Cryptocurrency mining firm Bitdeer has made a $4 million investment in Bitcoin, acquiring 50 BTC at an average price of $81,475, despite the cryptocurrency’s ongoing price decline. The Singapore-based company now holds over 640 BTC, representing 0.003% of Bitcoin’s total supply, according to data from BiTBO.
Bitcoin Purchase and Market Conditions
Following Bitdeer’s announcement on February 28, the company’s shares saw a 0.6% increase in after-hours trading. Meanwhile, Bitcoin continued its downward trajectory, dropping below $80,000 and sitting at $78,770 at press time. The broader cryptocurrency market has also struggled, with the total market cap plunging over 8%, reflecting a challenging period for digital assets.
Bitdeer’s Expansion in Bitcoin Mining
Bitdeer’s Bitcoin acquisition comes on the heels of its recent expansion into energy infrastructure. In early February, the company purchased a 101 MW natural gas plant in Alberta for $21.7 million, with plans to use the facility for Bitcoin mining operations. Bitdeer has also received regulatory approval to build a 99 MW interconnection grid with the Alberta Electric System Operator, an investment valued at $30 million ($300,000 per MW).
The 99 MW grid will provide additional data center capacity, allowing Bitdeer to further scale its mining capabilities and enhance operational efficiency.
Crypto Market Struggles Amid Downtrend
The total cryptocurrency market cap stood at $3.1 trillion at the beginning of February 2025 but took a sharp dive on February 24, dropping to $2.5 trillion. Since then, the market has yet to reclaim the $3 trillion threshold, indicating that recovery remains elusive in the wake of recent sell-offs.
Despite Bitcoin’s price struggles and broader market uncertainty, Bitdeer remains committed to increasing its Bitcoin holdings and expanding its mining infrastructure. The company’s continued investments suggest long-term confidence in Bitcoin’s value proposition, even as short-term volatility persists. With new mining capacity coming online, Bitdeer is positioning itself to capitalize on Bitcoin’s future price movements and the evolving crypto landscape.
