Bitdeer’s losses widen in Q2 after one-time $33M listing fee, shares up 44%

Bitcoin miner Bitdeer Technologies, a firm spun-off from prominent Bitcoin Application-Specific Integrated Circuit (ASIC) manufacturer Bitmain, recorded a net loss of $40.4 million in Q2 2023, up from a net loss of $15.6 million in Q2 2022.

The company disclosed in its earnings report published on Aug. 11 that the losses were largely attributed to a $33.2 million listing fee paid to Blue Safari Acquisition Corp relating to Bitdeer’s listing on the U.S. NASDAQ exchange. The firm’s revenue increased by 5.2% to $93.8 million. The same day, Bitdeer’s stock was up over 40% on news of a $150 million share purchase agreement with B. Riley Financial. The company’s current market capitalization stands at $1.5 billion. 

Year over year, Bitcoin’s (BTC) hash rate increased from 10.5 exahash per second (EH/s) in Q2 2022 to 18.8 EH/s. Bitdeer’s ASIC undermanagement grew from 119,000 to 199,000 during the same period. The Bitcoin network’s current hash rate stands at 432.94 EH/s. In total, the company mined 758 BTC compared to 521 BTC in Q2 2022. Bitdeer also launched an 18,000-machine mining rig in Bhutan during the quarter and announced the construction of a 175-megawatt mining center in Norway.

In November 2021, Bitdeer announced it would go public via a $4 billion special purpose acquisition company merger. The deal was postponed due to the ongoing crypto winter, only to be finalized in April 2023. After its listing, the company held around $130 million in cash equivalents and $30 million in debt.

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