miner Bitdeer Technologies, a firm spun off from prominent Bitcoin application-specific integrated circuit (ASIC) manufacturer Bitmain, recorded a net loss of $40.4 million in the second quarter of 2023, up from a net loss of $15.6 million in Q2 2022.
The company disclosed in its earnings report published on Aug. 11 that the losses were largely attributed to a $33.2 million listing fee paid to Blue Safari relating to Bitdeer’s listing on the Nasdaq exchange. The firm’s revenue increased by 5.2% to $93.8 million. The same day, Bitdeer’s stock was up over 40% on news of a $150 million share purchase agreement with B. Riley Financial. The company’s current market capitalization stands at $1.5 billion.