Bitdeer has made a significant move in the cryptocurrency market by purchasing Bitcoin worth several million dollars. Let's consider the details of this acquisition and its implications for the company and the market.
Bitdeer's Latest Acquisition
On February 28, the Singapore-based Bitdeer announced the purchase of 50 BTC at an average price of $81,475. This acquisition brings Bitdeer's total Bitcoin holdings to over 640 BTC, accounting for approximately 0.003% of the total Bitcoin supply, according to BiTBO data.
Company's Strategic Investments
The latest purchase is part of Bitdeer's strategy to expand its mining operations. Earlier this month, the company acquired a 101 MW site and a gas-fired power project in Alberta, Canada, for $21.7 million. The plant is scheduled for completion by Q4 2026. The company has also secured a 30-year lease with Monroe County, Ohio, granting access to 570 MW power capacity, supporting the company's mining and computing initiatives.
Current Crypto Market Situation
The broader crypto market remains under pressure following a recent downturn. According to TradingView data, the total crypto market cap dropped from $3.1 trillion to $2.5 trillion in February and struggles to recover since. Bitcoin's price also fell to $80,107 as of February 28, 2025.
Bitdeer's actions illustrate its commitment to strengthening its position amidst a volatile crypto market. Strategic investments in infrastructure and Bitcoin accumulation may mitigate market fluctuations and enhance the company's long-term prospects.
