Several notable Bitcoin moves have marked the recent market landscape, but Bitdeer‘s latest acquisition stands out. The Singapore-based mining company just dropped $4 million on Bitcoin in Q4 2024, pushing their total holdings to 1,011 BTC. Pretty gutsy timing, if you ask me. Market’s been a rollercoaster lately, but Bitdeer doubled down anyway.
While others hesitated, Bitdeer boldly scooped up $4M in Bitcoin, boosting their stash to 1,011 BTC amid market volatility.
Founded by Jihan Wu, the former Bitmain co-founder, Bitdeer operates globally with a strong Asian presence. They’re NASDAQ-listed under BTDR. Their stock? Not doing great. Dropped 28% after their Q4 results came out. Ouch.
Speaking of those results, Bitdeer reported $69 million in revenue for Q4 2024, but here’s the kicker – they posted a net loss of $531.9 million. That’s not pocket change. Still, they’re sitting on $476.3 million in cash and equivalents, plus $77.5 million in crypto as of December 31, 2024. With a direct cost of 53,769 per BTC mined, their Bitcoin acquisition strategy represents significant investment despite high production costs.
Their Bitcoin purchase aligns with their long-term strategy. As the halving event approaches, miners like Bitdeer face increasing profitability challenges with diminishing block rewards. They’re not just hodling though. Bitdeer’s making moves in the ASIC market with their SEALMINER technology. Mass production of their A1 model kicked off in Q4, and the A2 is almost ready. Trying to give Bitmain’s Antminer some competition. About time someone did.
Their mining operation is substantial – 21.6 EH/s total hashrate under management, with 8.5 EH/s for self-mining. They’ve got ambitious plans to hit 40 EH/s by Q4 2025. Energizing 28 EH/s of SEALMINER A2s in 2025. Bold target.
Power-wise, they’re not messing around. Global capacity exceeds 2.6 GW, with a new 101 MW site and gas-fired power plant in Alberta. January’s self-mined Bitcoin totaled 126 BTC, showing a decrease due to curtailments in Bhutan from high seasonal electricity prices. Another 1 GW coming online in 2025.
Bitdeer isn’t putting all their eggs in one basket either. They’re eyeing AI and HPC data center opportunities, partnering with top developers. Smart move. In this industry, diversification isn’t just nice – it’s necessary. The Bitcoin purchase? Just one piece of a much larger puzzle.
