Publicly traded Bitcoin miner Bitdeer has increased its Bitcoin holdings by about 75% since the year began.
The firm’s latest investor release provides an update on its self-mining activity, which produced 110 Bitcoin in February—a small decrease from January’s mark of 126 BTC, which it attributes to last month having fewer days.
Self-mining, which refers to the company mining for its own holdings, makes up one-third of the company’s business ventures, alongside its cloud hash subscription and hosted mining solutions.
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Video-sharing platform Rumble added $17.1 million in Bitcoin to its corporate treasury, aligning itself with a crop of publicly traded companies that have added the world's oldest cryptocurrency to their balance sheets. The Nasdaq-listed firm purchased roughly 188 Bitcoin for its treasury at an average price of $91,000 per token, the company said Wednesday in a statement. The Bitcoin is now worth about $15.5 million based on Wednesday’s price. The move forms part of Rumble’s plan to allocate...
The firm’s total holdings have now risen to 1,039 Bitcoin, or nearly $87 million at today’s prices—a roughly 75% jump from December’s holdings of 594 BTC. Other publicly traded Bitcoin miners like MARA and Riot Platforms hold 45,659 BTC and 18,692 BTC, respectively, making them the biggest holders among public miners.
With more than 1,000 Bitcoin in holdings, the company now meets the threshold outlined by crypto asset manager Bitwise in its newly launched ETF that tracks publicly traded companies with Bitcoin holdings. However, Bitwise has not yet indicated that it plans to add the firm’s shares.
In addition to its self-mining update, Bitdeer also provided infrastructure construction updates on a variety of locations worldwide.
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For many years, the idea that publicly traded corporations might buy Bitcoin for their reserves was considered laughable. The top cryptocurrency was considered too volatile, too fringe to be embraced by any serious business. That taboo has been well and truly broken, with a number of major institutional investors buying up Bitcoin in recent years. The floodgates first opened when cloud software company Strategy (formerly MicroStrategy) bought $425 million worth of Bitcoin in August and September...
Bitdeer, which trades on the Nasdaq Exchange as BTDR, closed up 1.32% today at $10.71 per share. The company recently reported a fourth quarter loss of $532 million, dropping its stock price by 20% in the process.
A filing last year revealed that stablecoin firm Tether owns a 25% stake in the Singapore-based miner.
BTDR shares are down over 50% year-to-date, but have jumped by 70% over the last 12 months.
Edited by Andrew Hayward
