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Matrixport provides $200 million credit support to Bitdeer Mining

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#Bitcoin
$BTC
The Block
631Words
Apr 22, 2025

Bitdeer Technologies Group, supported by stablecoin issuer Tether, has secured a $200 million credit facility from Matrix Finance to expand its global Bitcoin mining operations. Bitdeer recently acquired a 101-megawatt data center in Alberta for $21.7 million. As of April 21, $43 million has been drawn from the facility, with loans carrying a 9% plus market-based interest rate, repayable over 24 months, secured by Bitdeer's Sealminer mining hardware. Matrix Finance was founded by Bitdeer Chairman Jihan Wu, who also founded Matrixport. Bitdeer's shares rose 22.88% following the announcement. The Bitcoin mining sector faces challenges such as increased competition, reduced revenues post-halving, and lower transaction fees. Bitdeer reported a 40% revenue decline in 2023 and lowered EBITDA estimates due to expected lower ASIC chip deliveries and higher power costs. The company has raised funds through equity and debt markets, including $400 million in convertible notes in 2024. Tether holds a significant equity stake in Bitdeer and both companies plan to expand into AI.

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