Bitdeer Technologies Holding, the Bitcoin mining company established by Jihan Wu, is reportedly in active pursuit of $100 million in funding to enhance its mining capabilities, according to sources familiar with the matter as reported.
The Singapore-based firm aims to utilize the raised capital to bolster its mining capacity, particularly in anticipation of the fourth halving event slated for April, a move expected to reduce mining rewards. However, details regarding the company’s valuation post-funding round remain undisclosed, as negotiations are ongoing, and specifics of the financing arrangement are subject to change.
Established in 2018, Bitdeer trades publicly on Nasdaq under the ticker symbol BTDR. As of the latest update, the company has refrained from making any public statements regarding the ongoing financing discussions.
The timing of the funding talks coincides with the impending Bitcoin fourth halving, which will slash mining rewards from 6.25 BTC to 3.125 BTC in mid-April. This reduction could potentially impact the profitability of mining operations, particularly for smaller entities.
Furthermore, in addition to grappling with the halving event, miners confront a spectrum of challenges. The approval of spot Bitcoin ETFs, as previously reported, has offered conventional investors an alternative pathway into the crypto domain, thereby diminishing their dependence on crypto-friendly mining stocks as a conduit to Bitcoin exposure.
