Bitdeer’s Second-Quarter Losses Widen After $33 Million in Listing Fees, but Shares Are Up 44%
On August 10, the Company entered into an agreement to purchase $150 million of stock from B. Riley Financial.
Bitcoin mining company Bitdeer Technologies, which was spun off from popular Bitcoin ASIC maker Bitmain in 2022, reported a $40.4 million loss in Q2 2023 Dollar reported a loss of $15.6 million for the second quarter of 2022.
In its earnings report released on August 11, the company said that the losses were largely due to a $33.2 million listing fee, paid to Blue Safari in connection with Bitdeer’s listing on Nasdaq. The company’s revenue rose 5.2% to $93.8 million. Bitdeer stock soared over 40% on the same day after it was announced that B. Riley Financial had signed a $150 million share purchase agreement. The company’s current market cap is $1.5 billion.
The company’s bitcoin hash rate (EH/s), which was 10.5 EH/s in Q2 2022, rose to 18.8. Bitdeer increased the number of ASICs under management to 199,000 from 119,000 in Q2 2022. Bitcoin’s hash rate is currently 432.94 EH/s. The company has mined 758 BTC, compared to 521 BTC in the second quarter of 2022. Bitdeer launched an 18,000-machine mining facility in Bhutan and announced during the quarter that it would build a 175-megawatt mining center in Norway.
Bitdeer announced it would go public in November 2021 through a $4 billion special purpose vehicle merger. Due to the ongoing crypto winter, the deal had to be postponed. The final closure should be in April 2023. Upon listing, the company had approximately $130 in cash equivalents and approximately $30 in debt.
