Bitdeer Shares Skyrocket Amid Renewed Interest in Crypto

Bitdeer Technologies Group’s shares have seen a 122% surge in the past month. The surge came after the Singapore-based crypto mining company, led by Jihan Wu, announced a $1 million buyback of its Nasdaq-listed stock, according to Forbes. .

The buyback news coincided with Wall Street’s renewed betting on the volatile crypto industry. This renewed interest followed BlackRock’s Bitcoin ETF application to the U.S. Securities and Exchange Commission. An institutional-only crypto exchange, EDX Markets, also launched.

Bitcoin price reacted positively, reaching its highest level in a year at over $31,000. Bitdeer’s market cap hit close to $1.3 billion at market close on Friday.

Despite the positive news, Bitdeer’s first quarter showed a 19.7% drop in revenue to $72.6 million. The company reported a net loss of around $9.5 million. High electricity prices remain a challenge for the energy-intensive crypto mining industry.

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