Bitdeer Secures $60M Loan to Ramp Up Bitcoin ASIC Manufacturing

Bitcoin mining firm Bitdeer has secured a $60 million loan to ramp up its Bitcoin ASIC manufacturing efforts as global mining competition intensifies.

Crypto financial services firm Matrixport has provided a $60 million loan to Bitdeer (NYSE: BITD) to support the expansion of its Bitcoin (BTC) ASIC manufacturing operations.

The loan facility, which has a total capital commitment of up to $200 million, is backed by Bitdeer’s Sealminer hardware and carries a floating interest rate of 9% plus relevant market benchmarks.

As of April 21, 2025, Bitdeer has drawn down $43 million from the credit line.

The latest funding adds to a $17 million unsecured loan that Bitdeer secured in January 2025 from Matrixport, which is the parent company of Bitdeer and was founded by Bitdeer chairman Jihan Wu.

Earlier in 2024, Bitdeer raised a total of $572.5 million through several convertible notes offerings.

This year alone, Bitdeer has also issued over six million shares, generating nearly $119 million in the equity markets.

Earlier this year, Bitdeer disclosed that it is expanding its self-mining operations and investing in production in the United States as it adjusts to cooling demand for its mining hardware from other miners.

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

Additionally, on February 28, 2025, Bitdeer launched a $20 million share repurchase program, which is set to continue until February 2026. To date, Bitdeer has repurchased 1,056,500 Class A shares at an average price of $11.31, for a total purchase price of approximately $12 million.

In February, Bitdeer acquired a fully licensed 101 MW gas-fired power project near Fox Creek, Alberta, for $21.7 million in cash, according to its annual report.

The site, which has potential to scale up to 1 gigawatt, also includes all the necessary permits for construction of the power plant and a 99 MW grid connection from the power plant to the high voltage substation. The power plant will be developed with an EPC partner and is expected to be operational by the fourth quarter of 2026.

In March, Bitdeer purchased 40 MW worth of liquid-cooled mining containers from Saiheat.

Bitdeer’s expansion plans come amid record-high levels of Bitcoin’s network hashrate and worsening macroeconomic conditions, which have impacted the profitability of cryptocurrency miners in recent months.

As of April 5, Bitcoin’s network hashrate reached a record high of 1 sextillion hashes per second, according to BitInfoCharts.

A higher hashrate indicates that more miners, or more powerful machines, are competing to solve Bitcoin blocks. However, as competition increases, each individual miner’s chance of earning block rewards decreases, which in turn impacts their profitability.

Moreover, each time a new block is created, the miners who are working on it must reset their hashes and start anew in an attempt to solve the next block.

But miners’ chances of earning block rewards are also impacted by transaction fees.

The average Bitcoin transaction fee is currently around $1, which is a significant decrease from the highs of over $16 per transfer in April 2024, according to YCharts.

The low transaction fees and surging hashrate forced major public miners to sell a record-high percentage of their BTC output in March, with some firms offloading more than 100% of their monthly production.