Bitdeer Acquires Its Bitcoin Mining Landlords in Norway for $30M+

Singapore-based bitcoin mining firm Bitdeer has doubled down on its presence in Norway by acquiring the owners of the land it rents to run two bitcoin mining sites in a deal exceeding $30 million.

Bitdeer said in a filing on Monday that it entered into a share purchase agreement on April 3 to acquire 100% of the issued shares of Troll Housing AS and Tydal Data Center AS from their current owners.

Troll Housing and Tydal Data Center are sister companies specializing in data center operation, touting abundant renewable energy with air and water cooling capacities in Norway.

Notably, before the deal, Bitdeer had been renting land and capacities from Troll Housing and Tydal Data Center to run its mining containers located in Molde and Tydal. According to Bitdeer’s annual report as of February 2024, the two Norwegian sites had a combined electrical capacity of 134 megawatts (MW).

The payment structure comprises $15 million in cash, a $15 million secured and freely tradable loan over five years with 6% interest, and 417,130 ordinary shares of BTDR (worth $3.3 million as of Apr. 8). It also includes a call option to acquire $15 million worth of BTDR shares at a strike price of $35.96.

It is unclear which other power or infrastructure assets Bitdeer will gain access to after the acquisition. However, Tydal Data Center said it owned a facility that was reportedly connected to a power grid of nearly 500 MW supplied by local hydroelectric plants and wind farms, according to the company’s pitch desk published in 2021 when the data center was still under construction.

Bitdeer recently said in the March production update that it is in the process of expanding its Tydal facility with a new 175MW immersion cooling capacity, which is expected to be completed in mid-2025.