本文将通过分析 2023 年 SEC 与 Bitdeer Technologies 之间的质询与回复案例，探讨 SEC 监管中的关键事项，并从中汲取对行业合规的启示。
作者：TaxDAO
封面：Photo by Vimal S on Unsplash
近期，加密监管动态频发。6 月 28 日，美国证券交易委员会（SEC）对 Consensys 提起诉讼，指控其未能通过 MetaMask 掉期服务注册为经纪商，这距离 SEC 通知 Consensys 结束对以太坊 2.0 的调查才过去两周时间。SEC 主席加里·詹斯勒 (Gary Gensler) 也曾在哥伦比亚法学院发表演讲时强调，加密货币证券市场的某些参与者正试图规避 SEC 既定的披露制度。自建立加密资产和网络部门起，SEC 便加大了对加密货币市场的监管，针对未注册的证券发行、欺诈和市场操纵等问题展开了一系列执法行动。2023 年期间，SEC 执法力度升级，采取了创纪录的 46 项行动，比 2022 年增加了 53%，其中对头部交易平台 Binance 及其 CEO 赵长鹏的处罚更是轰动圈内外。SEC 坚持对不遵守规定的实体提起诉讼，加密货币行业的监管环境似乎时刻都有可能发生重大变化，在此背景下，确保投资者能够充分了解情况并得到妥善保护显得尤为重要。
本文将通过分析 2023 年 SEC 与 Bitdeer Technologies 之间的质询与回复案例，探讨 SEC 监管中的关键事项，并从中汲取对行业合规的启示。
1. 招股书中的审计披露
Bitdeer 在未经审计的合并财务信息中，披露了 Bitdeer 和 BSGA（Bitdeer 全资子公司）的合并，业务合并作为 “反向资本重组” 进行会计处理。招股书中指出，管理层基于可获得的信息，在编制这些未经审计的合并财务报表时，进行了合理的假设和估计，随着获取更多补充资料和进行进一步分析，这些未经审计的财务信息的调整可能会有所修订，因此，最终的实际调整可能与初步估计存在显著差异。尽管如此，管理层认为，在编制时点，采用这种列报基础是合理的，基于此披露了公司的财务信息以及各种影响因素。
财务信息根据《S-X 法规》第 11 条编制，该条经第 33-10786 号发布稿 “关于收购和处置企业财务披露的修订” 修订。第 33-10786 号发布稿用简化的要求取代了原有的调整标准，以描述"交易会计调整"和已经发生或合理预期将发生的其他交易影响（"管理层调整"等）。对于此次合并，Bitdeer 选择不列报管理层调整，仅在合并财务报表中列报交易会计调整。
此次交易会计调整包括以每股 10.89 美元的赎回价值赎回 1,502,640 股 BSGA A 类普通股；业务合并后信托账户中可用于一般用途的现金的重新分类；BSGA 历史普通股价值和累计赤字的冲销；Bitdeer 与业务合并相关的约 1,020 万美元交易成本的结算；Bitdeer 的股权资本结构调整，作为反向资本结构调整的对价；已发行 BSGA 普通股的公允价值超出业务合并当日 BSGA 可识别净资产公允价值的部分所确认的估计费用，根据实际赎回情况，累计赤字减少 3,680 万美元；Bitdeer 和 BSGA 之间期票的取消情况等。
招股书中指出，在评估公司业务时，采用非国际财务报告（non-IFRS）准则指标、调整后的 EBITDA 和调整后的利润/亏损作为审查和评估经营业绩的补充指标，将调整后的 EBITDA 定义为息税折旧及摊销前利润，并根据 IFRS 2 进一步调整以排除基于股份的支付费用，并将调整后的利润/亏损定义为调整后排除基于股份的支付费用的利润/亏损。
招股书中列示出利润来源主要来自：挖矿；通过 Cloud Hash Rate 销售 hash rate；云主机；普通主机；会员主机；销售矿机；其他，主要包括提供技术和人力资源服务、托管矿机维修服务、投资物业租赁和销售矿机外设等。影响业绩的主要因素包括比特币价格和波动性；专有算力；采购矿机的成本；电力；监管环境等。
2.SEC 质询关注点
2.1 信息披露
首先 SEC 在质询中强调对风险信息的披露问题。
Bitdeer 回复：本公司已修订《注册声明》第 80 页的关于风险信息的披露。
Risk Factors,page42
1. Please provide risk factor disclosure clarifying that, based on the relevant facts as they exist today, Zcash may be a security under the federal securities laws
In response to the Staff's comment, the Company has revised the disclosure on page 80 of the Registration Statement.
