Matrixport Extends $200 Million Credit to Bitdeer

In April, the crypto-financial firm Matrix Finance (trading as Matrixport) opened a $200 million credit line for bitcoin miner Bitdeer. Both companies were founded by former Bitmain CEO Jihan Wu.

According to the annual report, the loan carries a floating rate of 9% plus market reference interest. Payments are made monthly, with a loan term of two years. The collateral consists of SEALMINER mining rigs produced by Bitdeer.

As of April 21, the company had utilized $43 million of the debt financing provided by Matrix Finance.

In February, Bitdeer signed an agreement to purchase a site in Fox Creek, Alberta, Canada, for $21.7 million. The site is licensed for the construction of a 101 MW gas power plant with the potential to scale up to 1 GW.

The mining company plans to complete construction and bring the facility online by the fourth quarter of 2026 in partnership with a contractor.

As of March 31, Bitdeer operated six mining data centers in the US, Norway, and Bhutan. The company noted that investments in energy infrastructure have enabled it to secure an average electricity cost for bitcoin mining of $0.042 per kWh.

To reduce equipment acquisition and depreciation costs, the firm has made a strategic decision to develop its own production.

In March, Bitdeer tested the third generation of its SEAL03 mining chips, which demonstrated an energy efficiency of 9.7 J/TH.

In the same month, the company introduced an updated version of its serial miner based on the SEAL02. The declared energy consumption ratio for the SEALMINER A2 Pro unit is 14.9 J/TH.

Bitdeer intensified the development of mining chips after receiving $100 million in investments from Tether in May 2024. Later, Bitdeer acquired chip developer FreeChain Inc (Desiweminer).