Catenaa, Saturday, May 03, 2025-Bitdeer Technologies Group has secured a $200 million credit facility from Matrix Finance to expand its global Bitcoin mining operations, the company announced Monday.
Bitdeer, chaired by former Bitmain CEO Jihan Wu, has already drawn $43 million from the facility as of April 21. The loans carry a variable 9% interest rate plus a market-based reference rate and must be repaid in fixed installments over 24 months. Bitdeer’s Sealminer mining hardware serves as collateral.
Matrix Finance, founded by Wu, provides crypto financial services and marks another strategic connection between Wu’s ventures. Bitdeer’s aggressive expansion comes amid sector-wide challenges following the latest Bitcoin halving, falling transaction fees, and surging network competition.
Shares of Bitdeer, which trade under the ticker BTDR, jumped nearly 23% Tuesday following the financing announcement.
In February, Bitdeer reported a 40% drop in full-year revenue to $69 million and a sharp decline in gross profit. Needham analyst John Todaro lowered his price target on Bitdeer stock to $13 while maintaining a “buy” rating.
Bitdeer has increasingly turned to debt and equity markets to fund its expansion, previously raising $400 million through convertible notes and securing a major equity investment from Tether. Bitdeer and Tether have also signaled plans to expand into artificial intelligence ventures.
