Bitdeer $BTDR Acquires FreeChain In $140M All-Stock Deal For Bitcoin Mining Expansion

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00:00Despite current constraints in capital markets, mergers and acquisitions continue to thrive

00:07in the Bitcoin mining industry. Bitdeer Technologies, Nasdaq BTDR, recently

00:12announced a significant acquisition of the crypto-asset design company Desi-Wemina, also

00:17known as FreeChain, in a $140 million all-stock transaction. Since the announcement, Bitdeer's

00:24stock price has surged from $7.01 on June 5 to over $11. This deal positions Bitdeer

00:32to capture more market share in the rapidly growing ASIC Bitcoin mining chip market, projected

00:38to reach $25.7 billion in the next eight years. The stock deal involved exchanging FreeChain's

00:45shares for 20 million newly-issued Bitdeer-class A ordinary shares, with transfer restrictions

00:52on these shares for six to 12 months. The acquisition, which has been in the works

00:56for nearly a year, includes integrating FreeChain's workforce and technology into Bitdeer's operations

01:03in Singapore, with plans to introduce new integrated products immediately. This strategic

01:10move aims to consolidate Bitdeer's position in the technology industry and enhance its

01:15ASIC research and development capabilities. The competitive nature of Bitcoin mining,

01:21where equipment performance is crucial for profitability, makes this acquisition a significant

01:27boost for Bitdeer in the ASIC chip market. Wall Street firm H.C. Wainwright maintained

01:32a buy rating on Bitdeer stock with a bullish $20 price target. The acquisition supports

01:39Bitdeer's ambitions to deliver next-generation energy-efficient Bitcoin mining chips by 2025,

01:47leveraging FreeChain's advanced semiconductor processes. Bitdeer, led by founder and CEO

01:53Jihan Wu, is poised to be a major player in the Bitcoin mining industry, appealing to

01:59investors interested in the next wave of Bitcoin mining and ASIC technology.