Singapore-based cryptocurrency mining firm Bitdeer has expanded its Bitcoin holdings despite BTC trading lower since its record high in late January.
In a social media post on Feb. 28, Bitdeer announced the acquisition of 50 BTC at an average price of $81,475. This latest purchase brings the company’s total Bitcoin reserves to over 640 BTC, representing approximately 0.003% of the total Bitcoin supply, according to data from BiTBO.
The cryptocurrency market continues to struggle, with Bitcoin falling below $80,000 on Friday. The broader market has also taken a hit, with the total crypto market capitalization down more than 8% as major tokens experience declines.
This investment in Bitcoin comes shortly after Bitdeer’s acquisition of a 101-megawatt (MW) natural gas plant in Alberta, Canada, for $21.7 million. The company intends to repurpose the facility for Bitcoin mining, with potential expansion capacity of up to 1 gigawatt (GW). Additionally, Bitdeer has received approval for a $30 million interconnection project with Alberta’s Electric System Operator. This 99 MW grid connection will support additional mining operations.
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Despite these strategic investments, Bitdeer has faced financial setbacks. The company’s stock plummeted more than 28% on Feb. 25 following the release of its fourth-quarter 2024 earnings report, which revealed disappointing results. Bitdeer reported Q4 revenues of $69 million, reflecting a nearly 40% year-over-year decline. Furthermore, the firm posted net losses exceeding $530 million, a significant increase from the $5 million loss recorded in Q4 2023.
As Bitcoin’s price remains volatile, Bitdeer’s aggressive expansion strategy highlights its commitment to long-term mining operations, even in the face of financial headwinds.
