Blue Safari Group SPAC has once again delayed its merge with the Bitcoin mining company, Bitdeer.
SPACs, or special purpose acquisition companies, are created with the purpose of raising capital and taking other companies public through a merger or acquisition. Valued at $4 billion, Bitdeer was already supposed to go public following the merger with Blue Safari, which was planned for June 14, and then September 14.
Now, thanks to the ongoing crypto winter, Blue Safari was forced to ask for another three-month delay, until December 14. After each delay, Bitdeer agreed to loan Blue Safari $575,000. However, in line with the terms of their contract, this is the last time that Bitdeer is required to do so.
This delay is yet another when it comes to recent SPAC deals in the crypto space. Circle, eToro, and Bullish Group are just some of the companies that have been affected.