Bitdeer Technologies Group, a leading technology company for the cryptocurrency mining community, has announced a share repurchase program. The company’s board of directors has approved the repurchase of up to US$1,000,000 worth of its Class A ordinary shares, effective until September 15, 2023.
Bitdeer may repurchase its shares through various means, including open market transactions and privately negotiated transactions. The number of shares to be repurchased and the timing of the repurchases will depend on factors such as price, trading volume, general market conditions, and the company’s working capital requirements.
The goal of the share repurchase program is to minimize the impact on Bitdeer’s share price and generate greater long-term returns for its shareholders. The company plans to fund the repurchases from its existing cash balance.
Bitdeer Technologies Group is a Singapore-based company that provides comprehensive digital asset mining solutions for its customers. It handles various processes involved in mining, including miner procurement, transport logistics, mining datacenter design and construction, and daily operations. Bitdeer has mining datacenters deployed in the United States and Norway.
This share repurchase program reflects Bitdeer’s commitment to creating value for its shareholders and its confidence in the future of the cryptocurrency mining industry. Investors may view this as a positive move by the company, as it demonstrates a proactive approach to optimizing shareholder returns.