Bitcoin, Bitdeer, and a $200M Credit That Might Just Be Magic (or Malpractice)

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Bitcoin took a joyride, dragging Bitdeer Technologies (BTDR) up to a dazzling No. 2 on the stock charts on April 22, fueled by a rumored $200 million credit line. Meanwhile, Callisto Research eyed the scene suspiciously, muttering something about financial smoke and mirrors, and shady dance partners listed on the U.S. Commerce Department’s naughty list of Chinese entities. 🚀🕵️‍♂️

Callisto Research: The Party Poopers of BTDR’s Stock Rally

So here’s the setup: BTDR, a Singaporean outfit best known for making machines that slap at Bitcoin like it owes them money, shot up the charts like a caffeinated squirrel. Insider Monkey crowned it the day’s second-best performing stock, citing Bitcoin’s own rave party and that juicy $200 million credit line to juice production of ASIC mining gadgets.

Price kept bouncing above $9.30 like a cat ignoring warnings, even as Callisto Research waved a very suspicious finger. They released a report dripping with red flags, noting that the Bitcoin miner was actually bleeding money in both 2023 and 2024 and couldn’t seem to print positive cash flow. Essentially, it’s the financial equivalent of a magic trick—now you see the profits, now you don’t.

The real eyebrow raiser? Callisto says Bitdeer’s revenue bookkeeping looks like it was done by a pirate with a penchant for smoke and mirrors. The CEO, Jihan Wu, also runs a crypto-finance platform called Matrixport, which Callisto suspects is playing the part of the eager magician’s assistant helping exaggerate the revenue rabbit out of the hat.

On top of that, the report alleges Bitdeer’s curtain conceals cozy ties with some rather notorious Chinese companies on the U.S. Commerce Department’s Entity List. If you thought AI and mining gear partnerships with Nvidia and TSMC were safe bets, think again—Callisto hints they might be sitting on a regulatory landmine. Also, tariffs on Chinese imports? Not exactly a recipe for smooth sailing.

//x.com/JihanWu/status/1912678413581897833″>Here’s the proclamation, complete with keyboard-warrior flair.

But like any good sci-fi sequel, the drama didn’t end there. Callisto doubled down the very next day with another post on X, basically telling Wu: “We’re just getting started.” Meanwhile, faithful Bitdeer fans and Money Insider reports continue to cheer from the sidelines, waving pom-poms and hashtags about bright futures. Hope springs eternal, or so they say. 🤡💸

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2025-04-24 20:08