Crypto Miner Bitdeer in Talks With Private Credit for Capital

(Bloomberg) — Crypto miner Bitdeer Technologies Group is in talks with private credit firms to arrange about $100 million in financing, according to people with knowledge of the matter.

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The company is working with a financial adviser to raise capital, which it will use to ramp up its Bitcoin mining capacity, among other projects, said the people, who asked not to be identified discussing a private matter.

Conversations are ongoing and details of the financing may change, the people said. A spokesperson for Bitdeer declined to comment.

Crypto companies have increasingly been seeking cash to fund their next leg of expansion, following a 64% rally in Bitcoin so far this year. MicroStrategy Inc. and Coinbase Global Inc. recently issued convertible notes, while some Bitcoin miners are tapping the equity market. Bitcoin saw a record high earlier this month, a comeback following a market crash due to a series of bankruptcies and scandals in 2022. The rally has been driven in part by the optimism that the newly launched spot Bitcoin exchange-traded funds will draw new demand from a wider range of investors such as traditional asset managers.

Read more: Crypto Miner Bitdeer Makes Delayed SPAC Debut in Changed Market

Owned by Chinese billionaire Jihan Wu, Bitdeer is one of the largest public crypto miners listed in the US. If the financing deal with private credit pans out, it would join companies including cannabis producer Ascend Wellness Holdings Inc., and wheel supplier Superior Industries International Inc. that recently went the direct-lender route.