Bitdeer Technologies Group, a leading blockchain and high-performance computing technology company, has announced the acquisition of FreeChain Inc., a crypto ASIC design company.
The share purchase agreement between the two entails acquisition of all the present and outstanding shares of FreeChain Inc. in exchange for 20 million Class A ordinary shares of Bitdeer. The agreement conditions require that the shares of Bitdeer issued to sellers cannot be transferred for a period ranging from six months to a year following the closure.
The acquisition took ten months of due diligence conducted by Bitdeer, in this period the company assessed FreeChain in terms of technology, engineers, and supply chain.
FreeChain’s chip designs are complementary to Bitdeer’s and are well-suited for advanced semiconductor processes at 4nm and below. The FreeChain team will integrate into the Singapore-based ASIC design team of Bitdeer and greatly enhance the Company’s capacity and its time to market. Integrated products featuring the combined technologies are slated for imminent release.
Linghui Kong, the Chief Business Officer of Bitdeer, stated that integrating FreeChain’s technologies will expand and improve Bitdeer’s existing product portfolios and spur the company’s future research and development for its more advanced ASIC solutions as well as optimize the efficiency of those technologies according to current possibilities.
However, Bitdeer Technologies Group has recently secured a private sale agreement with Tether for up to $150 million of Tether’s shares. The agreement, concluded on May 30, 2024, involved the private placement of 18,587,360 Class A ordinary shares, with a warrant to purchase up to 5,000,000 additional shares at $10.00 each.
