Bitdeer Losses Widen in Q2 After One-Time $33M Listing Fee, Shares Up 44%

Introduction

Bitdeer, a cryptocurrency mining company, has reported widening losses in the second quarter of 2021. This comes after the company paid a one-time listing fee of $33 million. Despite the losses, Bitdeer’s shares have risen by 44% since the company went public on the Nasdaq stock exchange in June.

Bitdeer’s Q2 Losses

According to Bitdeer’s Q2 financial report, the company’s net loss for the quarter was $18.5 million, compared to a net loss of $6.6 million for the same period last year. The increase in losses was primarily due to the one-time listing fee of $33 million that Bitdeer paid in order to go public on the Nasdaq stock exchange.

Bitdeer’s Revenue and Mining Capacity

Bitdeer’s Q2 revenue was $15.8 million, up from $9.8 million in the same period last year. The company’s mining capacity was 1.03 exahashes per second (EH/s) at the end of Q2, up from 0.88 EH/s at the end of Q1.

Bitdeer’s Share Price

Despite the widening losses, Bitdeer’s shares have risen by 44% since the company went public on the Nasdaq stock exchange in June. The company’s share price closed at $10.16 on August 16, up from its IPO price of $7 per share.

Related:Hashing It Out Podcast: What Does the Future Hold for BNB Chain?

Conclusion

Bitdeer’s Q2 financial report shows that the company’s losses have widened due to the one-time listing fee of $33 million. However, the company’s increasing revenue and mining capacity, along with the rise in its share price, suggest that investors are optimistic about Bitdeer’s future prospects.

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