Bitdeer raises $60 million to expand Bitcoin ASIC production

Bitcoin (CRYPTO:BTC) mining company Bitdeer secured $60 million in loans to increase its production of Bitcoin ASIC hardware amid rising global mining competition and record network hashrates.

According to Bitdeer’s 2025 annual report, the loan agreement was made in April with Matrixport, a crypto financial services firm founded by Bitdeer’s chairman Jihan Wu.

The credit facility offers up to $200 million, backed by Bitdeer’s Sealminer mining hardware, with a floating interest rate of 9 percent plus market benchmarks.

As of April 21, Bitdeer had drawn $43 million from this credit line.

This funding supplements a $17 million unsecured loan obtained in January and previous capital raises totaling $572.5 million through convertible notes in 2024.

Bitdeer also issued over six million shares, raising nearly $119 million in equity markets this year.

In February 2025, Bitdeer acquired a fully licensed 101 megawatt gas-fired power project near Fox Creek, Alberta, for $21.7 million in cash.

The power plant, with the potential to scale up to 1 gigawatt, includes permits for construction and a 99 MW grid connection and is expected to be operational by the fourth quarter of 2026.

In March, the company purchased 40 MW of liquid-cooled mining containers from Saiheat.

Bitdeer is expanding its self-mining operations and investing in US-based production in response to cooling demand for its mining hardware from other miners.

“Our plan going forward is to prioritise our own self-mining,” said Jeff LaBerge, Bitdeer’s head of capital markets and strategic initiatives.

Bitdeer also launched a $20 million share repurchase program in February 2025 and has repurchased shares valued at about $12 million so far.

Bitcoin’s network hashrate reached a record 1 sextillion hashes per second in early April, increasing competition among miners and reducing individual profitability.

Lower transaction fees, now around $1 compared to over $16 last year, further pressure miner revenues.

As a result, public miners sold over 40 percent of their Bitcoin production in March, the highest level since late 2024.

At the time of reporting, the Bitcoin (BTC) price was $93,041.70.