Bitdeer Technologies Makes Strategic Bitcoin Purchase
Bitdeer Technologies (BTDR) has recently made headlines by purchasing 50 Bitcoin (BTC) as the cryptocurrency market faces significant challenges. This acquisition comes at a time when Bitcoin is on track to experience its worst monthly performance since June 2022.
Average Purchase Price Revealed
In a recent tweet, Bitdeer announced that it secured the 50 BTC at an average price of $81,475 each. This strategic move demonstrates the company’s commitment to expanding its Bitcoin holdings, even as market conditions fluctuate.
Total Bitcoin Treasury Grows
With this latest purchase, Bitdeer’s total Bitcoin treasury now stands at 855 BTC, valued at approximately $69 million according to data from Bitcoin Treasuries. This increase underscores Bitdeer’s aggressive strategy to bolster its assets during a downturn.
Market Reactions and Company Performance
Following the announcement of the purchase, Bitdeer’s shares experienced a slight decline of 0.64%, dropping to just below $11. This decline occurred alongside a broader crypto market downturn, which saw Bitcoin and other cryptocurrencies drop by 4% within a 24-hour period. However, there was a brief resurgence in the market at the start of U.S. trading hours, pushing Bitcoin’s price back above the $82,000 mark.
In summary, Bitdeer’s recent acquisition highlights its proactive approach to navigating the volatile cryptocurrency landscape while positioning itself for potential future gains.
