Shares of Crypto Miner Bitdeer Have Dropped 35 Percent Since Debut on Nasdaq

Liputan6.com, Jakarta Shares of Singapore-headquartered cryptocurrency miner Bitdeer Technologies have fallen more than 35% since its debut on the Nasdaq on April 14, 2023.

Currently, the company’s shares are trading at USD 6.41 at Wednesday’s close. The company reports a net loss throughout 2022.

Bitdeer went public through a merger with Blue Safari Group Acquisition Corp., a special purpose acquisition company (SPAC), with a valuation of USD 1.18 billion.

In its latest earnings report released Thursday, Bitdeer reported a net loss of USD 60.4 million in 2022, compared to a net profit of USD 82.6 million in the previous year.

The company posted revenue of USD 333.3 million, down 15.6 percent from a year earlier due to decreased revenue from its main mining operations and mining machine sales.

The Company recorded adjusted profit of USD 30.3 million in 2022, compared to USD 171 million in 2021, and posted adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of USD 93.2 million, down from USD 281.8 million in 2021.

“Despite the volatility in cryptocurrency prices and temporary dislocations in the crypto industry, we bucked the trend and achieved positive adjusted net profit and positive adjusted EBITDA in full year 2022, thereby demonstrating the viability and resilience of our business model,” Linghui Kong, head Bitdeer executives, said in the report launched Yahoo Finance, Thursday (20/4/2023).

Bitdeer, which announced the SPAC deal in November 2021, is spun off from Chinese mining machine maker Bitmain.

By the end of 2022, the company operates six mining centers in the US and Norway with an aggregate power capacity of 775 megawatts.

Kong added that Bitdeer plans to increase its 775 megawatt electricity capacity achieved in 2022 to as much as 1,524 megawatts.

He did not provide a time limit for expansion.More about this source textSource text required for additional translation informationSend feedbackSide panels