Matrixport Provides $200 Million Loan to Bitdeer to Expand Mining Operations
Date: 2025-04-23 Author: Henry Casey Categories: BUSINESS
Matrix Finance, which operates under the Matrixport brand and was founded by Jihan Wu, opened a $200 million credit line for its partner Bitdeer in April. The two firms share a common history — their founder previously headed Bitmain.
According to the published annual report, the loan is issued at a floating rate: base market interest plus 9%. Payments on the loan are made monthly, and the total repayment period is two years. The company provided its own equipment — SEALMINER series miners — as collateral.
As of April 21, Bitdeer has already used $43 million of the total funding. This money complements the company's investment initiatives: in February, it closed a $21.7 million deal to acquire a site in Fox Creek, Canada. The territory is licensed for the construction of a gas power plant with a capacity of 101 MW, with the possibility of subsequent scaling up to 1 GW. Commissioning is scheduled for the fourth quarter of 2026.
Bitdeer operated six data centers in the United States, Norway, and Bhutan as of the end of March. The company's management emphasizes that investments in energy have allowed it to achieve a reduced cost of bitcoin mining - $0.042 per kilowatt-hour.
Other areas of development include the production of its own chips. In March, Bitdeer completed testing of the third generation of SEAL03 mining chips, which achieved an energy efficiency of 9.7 J / TH. In addition, a new version of the SEALMINER A2 Pro device based on SEAL02 chips was presented, with a consumption of 14.9 J / TH.
The development of the manufacturing direction was made possible by investments from Tether - in May 2024, Bitdeer received $100 million from the company. These funds also helped to acquire the chip developer FreeChain Inc (Desiweminer), which strengthened Bitdeer's position in the field of technological solutions for mining.
