Co-Founder Jihan Wu Controls 43.6% of BitDeer Shares After Listing
BitDeer, a leading computing power-sharing platform, has been making headlines lately after the release of its latest financial documents sent to the US SEC. According to the documents, BitDeer’s revenue has been increasing steadily since 2019, with a revenue of $88.77m that year, followed by $186m in 2020, and $395m in 2021. The company’s gross profits were also on the rise, reaching $10.068m in 2019, $23.177m in 2020, and a staggering $241m in 2021.
However, despite the impressive revenue and profits, BitDeer is expected to incur a net loss of $62.4m in 2022, despite projected revenue of $330m. This is due to an increase in operating expenses and investments, which are expected to put a strain on the company’s finances.
BitDeer’s financial documents also reveal that after its recent listing, co-founder Jihan Wu controls 43.6% of the company’s shares and has 88.5% of the voting rights. This level of control gives Jihan significant influence over the company’s decision-making processes.
Despite the expected net loss for 2022, BitDeer’s net worth has still increased. As of December 31, 2022, the company’s net worth was $316 million, compared to $288 million a year earlier. This suggests that while the company is taking risks and investing heavily, it is still managing to increase its overall value.
BitDeer’s computing power-sharing platform has become increasingly popular in recent years, attracting many users who are interested in cryptocurrency mining. By allowing users to share computing power, BitDeer offers an affordable and accessible way to mine cryptocurrency without having to invest in expensive equipment.
Overall, BitDeer’s financial documents show a company that is growing rapidly and investing heavily in its future. While the expected net loss for 2022 may raise some concerns, the company’s overall net worth and revenue suggest that it is well-positioned to weather any short-term challenges. It will be interesting to see how BitDeer continues to evolve and innovate in the coming years.
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