Singapore-based Bitdeer Technologies Plans $2 Million Share Repurchase Program
Singapore-based bitcoin mining company Bitdeer Technologies, founded by Jihan Wu, has announced its plans to repurchase its shares worth up to $2 million. The company’s board of directors has approved a new share repurchase program that will be in effect until April 17, 2024. Bitdeer stated that it may repurchase its shares through various methods, including open market transactions and privately negotiated transactions. The company intends to fund the repurchases using its existing cash balance. By implementing this program gradually, Bitdeer aims to minimize the impact on its share price and generate greater long-term returns for its shareholders.
Bhutan Operations Show Strong Performance
In a separate statement released earlier this month, Bitdeer CEO Linghui Kong reported that the company mined 482 bitcoins in September through its self-mining business. This figure represents a 25.8% increase from the previous month and almost triple the number from the same period last year. Kong attributed this growth to the stable operations of Bitdeer’s recently constructed 100MW Gedu mining datacenter in Bhutan. During September, the Gedu mining datacenter accounted for approximately 45% of the total bitcoins mined by the company.
Hot Take: Bitdeer Technologies Announces Share Repurchase Program and Reports Strong Performance in Bhutan
Bitdeer Technologies, a Singapore-based bitcoin mining firm founded by Jihan Wu, has unveiled a share repurchase program worth up to $2 million. The company aims to buy back its shares gradually using various methods and funding the purchases with its existing cash balance. This strategy is intended to minimize any negative impact on Bitdeer’s share price while generating long-term returns for shareholders. Additionally, Bitdeer’s Bhutan operations have demonstrated robust performance, with the company mining 482 bitcoins in September. This represents significant growth compared to previous months and demonstrates the success of Bitdeer’s Gedu mining datacenter in Bhutan.
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