Bitdeer Buys $4M in Bitcoin as Prices Drop

Cryptocurrency mining company Bitdeer has strengthened its market position with a significant Bitcoin acquisition worth millions.

In a post on X on February 28, the Singapore-based firm announced the purchase of 50 BTC at an average price of $81,475. This latest acquisition brings Bitdeer’s total holdings to over 640 BTC, accounting for approximately 0.003% of Bitcoin’s total supply, according to data from BiTBO.

Bitdeer’s Bitcoin purchase follows a series of strategic investments aimed at expanding its mining operations. Earlier this month, the company acquired a 101 MW site and a gas-fired power project near Fox Creek, Alberta, for $21.7 million. The site is licensed for a natural gas power plant and a 99 MW interconnection grid with the Alberta Electric System Operator, costing $30 million. Bitdeer plans to build the plant by Q4 2026, powering 9 EH/s of SEALMINER A3 machines. It also aims to sell electricity to the Alberta grid during peak demand to optimize costs.

The miner also secured a 30-year lease with the Monroe County Port Authority in Ohio, granting access to 570 MW of power capacity at the Hannibal Industrial Park—formerly an aluminum processing facility. This site is expected to support the company’s Bitcoin mining, high-performance computing, and artificial intelligence initiatives.

Meanwhile, the broader crypto market remains under pressure following a sharp downturn. According to TradingView data, the total crypto market cap stood at $3.1 trillion at the start of February but plunged to as low as $2.5 trillion on February 24. Since then, it has struggled to recover, remaining below the $3 trillion threshold and signaling ongoing market weakness.

Meanwhile, Bitcoin’s price continues to slide. It fell below $80,000 on Friday February 28, 2025 and was trading at $80,107 at press time.

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