Bitdeer, led by Jihan Wu, a technology company specializing in blockchain and high-performance computing, has recently acquired Desiweminer, a fabless crypto ASIC design firm, in a significant all-stock deal valued at $140 million. Bitdeer had previously secured $150 million in funding from Tether, a stablecoin specialist.
The acquisition of Desiweminer by Bitdeer marks a strategic move to enhance their capabilities and expedite their time to market. The proprietary technologies and intellectual property of Desiweminer align well with Bitdeer’s objectives.
Following a thorough ten-month due diligence process, Bitdeer finalized the acquisition on June 3, 2024, with an agreement to purchase all the issued shares of Desiweminer for 20 million Bitdeer Class A ordinary shares. Some shares will vest over a period of five to seven years, subject to certain conditions, while others have restricted sale periods of six and twelve months from the transaction’s closure.
The integration of Desiweminer’s technology, engineering talent, and semiconductor processes compatible with Bitdeer’s chip designs is expected to bolster their ASIC team based in Singapore. This collaboration is set to lead to the launch of new products incorporating these technologies soon.
Linghui Kong, Bitdeer’s Chief Business Officer, expressed enthusiasm for the acquisition, citing Desiweminer’s track record in ASIC design and their existing market presence with 30,000 efficient machines. He emphasized that this acquisition is part of Bitdeer’s larger strategy to enhance the mining industry’s standards and generate value for shareholders.
Kong highlighted that the incorporation of Desiweminer’s advanced technologies will complement Bitdeer’s current product offerings and drive the development of next-generation ASICs. This move is poised to redefine the trajectory of ASIC technology and performance, positioning Bitdeer to lead the multi-billion-dollar ASIC market in the foreseeable future.