Bitdeer Shares Plummet Amid Financial and Operational Challenges

According to PANews, shares of Bitdeer, a Bitcoin mining company led by Wu Jihan, experienced a significant decline of approximately 20% at the opening of the U.S. stock market, currently priced at $11.13 per share. This marks a cumulative drop of about 50% for the week. The company recently announced plans to privately issue $400 million in convertible bonds due in 2031, alongside a buyback of existing bonds. Additionally, a fire at its new mining facility in Ohio resulted in the collapse of two buildings, although no injuries were reported, the incident has raised concerns in the market. Further exacerbating the situation, Bitdeer's Q3 financial report revealed losses exceeding expectations, coupled with delays in the delivery of ASIC chips, contributing to increased selling pressure in the market.