• Bitdeer has secured $60 million in loans from Matrixport to boost its ASIC manufacturing and expand self-mining operations amid rising Bitcoin hashrates.
  • The company is also investing in energy infrastructure and repurchasing shares, signaling a strategic pivot in response to shrinking miner revenues and market competition.

Bitcoin mining company Bitdeer has secured $60 million in new loans to strengthen its Bitcoin ASIC (application-specific integrated circuit) manufacturing operations, as mining competition intensifies globally and network hashrates reach historic highs.

According to its latest annual report, the Singapore-headquartered firm entered into a loan agreement in April 2025 with Matrixport, a crypto financial services firm founded by Bitdeer’s chairman, Jihan Wu.

The loan facility allows for up to $200 million in credit, backed by Bitdeer’s Sealminer mining hardware. The facility carries a floating interest rate of 9% plus a market benchmark rate. As of April 21, the company had drawn $43 million from the available credit.

Here's what the loan agreement reads:

"In April 2025, we entered into a loan agreement with Matrix Finance and Technology Holding Company for a financing facility of up to US$200 million. Loans drawn under the facility bear a variable interest rate equal to 9.0% plus a market-based reference rate. Each drawdown is repayable in fixed monthly installments over a 24-month term and is secured by a pledge of SEALMINER, maintained based on a loan-to-value ratio. As of April 21, 2025, we drew down US$43 million under the facility."

This latest credit drawdown builds on Bitdeer’s earlier financing activities, including a $17 million unsecured loan received in January and approximately $572.5 million raised through convertible notes over the course of the year. The company also raised nearly $119 million through equity issuance by offering over six million shares.

As part of its infrastructure expansion, Bitdeer acquired a 101-megawatt (MW) gas-fired power project near Fox Creek, Alberta, in February 2025. The acquisition, valued at $21.7 million, includes construction permits and a 99 MW grid connection. The project has the potential to scale up to 1 gigawatt and is expected to be operational by late 2026.

In March, Bitdeer also purchased 40 MW worth of liquid-cooled mining containers from infrastructure provider Saiheat. These acquisitions align with Bitdeer’s shift toward strengthening its own mining capabilities amid declining demand for its mining hardware.

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

Additionally, Bitdeer announced a $20 million share repurchase program in late February 2025, set to run through February 2026. To date, the company has repurchased over one million Class A shares, valued at around $12 million.

Bitdeer’s ramp-up in activity comes at a time when the Bitcoin network’s hashrate—the total computing power securing the blockchain—hit a record 1 sextillion hashes per second in April. A higher hashrate suggests increasing mining competition, which in turn can reduce the likelihood of individual miners successfully mining blocks and earning rewards.

Amid high competition and persistently low transaction fees—averaging about $1 per transaction compared to over $16 a year ago—many public mining firms have been forced to sell large portions of their Bitcoin holdings. In March, miners including Hive, Bitfarms, and Ionic Digital reportedly sold more than 100% of their monthly Bitcoin output.

Edited by Harshajit Sarmah