SEC 要求更新关于专家声明的相关披露。
Bitdeer 回复：本公司已修订第 1 号修正案第 275 页的披露。
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 disclose regarding the statement of experts.Refer to Item 10.G of Form 20-F.
In response to the Staff’s comment,the Company hase revised the disclosure on page 275 of the Amendment No.1.
SEC 要求附上修订后估值的 Royson 最新估值报告
Bitdeer 回复：提交日期为 2023 年 3 月 7 日的估值报告，连同日期为日期为 2021 年 11 月 17 日的原始估值报告 (附件 D-1) 和 2021 年 12 月 14 日的更新估值报告 (附件 D-2) 以及作为注册声明的附件 D-3。
6. Please include Royson’s updated Valuation Report supporting the revised valuation of Bitdeer.
The Company respectfully submits to the Staff that the 2023 Valuation Report,dated March 7,2023,supporting the revised valuation of Bitdeer was included as Annex D-3 of the Registration Statement,together with the Updated Valuation Report dated December 14,2023 included as Annex D-2 and the Original Valuation Report dated November 17,2021 included as Annex D-1.
SEC 要求修改《Bitdeer 未经审计的财务和其他资料选》的信息披露，以消除投资者不应依赖所提供信息的任何暗示，如果披露初步结果，就应该能够断言实际结果预计不会与初步结果中反映的结果有重大差异。
Bitdeer 回复：本公司已修订第 2 修正案第 23、48 及 143 页的披露。
The Business Combination Proposal
Selected Unaudited Financial and Other Information of Bitdeer,page 144
1. Please revise the disclosure in this section to remove any implication that investors should not rely on the information presented.If you choose to disclose preliminary results,you should be able to assert that the actual results are not expected to differ materially from that reflected in the preliminary results.
In response to the Staff’s comment,the Company has revised the disclosure on page 23,48 and 143 of the Amendment No.2.
2.2 非常规会计处理
关于 “应收加密货币公允价值” 的披露和会计处理问题，SEC 要求对其进行修订，反映出 “加密货币借出资产的公允价值”。
Bitdeer 回复：公司修改了注册声明第 238 页、F-22、F-29、F-33、F-39、F-46、F-53、F-61、F-62、F-77、F-81、F-84、F-91 和 F-99 页的披露。
Verbal comment of the Staff communicated on March 6,2023
1. For the disclose and accounting when the Company discuss the “fair value of the cryptocurrency receivable”,the staff will not object to the accounting if it is revised to reflect the “fair value of the crypto currency lent asset”.
In response to the Staff’s comment,the Company has revised the disclosure on page 238,F-22,F-29,F-33,F-39,F-46,F-53,F-61,F-62,F-77,F-81,F-84,F-91,and F-99 of the Registration Statement.
SEC 要求修改以解释估算的不确定性如何影响计算每股净损失的问题。
Bitdeer 回复：公司修改了第 1 号修正案第 197 页的披露，以反映 BSGA 不认为存在重大的估计不确定性，因此 BSGA 预计不会对每股收益产生潜在影响。
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.
In response to the Staff's comment,the Company has revised the disclosure on page 197 of the Amendment No. 1 to reflect that BSGA does not believe there is significant estimation uncertainty and therefore BSGA does not expect potential impact on earning per share.
