Bitdeer Technologies (NASDAQ:BTDR) stock tumbled 30% Friday following its market debut in the wake of the crypto-mining company’s SPAC merger with Blue Safari Group.
Shares of Bitdeer opened at $9.70, later sliding to a low of $6.30 in mid-afternoon. They ended its first post-merger session at $7.03. The stock closed at $10 the prior day, according to CNBC data.
Based in Singapore, Bitdeer operates six cryptocurrency mining data centers. The company merged with Blue Safari on Thursday through a deal that originally valued the crypto mining services provider at around $4B.
For a closer look at the merger, check out Bamboo Works’ “Caught in the Headlights: Desperate Bitdeer Inches Closer to Listing.”