Nasdaq-listed Bitdeer on Monday announced a transition in its current management. The Bitcoin miner named its founder and chairman as its new CEO. The company’s decision to go through a management restructuring comes at a time when it is undergoing a market cap expansion and growing customer base.
Bitdeer names founder and chairman as new CEO
Bitdeer on Monday announced that the founder of the company and chairman of the board of directors Jihan Wu has been named chief executive officer. Wu will take up his new position effective March 1, 2024, according to a company statement. The firm added that the company’s present chief executive officer, Linghui Kong, would assume the position of chief business officer while retaining his membership on the board.
Bitdeer new transition to help the firm become profitable
The market value of Bitdeer Technologies Group has gone up by $133 million in recent times. The current market cap of the company stands at $974.08 million. However, the challenge for the company will be to now focus on being cash flow positive.
Bitdeer provides the lowest cost of mining Bitcoin so far in the market. The low-cost mining by the firm is what usually attracts investors to the stock. However, for the past three consecutive quarters, the company has been reporting losses. With the transition of the new CEO, the firm must now focus on being more profitable and having a strong balance sheet.
Headquartered in Singapore, Bitdeer has deployed data centers in the United States, Norway, and Bhutan.
Bitdeer stock expected to grow in future
Bitdeer as a publicly traded mining firm has been successful in terms of gaining customer base and gaining investor trust. Market participants have forecasted Bitdeer to have substantial growth potential and no debt. At present the company’s profits are expected to increase by 113.91% annually.
Bitdeer’s stock is currently trading at $8.78 per share, being 15.5% up as compared to the last close. The share, however, is down 27.8% year to date as the overall uncertainty over the earnings of the company has loomed larger. The upcoming results in June will be crucial to determine Bitdeer’s trajectory in the future.
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