- Bitdeer has increased its Bitcoin holdings by approximately 75% since the beginning of 2024, now holding 1,039 BTC (valued at about $87 million).
- The company’s self-mining operations produced 110 Bitcoin in February, slightly down from 126 BTC in January due to fewer days in the month.
- Despite now meeting Bitwise’s 1,000 Bitcoin threshold for inclusion in its ETF tracking public companies with Bitcoin holdings, Bitdeer recently reported a Q4 loss of $532 million, causing a 20% stock price drop.
Bitdeer, a publicly traded cryptocurrency mining company, has substantially grown its Bitcoin reserves in 2024, increasing holdings by approximately 75% since December. According to the firm’s latest operational update, Bitdeer now possesses 1,039 Bitcoin valued at nearly $87 million at current market prices, up from 594 BTC at the end of 2023.
The Singapore-based miner’s latest investor release details that its self-mining operations yielded 110 Bitcoin during February. This represents a slight decrease from January’s production of 126 BTC, which the company attributes to February having fewer calendar days.
Self-mining represents one-third of Bitdeer’s business model, operating alongside its cloud hash subscription services and hosted mining solutions. While the company has achieved significant growth in its holdings, it remains considerably smaller than industry leaders like MARA and Riot Platforms, which hold 45,659 BTC and 18,692 BTC respectively, positioning them as the dominant players among publicly traded mining companies.
By crossing the 1,000 Bitcoin threshold, Bitdeer now qualifies for potential inclusion in crypto asset manager Bitwise’s recently launched ETF that tracks public companies with substantial Bitcoin reserves. However, Bitwise has not yet signaled any intention to incorporate the firm’s shares into its fund.
The operational update also included information about Bitdeer’s infrastructure development projects at various global locations, demonstrating the company’s continued focus on expansion despite recent financial challenges.
Bitdeer, which trades on the Nasdaq under the ticker BTDR, saw its shares close up 1.32% at $10.71 in the most recent session. However, this modest gain comes against the backdrop of significant volatility, as the company recently reported a substantial fourth quarter loss of $532 million that triggered a 20% decline in its stock price.
Corporate filings from last year revealed that stablecoin issuer Tether maintains a 25% ownership stake in the Singapore-based mining operation. While BTDR shares have declined by more than 50% year-to-date, they have shown longer-term resilience with a 70% increase over the past twelve months.
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