According to those who are familiar with the situation, the cryptocurrency miner Bitdeer Technologies Group is now in discussions with private credit firms in order to arrange funding of about one hundred million dollars.
The company is collaborating with a financial advisor in order to acquire funds, which it intends to use for a variety of projects, including increasing its ability to mine Bitcoin, according to the individuals who asked not to be identified because they were discussing a private subject.
According to the persons, discussions are still going on, and the specifics of the financing may be subject to change. A representative from Bitdeer declined to comment on the matter.
As a result of the 64% increase in Bitcoin's value so far this year, an increasing number of cryptocurrency companies are looking for cash in order to finance their subsequent phase of expansion. Recently, convertible notes were issued by MicroStrategy Inc. and Coinbase Global Inc., and some Bitcoin miners are also getting into the equity market.
Earlier this month, Bitcoin reached a new all-time high, marking a return after the cryptocurrency market saw a slump in 2022 as a result of a string of scandals and bankruptcies.
This increase has been fuelled in part by the anticipation that the recently introduced spot Bitcoin exchange-traded funds will attract fresh demand from a wider variety of investors, including traditional asset managers. This confidence has been a driving force behind the rally.
Bitdeer is one of the largest public cryptocurrency miners listed in the United States. It is personally owned by Jihan Wu, a Chinese billionaire. It would join other businesses, such as Ascend Wellness Holdings Inc
a cannabis producer, and Superior Industries International Inc., a wheel supplier, that have lately gone the direct-lender way. If the financing agreement with private credit is successful, it would then join the ranks of these businesses.
Stay turned for development