Key Points
- Bitdeer’s shares rose by 0.6% after investing $4 million in Bitcoin despite the cryptocurrency’s falling prices.
- The crypto mining firm now holds over 640 BTC, representing 0.003% of Bitcoin’s total supply.
Cryptocurrency mining company Bitdeer has invested millions in Bitcoin (BTC) as the digital currency continues to trade lower than its all-time high, set in late January.
Bitdeer’s Bitcoin Acquisition
Bitdeer, based in Singapore, announced on Feb. 28 that it had purchased 50 BTC at an average price of $81,475. This latest acquisition means Bitdeer now holds over 640 BTC, which equates to 0.003% of Bitcoin’s total supply.
Meanwhile, Bitcoin’s price continues to fall, dipping below $80,000 on Friday and sitting at $78,770 at the time of press. The wider crypto market is also struggling, with the total market cap down over 8%.
Bitdeer’s Recent Investments
This Bitcoin purchase comes shortly after Bitdeer bought a 101 MW natural gas plant in Alberta for $21.7 million. The company intends to use this plant for BTC mining and has plans for potential expansion up to 1 GW.
Bitdeer also recently received approval to construct a 99 megawatt interconnection grid with the Alberta Electric System Operator, valued at approximately $30 million, or $300,000 per MW. The 99 MW grid of datacenter capacity will be used to mine more Bitcoin.
According to data from TradingView, the total crypto market cap was $3.1 trillion at the start of February. However, it dropped to as low as $2.5 trillion on Feb. 24 and has yet to climb back to the $3 trillion mark, suggesting the market has not yet recovered from the recent crash.