# EDGAR Filing Document

**Accession Number:** 0001899123
**File Stem:** 0000000000-23-002657
**Filing Date:** 2023-3
**Character Count:** 11252
**Document Hash:** 2d58e487553cbbf13d0a1cd95bd5e07d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-002657.hdr.sgml**: 20230517

**ACCESSION NUMBER**: 0000000000-23-002657

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230316

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bitdeer Technologies Group
- **CENTRAL INDEX KEY:** 0001899123
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 08 KALLANG AVENUE, APERIA TOWER 1, #09-0
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 339509
- **BUSINESS PHONE:** 65-62828220

**MAIL ADDRESS:**
- **STREET 1:** 08 KALLANG AVENUE, APERIA TOWER 1, #09-0
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 339509
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001104659-21-149966

## Text-Extract

```

United States securities and exchange commission logo

                              March 16, 2023

       Linghui Kong
       Chief Executive Officer
       Bitdeer Technologies Group
       08 Kallang Avenue
       Aperia Tower 1, #09-03/04
       Singapore 339509

                                                        Re: Bitdeer
Technologies Group
                                                            Registration
Statement on Form F-4
                                                            Filed March 8, 2023
                                                            File No. 333-270345

       Dear Linghui Kong:

              We have reviewed your registration statement and have the
following comments. In
       some of our comments, we may ask you to provide us with information so
we may better
       understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.

       Registration Statement on Form F-4 filed March 8, 2023

       BSGA's Board's Review of Valuation, page 135

   1.                                                   We note your
non-reliance on your outdated projections and your consideration of certain
                                                        selected financial
information to support a revised valuation of Bitdeer. In this regard,
                                                        explain how the
significant drop in the valuation of Bitdeer ($4.5 billion reduced to $1.18
                                                        billion) provided the
Board an "adequate basis" to support consummation of the merger.
 Linghui Kong
FirstName  LastNameLinghui
Bitdeer Technologies Group Kong
Comapany
March      NameBitdeer Technologies Group
       16, 2023
March2 16, 2023 Page 2
Page
FirstName LastName
BSGA's Management's Discussion and Analysis of Financial Condition and Results
of
Operation, page 190

2.       Please revise to update the discussion indicating that you have not
selected any specific
         business combination target.
Critical Accounting Policies
Net Income per Common Share, page 194

3.       Please revise to explain how the estimation uncertainties impact your
computation of net
         loss per share.
Bitdeer's Management's Discussion and Analysis of Financial Condition and
Results of
Operation, page 220

4.       We note the selected unaudited financial information for the year
ended December 31,
         2022 disclosed on page 142. Tell us what consideration you gave to
discussing and
         analyzing your preliminary results, with disclosure addressing whether
such results reflect
         trends consistent with your historical results, and why only
preliminary financial
         information is available. Also consider disclosing such information in
the forepart of the
         filing.
Experts, page 272

5.       We note that you have also included audited financial statements of
Blue Safari Group
         Acquisition Corp. as of December 31, 2022. Revise to update the
disclosure regarding the
         statement of experts. Refer to Item 10.G of Form 20-F.
Annex D: Valuation Reports of Royson Valuation Advisory Limited, page D-1

6.       Please include Royson's updated Valuation Report supporting the
revised valuation of
         Bitdeer.
Exhibit 99.10, page II-2

7.       The representation included as Exhibit 99.10 indicates that the
registration statement on
         Form F-4 relates to the proposed initial public offering in the United
States of the
         Company   s ordinary shares to be represented by American depositary
shares in
         connection with the business combination. However, we note that,
pursuant to the Third
         Amendment, the parties agreed to remove the American Depository Share
structure
         previously contemplated under the Second Amended Merger Agreement and
instead issue
         ordinary shares of BTG as considerations to be paid. Please revise the
description of the
         registration statement in your representation, accordingly.
 Linghui Kong
FirstName  LastNameLinghui
Bitdeer Technologies Group Kong
Comapany
March      NameBitdeer Technologies Group
       16, 2023
March3 16, 2023 Page 3
Page
FirstName LastName
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

       You may contact Melissa Walsh, Senior Staff Accountant, at (202)
551-3224 or Stephen
Krikorian, Accounting Branch Chief, at (202) 551-3488 if you have questions
regarding
comments on the financial statements and related matters. Please contact Kyle
Wiley, Staff
Attorney, at (202) 344-5791 or Larry Spirgel, Office Chief, at (202) 551-3815
with any other
questions.

                                                           Sincerely,

                                                           Division of
Corporation Finance
                                                           Office of Technology
cc:      Will Cai

