Bitdeer reports increased losses in Q2 following a one-time $33 million listing expense, while shares rise by 44%.

Bitcoin miner Bitdeer Technologies, a company that emerged from the well-known Bitcoin application-specific integrated circuit (ASIC) producer Bitmain, reported a net loss of $40.4 million in the second quarter of 2023, an increase from a net loss of $15.6 million in Q2 2022.

The firm revealed in its earnings report released on Aug. 11 that the losses were primarily due to a $33.2 million listing fee paid to Blue Safari in connection with Bitdeer’s listing on the Nasdaq exchange. The company’s revenue rose by 5.2% to $93.8 million. On the same day, Bitdeer’s stock surged over 40% following the announcement of a $150 million share purchase agreement with B. Riley Financial. The firm’s current market capitalization is $1.5 billion.

On a year-over-year basis, the company’s Bitcoin (BTC) hash rate increased from 10.5 exahashes per second (EH/s) in Q2 2022 to 18.8 EH/s. Bitdeer’s ASICs under management expanded from 119,000 to 199,000 during the same timeframe. The current hash rate of the Bitcoin network is 432.94 EH/s. Overall, the company mined 758 BTC compared to 521 BTC in Q2 2022. Additionally, Bitdeer launched an 18,000-machine mining rig in Bhutan during the quarter and announced plans for a 175-megawatt mining center in Norway.

In November 2021, Bitdeer declared its intention to go public through a $4 billion merger with a special purpose acquisition company. The transaction was delayed due to the ongoing crypto winter, but it was ultimately completed in April 2023. Following its listing, the company reported approximately $130 million in cash equivalents and $30 million in debt.

Magazine: ‘Elegant and ass-backward’: Jameson Lopp’s first impression of Bitcoin