Shares of Bitdeer Technologies Group (BTDR) surged 5.08% in pre-market trading on Wednesday, as the cryptocurrency mining company's ambitious plans for vertical integration and progress on its proprietary ASIC chips fueled investor optimism.
The stock's rally was likely driven by positive news coverage, including a reiterated Buy rating from Alliance Global Partners analyst Brian Kinstlinger. However, the real catalyst appears to be Bitdeer's upbeat Q4 2024 earnings call, where the company provided updates on its strategy to become a fully vertically integrated Bitcoin miner at scale.
One of the most significant developments outlined during the call was Bitdeer's acquisition of a 19-acre site in Alberta, Canada. The company plans to develop a 101-megawatt gas-fired power plant and a 99-megawatt data center for Bitcoin mining using its proprietary SealMiner ASIC chips. This project is expected to position Bitdeer as one of the lowest-cost Bitcoin miners in the industry, leveraging its vertically integrated operations spanning power generation, data centers, and cutting-edge mining hardware.
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