Bitdeer, under the leadership of Jihan Wu, a prominent figure in blockchain and high-performance computing, has recently acquired Desiweminer, a renowned fabless crypto ASIC design firm, in a deal valued at $140 million. This acquisition, funded by Tether, a leading stablecoin firm, is a strategic move to enhance Bitdeer’s market presence and capabilities.
The acquisition involves the purchase of all outstanding shares of Desiweminer by Bitdeer, totaling 20 million Bitdeer Class A ordinary shares. These shares will be gradually vested over a period of five to seven years, with certain restrictions on sale for some sellers for up to twelve months post-transaction closure.
Bitdeer conducted an extensive ten-month due diligence process on Desiweminer before finalizing the acquisition. The compatibility of Desiweminer’s proprietary chips with advanced semiconductor processes at 4nm and below aligns well with Bitdeer’s chip designs. This integration is expected to result in the launch of innovative products in the near future.
Linghui Kong, Bitdeer’s Chief Business Officer, expressed enthusiasm about the acquisition, highlighting Desiweminer’s track record in ASIC design and their current market presence. The incorporation of Desiweminer’s advanced technologies will enhance Bitdeer’s product offerings and drive the development of next-generation ASICs, setting new standards in ASIC technology and performance.
With a strong leadership team deeply rooted in the Bitcoin industry, Bitdeer aims to redefine and dominate the multi-billion-dollar ASIC market in the coming years through strategic acquisitions like Desiweminer. This move signifies Bitdeer’s commitment to advancing the mining industry and creating long-term value for shareholders.