```

### Attached PDF Documents

**Attachment 1:** `filename1`

![img-0.jpeg](img-0.jpeg)

CORPORATION FINANCE

# UNITED STATES  
SECURITIES AND EXCHANGE COMMISSION  
WASHINGTON, D.C. 20549

March 16, 2023

Linghui Kong  
Chief Executive Officer  
Bitdeer Technologies Group  
08 Kallang Avenue  
Aperia Tower 1, #09-03/04  
Singapore 339509

**Re: Bitdeer Technologies Group  
Registration Statement on Form F-4  
Filed March 8, 2023  
File No. 333-270345**

Dear Linghui Kong:

We have reviewed your registration statement and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.

After reviewing any amendment to your registration statement and the information you provide in response to these comments, we may have additional comments.

Registration Statement on Form F-4 filed March 8, 2023

BSGA's Board's Review of Valuation, page 135

1. We note your non-reliance on your outdated projections and your consideration of certain selected financial information to support a revised valuation of Bitdeer. In this regard, explain how the significant drop in the valuation of Bitdeer ($4.5 billion reduced to $1.18 billion) provided the Board an 'adequate basis' to support consummation of the merger.

Linghui Kong  
Bitdeer Technologies Group  
March 16, 2023  
Page 2

# BSGA's Management's Discussion and Analysis of Financial Condition and Results of Operation, page 190

2. Please revise to update the discussion indicating that you have not selected any specific business combination target.

# Critical Accounting Policies

# Net Income per Common Share, page 194

3. Please revise to explain how the estimation uncertainties impact your computation of net loss per share.

# Bitdeer's Management's Discussion and Analysis of Financial Condition and Results of Operation, page 220

4. We note the selected unaudited financial information for the year ended December 31, 2022 disclosed on page 142. Tell us what consideration you gave to discussing and analyzing your preliminary results, with disclosure addressing whether such results reflect trends consistent with your historical results, and why only preliminary financial information is available. Also consider disclosing such information in the forepart of the filing.

# Experts, page 272

5. We note that you have also included audited financial statements of Blue Safari Group Acquisition Corp. as of December 31, 2022. Revise to update the disclosure regarding the statement of experts. Refer to Item 10.G of Form 20-F.

# Annex D: Valuation Reports of Royson Valuation Advisory Limited, page D-1

6. Please include Royson's updated Valuation Report supporting the revised valuation of Bitdeer.

# Exhibit 99.10, page II-2

7. The representation included as Exhibit 99.10 indicates that the registration statement on Form F-4 relates to the proposed initial public offering in the United States of the Company's ordinary shares to be represented by American depositary shares in connection with the business combination. However, we note that, pursuant to the Third Amendment, the parties agreed to remove the American Depositary Share structure previously contemplated under the Second Amended Merger Agreement and instead issue ordinary shares of BTG as considerations to be paid. Please revise the description of the registration statement in your representation, accordingly.

Linghui Kong  
Bitdeer Technologies Group  
March 16, 2023  
Page 3

We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.

Refer to Rules 460 and 461 regarding requests for acceleration. Please allow adequate time for us to review any amendment prior to the requested effective date of the registration statement.

You may contact Melissa Walsh, Senior Staff Accountant, at (202) 551-3224 or Stephen Krikorian, Accounting Branch Chief, at (202) 551-3488 if you have questions regarding comments on the financial statements and related matters. Please contact Kyle Wiley, Staff Attorney, at (202) 344-5791 or Larry Spirgel, Office Chief, at (202) 551-3815 with any other questions.

Sincerely,

Division of Corporation Finance Office of Technology

cc: Will Cai