponed three times.
Davis Polk said regulators, including the US Securities and Exchange Commission, raised concerns about the SPAC merger, cryptocurrency activities and the valuation of the target combination.
After a spin-off from Chinese company Bitmain in 2021, Bitdeer has moved its headquarters to Singapore under the leadership of crypto billionaire Wu Jihan. It has received investments from high-profile entities such as Sequoia Capital, IDG Capital and Temasek.
