Gabby Currency Platform will go public through a SPAC merger

According to the Planet Daily, Bitdeer, a cryptocurrency mining platform, announced on Thursday that it plans to merge with blank-check company Blue Safari Group Acquisition Corp to go public, with the deal valuing Bitdeer at $4 billion.

On May 26th, Bitdeer announced that it would block all mainland China IP addresses to further ensure compliance and regulatory development in the mining industry. Blue Safari said that the US Securities and Exchange Commission (SEC) approved its plan to merge with Bitdeer, paving the way for the cryptocurrency firm to list on Nasdaq without undergoing the more stringent procedures of a traditional IPO. Blue Safari's shareholders will vote on the plan next Tuesday.

Senior securities lawyer from iLead stated that this merger and listing transaction may bring opportunities and challenges for both Bitdeer and Blue Safari Group Acquisition Corp. The merger and listing may provide Bitdeer with more funding and resources to drive its business expansion and increase market share. However, the merger and listing may also face review and regulatory requirements, requiring compliance with various conditions and regulations for the listing. Investors need to closely monitor the progress of the merger and listing transaction, including approval and implementation, to evaluate the risks and potential returns of the investment.

Written by iLead Editor.