Crypto miner Bitdeer Technologies has bought a maximum security physical safety vault, Le Freeport, for S$40 million ($28.4 million), Bloomberg reported, citing sources.

Bitdeer, which is backed by crypto billionaire Jihan Wu, bought the Singapore-based vault in July, the report said. Le Freeport is a repository for fine art, precious gems, and gold and silver bars, from shareholders led by Swiss art dealer and founder Yves Bouvier, according to the report.

Wu confirmed the transaction in a text message to Bloomberg.

Le Freeport is a unique acquisition by Bitdeer, which was looking to go public through a deal with a special-purpose acquisition company.

Bitdeer was formed after Bitmain, the world's largest mining rig manufacturer, was split into two companies. Bitmain was founded by Micree Zhan and Wu and was split into two after a messy battle between the two co-founders. Zhan kept Bitmain’s design and manufacturing business, buying Wu's share, while Wu kept Bitdeer.

Bitdeer didn't immediately respond to a request for comment.

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