Bitdeer Technologies Group (BTDR) stock surged 5.14% in Friday's trading session, following the company's announcement of a new $20 million share repurchase program.
The blockchain and high-performance computing technology firm revealed that its board of directors approved the new repurchase plan, effective from February 28, 2025, through February 28, 2026. This comes after Bitdeer fully utilized its previous $10 million buyback program approved in September 2024.
Under the new program, Bitdeer may repurchase its Class A ordinary shares through open market transactions, privately negotiated deals, or other legally permissible means. The company plans to fund the buybacks from its existing cash balance, aiming to minimize the impact on its share price and generate greater long-term returns for shareholders.
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