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Crypto Miner Bitdeer Seeking $100m Financing for Bitcoin Mining Expansion
Crypto miner Bitdeer is currently in discussions with private credit firms to secure $100m in financing to expand its Bitcoin mining capacity. Talks are ongoing, with details yet to be finalized.
About Bitdeer
- One of the largest bitcoin miners globally
- Went public on Nasdaq in April last year
- Headquartered in Singapore
- Recognized for its cloud services expediting GPU instance deployment
- Manages mining farms globally with a total electricity capacity of 895MW
Key Figures at Bitdeer
- Founder and CEO: Jihan Wu
- Notable for translating Satoshi Nakamoto’s Bitcoin whitepaper into Mandarin
If Bitdeer secures financing, it would join other companies like Ascend Wellness and Superior Industries in the direct-lender route.
Crypto Companies Seeking Expansion Funds Amid Bitcoin Surge
With Bitcoin reaching record highs exceeding $72,000, crypto companies are actively seeking funds for expansion to capitalize on the surge.
Recent Strategies by Crypto Companies
- MicroStrategy and Coinbase opted for convertible note issuance
- Marathon Digital pursued acquisitions as part of its growth strategy
Marathon Digital Holdings CEO Fred Thiel warned about financial challenges smaller miners may face post the upcoming Bitcoin halving event in April. Thiel emphasized the need for more capital-raising opportunities for smaller miners to scale effectively.
Bitdeer’s Fundraising Amid Crypto Market Uptick
Bitdeer’s fundraising efforts align with the growing enthusiasm in the crypto markets. Goldman Sachs noted increased client interest in cryptocurrencies following the approval of spot bitcoin ETFs in the US.
The bank aims to cater to a wider range of clients, including asset managers, banks, and specific cryptocurrency-focused companies.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
