Crypto miner Bitdeer is in discussions with non-public credit score companies to safe $100m in financing to broaden its Bitcoin mining capability.
Bloomberg reported Wednesday that talks are nonetheless ongoing, with particulars but to be finalized.
Bitdeer is among the many largest bitcoin miners globally. It went public on Nasdaq in April final yr by a particular objective acquisition firm merger. Headquartered in Singapore, it’s acknowledged for its cloud providers expediting GPU occasion deployment.
The agency manages mining farms globally, with a complete electrical energy capability of 895MW. Jihan Wu, a distinguished determine within the crypto house, serves as founder and CEO of Bitdeer. Wu is notable for being the primary to translate Satoshi Nakamoto’s Bitcoin whitepaper into Mandarin.
Bloomberg reported that ought to Bitdeer quickly safe financing, it could comply with within the footsteps of hashish producer Ascend Wellness and wheel provider Superior Industries within the direct-lender route.
Bitdeer didn’t return Cryptonews’ request for remark by press time.
Crypto Firms Search Growth Funds Amid Bitcoin Surge
With Bitcoin reaching document highs exceeding $72,000, crypto firms are looking for funds for growth to capitalize on the surge. For example, MicroStrategy and Coinbase opted for convertible notice issuance. In the meantime, Marathon Digital pursued acquisitions as a part of its development technique.
Marathon Digital Holdings CEO Fred Thiel just lately cautioned in regards to the monetary challenges smaller miners might encounter submit the Bitcoin halving occasion scheduled for April. Thiel highlighted the disparity in capital-raising alternatives between bigger and smaller miners, attributing the latter’s struggles in scaling to restricted entry to financing choices.
“Put up halving I believe you’ll see the smaller miners come below monetary stress, which can allow the larger miners to consolidate the business,” he stated.
Bitdeer in Funding Pursuit Amid Crypto Market’s Uptick
Bitdeer’s fundraising efforts coincide with a renewed enthusiasm within the crypto markets. Goldman Sachs highlighted elevated shopper curiosity in cryptocurrencies following the approval of spot bitcoin ETFs within the US.
In keeping with the financial institution, the vast majority of demand is at present coming from conventional hedge funds. Nevertheless, Goldman goals to increase its providers to a wider vary of shoppers, together with asset managers, banks, and particular cryptocurrency-focused firms.
