Benzinga - Crypto mining firm Bitdeer Technologies Group (NASDAQ: BTDR) on Friday announced its board of directors sanctioned a new share repurchase initiative, worth around $2 million.
As the crypto industry navigates through dynamic financial landscapes, such strategic financial moves by companies like Bitdeer are anticipated to be a focal topic at Benzinga's Future of Digital Assets conference on Nov. 14. This event aims to shed light on the ongoing evolutions in the digital asset sector, including the implications of regulatory and market changes on businesses and investors.
The repurchase mechanism permits Bitdeer to acquire its shares via a variety of avenues, encompassing open market and privately negotiated transactions.
The exact number of shares repurchased and the timing will hinge on several market factors, including share price, trading volume and overall market conditions, among others.
Also Read: Crypto Aid Israel Raises $185,000 For Relief During Conflict With Hamas: Here's How The Funds Were Spent
The company intends to finance these repurchases using its existing cash reserves.
Through this strategic buyback, Bitdeer wants to stabilize its share price and optimize long-term returns for its shareholders.
Headquartered in Singapore, Bitdeer engages in mining processes like logistics, data center construction and daily operations.
The company established mining data centers in the U.S., Norway and Bhutan.
Read Next: SEC Asks Judge To Dismiss Lawsuit Against Ripple Executives, But There's Pending Issues
Join Benzinga's Fintech Deal Day & Awards on Nov. 13 and Future of Digital Assets on Nov. 14 in New York City to stay updated on trends like AI, regulations, SEC actions and institutional adoption in the crypto space. Secure early bird discounted tickets now!
Photo: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.