BitoPro announces stock buyback plan; share price surges 50% back to the IPO price.

In recent news, the mining company BitDeer, which recently successfully went public through a reverse merger, announced that it will implement a stock repurchase plan. After the news was released, the stock price surged by 50%, finally surpassing the IPO price. In addition, BitDeer also disclosed its operational status in May, including its partnership with Druk Holding & Investments DHI, a commercial entity of the Kingdom of Bhutan, and its current mining operations.

Board Approves $1 Million Stock Repurchase Program

Bitdeer announced recently that its board has approved a stock repurchase program allowing the company to repurchase up to $1 million worth of Class A common stock by September 15, 2023.

Bitdeer plans to fund the repurchase from its existing cash and aims to minimize the impact on its stock price by gradually executing the repurchase program, creating greater long-term returns for shareholders. Following the announcement of the repurchase program, Bitdeer's stock price surged by 50%, finally surpassing its issue price.

Bitdeer's Operations in May

Bitdeer announced early in May its collaboration with Druk Holding & Investments DHI, a commercial entity of the Kingdom of Bhutan, to develop environmentally sustainable, zero-carbon emission digital asset mining operations in the country. Bitdeer and DHI plan to initiate their partnership by establishing a closed-end fund with an estimated size of up to $500 million to attract international investments. The fund will have Bitdeer as the general partner and DHI as the strategic limited partner.

The Gedu mining data center in Bhutan is expected to be completed in July this year. Once operational, the Gedu data center will increase the company's total power capacity by 100 megawatts, supporting the operation of 30,000 mining machines and providing Bitdeer with an additional 3.3 EH/s of proprietary hash rate. Gedu data center is Bitdeer's first data center in Asia and will operate under extensive hydroelectric power generation in Bhutan, ensuring carbon neutrality.

According to the information announced by Bitdeer, its total managed hash rate remains stable at 18.0 EH/s, with a total power capacity of 795 MW. In May, Bitdeer mined 283 bitcoins through its proprietary mining operations, valued at approximately $7.6 million.

For more background and business information about Bitdeer, please see: Bitdeer Releases 2022 Financial Report, Stock Price Continues to Trade Below IPO Price