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Author: Admin | 2025-04-27
Plan to buy a mining plan on Bitdeer.com and will report back with my results. Q: The valuation difference argument doesn't always work well for SPACs vs. non-SPACs. For example, $DCRC vs. $QS. Why should it work here? A: Firstly, we do have SPAC to SPAC crypto-miner comparisons that we can leverage in this case ($XPDI and $VCXA). Both of these valuations and stock prices indicate significant upside for $BSGA as I've shown in the tables above. Secondly, EV/Battery companies are more so valued based on hype and how much people think they will sell/succeed several years from now. Crypto miner valuations, on the other hand, are pretty easy to standardize through concrete metrics such as total hash rate and MW power as they directly correspond to how much Bitcoin/crypto and therefore, revenue, they can generate right now on a per-second basis. Q: This all still seems too good to be true. Why would Bitdeer take on such a low valuation in comparison to other miners? A: I don't know of course, but perhaps one reason is that the negotiations mainly took place when BTC was much lower than its current price. Another possibility is that Bitdeer is just looking for the path of least resistance for going public, and therefore doesn't want to deal with the threat of cash trust potentially being completely redeemed and going public. Coming back to an earlier point: if a company that doesn't really need capital were to accept a discounted valuation, it would
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