Chinese crypto billionaire Jihan Wu is setting up a $250 million fund to buy distressed assets from Bitcoin miners, as the industry reels from this year’s steep drop in digital-asset prices.
Wu’s Bitdeer Technologies Holding Co. plans to invest $50 million as part of a junior tranche, meaning the firm’s investment will be first at risk if the fund loses money. It aims to raise another $200 million from outside investors such as family offices, venture capital firms, alternative investment funds and other mining companies, a representative from Bitdeer told Bloomberg News.
Bitcoin miners are under pressure as depressed token prices, high energy costs and fierce competition all take a toll, driving a closely watched gauge of mining-industry revenue to a two-year low. Compute North, a major data-center provider for crypto mining, filed for bankruptcy last week, while the three largest US publicly traded Bitcoin miners suffered combined losses of more than $1 billion in the second...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...