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. This acquisition is part of Bitdeer’s strategy to enhance its capabilities and accelerate its time to market by integrating Desiweminer’s proprietary technologies and intellectual property.
The acquisition, finalized on June 3, 2024, involves the purchase of all issued and outstanding shares of Desiweminer by Bitdeer for 20 million Bitdeer Class A ordinary shares. These shares will be gradually exercisable over a period of five to seven years, with certain restrictions on sale for some sellers for up to twelve months following the transaction.
Bitdeer’s thorough ten-month due diligence of Desiweminer’s technology, engineering talent, and sourcing network confirmed the compatibility of Desiweminer’s proprietary chips with complex semiconductor processes, aligning well with Bitdeer’s chip designs. This integration will strengthen Bitdeer’s ASIC design team in Singapore and potentially lead to the launch of new products featuring these integrated technologies.
Linghui Kong, the Chief Business Officer of Bitdeer, expressed enthusiasm for the acquisition, highlighting Desiweminer’s significant progress in ASIC design and their current market presence with nearly 30,000 efficient machines. Kong emphasized that this acquisition is a key step for Bitdeer in advancing the mining industry’s excellence and creating value for shareholders. By incorporating Desiweminer’s advanced technologies, Bitdeer aims to enhance its product offerings, develop new generation ASICs, and redefine the future of ASIC technology and performance.
With a leadership team deeply rooted in Bitcoin, Bitdeer’s goal is to dominate the multi-billion-dollar ASIC market in the years to come, setting the stage for groundbreaking developments in the industry.
