Bitdeer’s second-quarter losses widen after one-time $33 million listing fee, shares surge 44%

Bitdeer Technologies, a Bitcoin miner, a spin-off of Bitcoin Application Specific Integrated Circuit (ASIC) manufacturer Bitmain, registered A net loss of $40.4 million in the second quarter of 2023, up from a net loss of $15.6 million in the second quarter of 2022.

The company disclosed in its earnings report published Aug. 11 that the losses were largely attributable to a $33.2 million listing fee paid to Blue Safari in connection with Bitdeer’s listing on the Nasdaq stock exchange. The company’s revenue increased by 5.2%, to $93.8 million. On the same day, Bitdeer stock rose more than 40% after news of a $150 million stock purchase agreement with B. Riley Financial. The company’s current market capitalization is $1.5 billion.

Over the course of the year, the company’s Bitcoin (BTC) hash rate increased from 10.5 exahashes per second (EH/s) in Q2 2022 to 18.8 EH/s. ASICs managed by Bitdeer have grown from 119,000 to 199,000 over the same period. The current hash rate of the Bitcoin network is 432.94 EH/s. In all, the company mined 758 bitcoins against 521 bitcoins in Q2 2022. Bitdeer also launched an 18,000-machine mining rig in Bhutan during the quarter and announced the construction of a 175 MW mining center in Norway.

In November 2021, Bitdeer announced that it would go public through a $4 billion special purpose acquisition company merger. The transaction has been delayed due to the ongoing cryptocurrency winter, only to be completed in April 2023. After listing, the company held approximately $130 million in cash equivalents and $30 million in debt.

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