According to the company's CEO, Bitdeer is crafting a $250 million fund to buy distressed assets from embattled bitcoin miners.
Bitdeer’s CEO Matt Kong sees opportunities on the horizon, according to statements he made on Tuesday. “There are opportunities in every cycle,” Kong remarked. “If you can time the market and enter at the bottom, come out at the top, then you will make money. It works especially well for mining.”
Presently, Bitdeer is looking to complete a Special Purpose Acquisition Company deal for $4 billion. However, the deal with the blank check firm has been pushed back and the company filed for an extension. Kong says while crypto miners are in distress, the firm has the opportunity to get machines at a much cheaper rate.
“We can buy the cheaper machines and run them in our existing facilities with stable and cost-effective power purchase agreements,” Kong added. “You’ll have the cash flow.”
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