2.3 时效性问题
SEC 注意到 Bitdeer 提供的注册声明是 2021 年 12 月准备的，且为期两年，截止至 2022 年 12 月 31 日，预测的各个方面都可能发生变动以及加密资产市场的波动、破产以及财务困境等情况，SEC 关注于注册声明中的这些预测能否继续反映管理层对未来表现的看法，对于时效性发出质询。
Bitdeer 回复：鉴于之前使用的预测已经过时和最近加密资产市场的波动，BSGA 和 Bitdeer 已同意使用以下信息作为更新估值的部分依据，而不是基于财务预测进行估值分析：基于 Bitdeer 截至 2022 年 12 月 31 日的未审计管理账目的关键选定财务信息和其他内部编制的财务信息，以及截至 2023 年 1 月 31 日的某些关键财务信息和哈希率。作为对质询的回复，公司修改了注册声明第 41、47 和 133 至 145 页的披露。
Comment of the Staff contained in the letter dated December 23,2022
Certain Projected Information of Bitdeer,page 136
3. We note the projections provided by Bitdeer to BSGA included in your registration statement were prepared in December 2021 for the two-year period ending December 31, 2022. Given the age of the projections and the recent volatility, bankruptcies, and financial distress in the crypto asset market, please confirm whether or not the projections still reflect management's views on future performance. Describe what consideration your board gave to obtaining updated projections or a lack of reliance upon the projections. In doing so, address whether key assumptions underlying the projections have reflected actual performance (including, but not limited to, the price of Bitcoin and Bitdeer's proprietary and total network hash rate and the number and efficiency of its mining machines).
The Company respectfully submits to the Staff that given the age of the projections previously used and the recent volatility in the crypto asset market, BSGA and Bitdeer have agreed to use key selected financial information of Bitdeer based on the unaudited management accounts of Bitdeer for the year ended December 31, 2022 and other internally prepared financials and certain key financial information of Bitdeer as of January 31, and hash rate as of January 31, 2023 as part of the basis for the updated valuation analysis and not to rely on financial projections for updating the valuation. Accordingly, and in response to the Staff's comment, the Company has revised the disclosure on pages 41, 47, and 133 through 145 of the Registration Statement.
SEC 也关注到了注册声明的内容。注册声明与拟在美国首次公开发行的公司普通股有关，该普通股将由与业务合并相关的美国存托股票代表。然而，根据第三修正案，双方同意取消此前在第二次修订的合并协议中设想的美国存托股票结构，代之以发行 BTG 普通股作为支付对价，但是关于存托股票结构的相关信息仍在声明中有所提及。
Bitdeer 回复：公司已签署了一份更新的声明函，删除了提及美国存托股票结构的内容，并将该声明函重新归档，如第 1 修正案附件 99.10 所示。
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 depository 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.
In response to the Staff’s comment,the Company has executed an updated representation letter removing the American Depository Share structure and is refiling such letter as Exhibit 99.10 to the Amendment No.1.
2.4 财务报表
SEC 指出，在对 Bitdeer 进行估值修正后，修正后的估值相比原估值大幅下降（从 45 亿美元降至 11.8 亿美元），因此 SEC 质疑在这一情况下相关合并并不具有 “充分基础”。
对此，Bitdeer 的主要回应是，公司修改了第 1 号修正案第 137 页的披露，以明确表示 Royson 和 IJW 的分析以及 Bitdeer 的历史信息作为 “替代来源”（相较于之前的 “充分依据”）为 BSGA 董事会审查 Bitdeer 的股权价值以及拟议业务合并相关的对价提供了参考。此外，公司扩大了第 1 号修正案第 137 页的披露内容，说明了 BSGA 董事会在批准并建议业务合并时如何考虑 Bitdeer 估值的显著下降（从 40 亿美元降至 11.8 亿美元）。
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.
