Bitdeer’s Bitcoin Holdings Soar Since The Beginning Of The Year

Bitdeer, a publicly traded Bitcoin mining company, has boosted its Bitcoin reserves by approximately 75% since the start of the year.

In its latest investor report, the company updated its self-mining operations, revealing it generated 110 Bitcoin in February—down from January’s total of 126 BTC, which they attribute to fewer days in the month.

Self-mining, which involves the company mining Bitcoin for its own accounts, constitutes one-third of its business model, alongside cloud hash subscriptions and hosted mining services.

The firm’s Bitcoin holdings have now reached 1,039 BTC, valued at nearly $87 million at current market rates, representing a significant increase from December’s 594 BTC. Other publicly traded Bitcoin miners, such as Marathon Digital Holdings (MARA) and Riot Platforms, control 45,659 BTC and 18,692 BTC respectively, making them the largest holders among public miners.

With over 1,000 Bitcoin in its reserves, the company qualifies under the threshold established by crypto asset manager Bitwise for its newly launched ETF that tracks publicly traded firms with Bitcoin assets. Nonetheless, Bitwise has not yet revealed any intentions to include Bitdeer in its ETF.

Beyond its self-mining activities, Bitdeer also shared updates on infrastructure development across various global locations.

Trading on the Nasdaq as BTDR, Bitdeer experienced a 1.32% increase today, closing at $10.71 per share. The company recently disclosed a fourth-quarter loss of $532 million, leading to a 20% drop in its stock price.

A filing from last year indicated that Tether, a prominent stablecoin provider, holds a 25% stake in the Singapore-based miner.

Despite a drop of over 50% year-to-date, BTDR shares have surged by 70% over the past year.

Edited by Andrew Hayward