Bitdeer has seen a recent surge in activity as he continues to move strategically in the face of declining revenues and continues to pursue long-term plans.
Registered with Singapore-based NASDAQ, BitDeer bought 100 Bitcoins in two businesses this week. I bought a 50 btc on February 25th for $90,280. This is the release of its fourth quarter financial report for 2024. On February 27th, I bought an additional 50 BTC for $81,475 each. On February 23rd, BitDeer held a 911 BTC before purchasing.
Bitdeer buys DIP and announces repurchase
On February 28th, the company announced the completion of its $9 million share repurchase program running until February 28th, 2026, and the launch of its $20 million share repurchase program.
These actions contradict the background of a decline in revenue. Bitdeer Technologies Group showed healthy revenue growth in the first half of 2024, including Bitdeer AI. Total revenue for the first quarter reached $119.5 million compared to $72.6 million for the same quarter in 2023.
The second quarter of 2024 brought in $99.2 million against $93.8 million in the second quarter of 2023. This marked a net loss of $17.7 million against a net loss of $40.4 million in 2023.
Market trends are getting stronger on Bitedeer with half
In April 2024, when the reward for mining blocks fell from 6.26 btc to 3.125 BTC, the fourth Bitcoin fell by halving, shaking the total profit margin for the entire mining industry. BitDeer revenue fell to $62.0 million in the third quarter, down from $87.3 million in the previous year. The fourth quarter showed revenue of $69 million, up from $114.8 million in the fourth quarter of 2023. Net losses skyrocketed from $50 million in the fourth quarter of 2023 to $531.9 million.
In a statement regarding the release of the Q3 Report, Bitdeer Chief Business Officer Matt Kong, found the decline in meter to be halved, due to an increase in global hash rates, a decline in hosting revenue, and one-off research and one-off development costs.
Last month, we also saw a recession in miners’ stocks, along with wider stock and crypto market trends. Bitdeer was a loss leader among them, losing 55% of its value as the industry lost $13 billion overall.
Bitdeer has been made into an ASIC design
The R&D Outlay Kong mentioned was related to its SEAL02 chip development. In June, the company announced its roadmap for designing application-specific integrated circuits (ASICs). In June, Bitdeer also paid $140 million in stock on the chip that designed Desiweminer and integrated its staff into Bitdeer’s ASIC design team.
At the time, the first generation SEAL01 was released and was expected to enter mass production in the 2024 quarter. SEAL02 was expected to be released in the 2024 quarter, with SEAL03 expected to be released in the 2024 quarter. SEAL04 must be released in 2025 quarter.
At the time of writing, Bitdeer has pre-orders for 1,380,679 SEAL A2 models and is expected to begin shipping in March.
Additionally, this week, the company’s CEO, Jihan Wu, pledged to sell up to 4 million shares of common stock between March and June 15th 2025 under a plan finalized in December. The company emphasized that the plan complies with U.S. Securities and Trade Commission Rule 10B5-1 on insider trading.