In response to the Staff's comment, the Company has revised disclosure on page 137 of the Amendment No. 1 to clarify that the analysis of Royson and IJW along with Bitdeer’s historical information served as “alternative sources”(as compared to previously used phrase, "adequate basis") for the BSGA Board to review the equity value of Bitdeer and consideration to be paid in connection with the proposed Business Combination. In addition, the Company has expanded the disclosure on page 137 of Amendment No. 1 to disclose how the BSGA Board considered the significant drop in the valuation of Bitdeer ($4.0 billion reduced to $1.18 billion) in approving and declaring advisable the Business Combination. The Company respectfully submits to the Staff that the discussion under the heading “BSGA Board’s Review of Valuation” is not a complete explanation for the reasons underlying BSGA Board’s approval; rather, it serves as an overview of the more detailed disclosure further set forth under “Reports of Valuation Advisor to BSGA”,“Fairness Opinion of BSGA’s Financial Advisor,” and “Reasons for BSGA Board’s Approval of the Business Combination.”
对于 Bitdeer 截至 2022 年 12 月 31 日的年度未经审计的财务信息，SEC 询问 Bitdeer 在讨论和分析初步结果时是如何考虑的，并要求解释这些结果是否与过去的结果保持了一致的趋势，以及为什么只公布了初步的财务信息。此外，SEC 建议 Bitdeer 在申请文件的前面部分披露此类信息。
Bitdeer 作出了如下回应：Bitdeer 尚未完成对 2022 年度财务报表的审计工作。Bitdeer 最初向 BSGA 提供了《经挑选的 Bitdeer 未经审计的财务信息》，供 BSGA 评估潜在的业务合并，但是，鉴于 SEC 的意见，并考虑到 Bitdeer 的未经审计的财务信息与 Bitdeer 的最新经营业绩相关，公司修改了第 1 号修正案前面部分第 23 页和第 24 页的披露内容，以涵盖 Bitdeer 的未经审计的财务信息。公司还在修订后的披露中纳入了对这些初步结果的讨论和分析，并确认这些运营结果反映了截至 2022 年 6 月 30 日的前六个月中 Bitdeer 业绩的趋势。
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.
The Company respectfully submits that Bitdeer is still in the process of completing the audit of its financial statements for the year ended December 31, 2022. Bitdeer initially provided the Selected Unaudited Financial Information of Bitdeer to BSGA for it to evaluate the potential Business Combination. However, in light of the Staff's comment, and taking into consideration that the Selected Unaudited Financial Information of Bitdeer is relevant to understand Bitdeer's most recent results of operation, the Company has revised the disclosure on pages 23 and 24 in the forepart of the Amendment No. 1 to include the Selected Unaudited Financial Information of Bitdeer. In response to the Staff's comment, the Company has also included in the revised disclosure the discussion and analysis of these preliminary results, and a confirmation that such results of operations reflect trends consistent with Bitdeer's performance for the first six months ended June 30, 2022.
3. 对行业合规的启示
在有限的 SEC 质询信函中，SEC 主要关注 Bitdeer 信息披露、特殊会计处理、信息时效性，以及财务报表信息等方面的问题。
对于行业合规，SEC 强调了风险信息披露的必要性，加密货币公司应当合理地进行信息的披露，关于风险信息、财务信息等，同时注意信息的客观公正，杜绝暗示，并且保障披露信息的时效性，在对待失效信息注意取舍和调整。
对于会计处理，应做到尽量完善无缺漏，因目前没有专门针对加密数字货币的会计准则，需要根据现有的会计准则（S-X 法规第 11 条等）进行处理。加密行业的企业在编制财务信息时要确保其财务信息的透明度，并解释这些信息如何反映公司的实际运营趋势。由于针对性准则的缺失，合理的假设和估计至关重要，同时随着获取更多信息，应及时更新这些预测性内容。同时，加密货币市场波动性大，应定期更新其财务预测和估值，考虑其估值的合理性以及与历史结果一致的趋势，确保投资者能够获得最新信息，使用的任何指标也需要公司在使用这些指标时提供清晰的解释和依据，解释财务信息的可用性。
针对 SEC 的质询，公司也要及时地做出积极反应，根据质询内容，及时调整发现问题，并根据建议改正并及时回复，以达到合规要求。加密货币行业监管环境可能随时发生变化，需要及时适应新的法律和监管要求，以避免潜在的法律风险。
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