We recently published a list of Bitcoin Miners Dominate Tuesday’s 10 Best-Performing Stocks. In this article, we are going to take a look at where Bitdeer Technologies Group (NASDAQ:BTDR) stands against other Tuesday’s best-performing stocks.
The stock market bounced back on Tuesday, erasing losses in the previous day, as investors snapped up shares on news that the US-China trade tensions could possibly subside.
The Dow Jones rallied by 2.66 percent, the S&P 500 rose by 2.51 percent, and the Nasdaq surged by 2.71 percent.
On Tuesday, news reports said that US Treasury Secretary Scott Bessent believed there would be a de-escalation between the US and China, describing future negotiations as a slog that has not started yet. The news buoyed trading in several financial markets, including cryptocurrency, with Bitcoin jumping 5 percent to trade above the $91,000 level.
The rally spilled over into 10 companies, predominantly Bitcoin miners. In this article, we have listed the 10 top-performing firms on Tuesday and detailed the reasons behind their gains.
To come up with the list, we considered only the stocks with more than $1 billion in market capitalization and $5 million in trading volume.
A construction team in a mining datacenter building work site with plans and equipment in hand.
Bitdeer Technologies Group (NASDAQ:BTDR)
Bitdeer Technologies surged by 23.42 percent on Tuesday to close at $9.38 apiece following the rally in Bitcoin prices, coupled with news that it had been offered as much as $200 million in credit facility to finance its Bitcoin ASIC manufacturing efforts.
According to the company, it entered into a loan agreement with Matrixport, a company also owned by BTDR’s chairman, Jihan Wu.
As of April 2021, BTDR said it was already able to draw as much as $43 million from the credit line.
The loan carries a variable interest rate of 9 percent and is repayable in fixed monthly installments over a period of 24 months.
In other news, BTDR recently acquired a 101-megawatt data center in Alberta, Canada, for $21.7 million.
Last month, BTDR said it was able to mine 114 Bitcoins at a hash rate of 24.2 EH/s. It also completed mass production of 3.8 EH/s for its SEALMINER A1 mining rig, launched the SEALMINER A2 Pro series Bitcoin mining rigs, and obtained regulatory approval for Phases 1 and 2 of its Tydal, Norway site.
“We expect to energize more than 600 MW of power capacity over the next few months, including our Bhutan site,” the company said.
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Disclosure: None. This article is originally published at Insider Monkey.
