Bloomberg Tax
Sept. 27, 2022, 12:43 PM

Crypto Tycoon’s Bitdeer Debuts Fund Targeting Distressed Miners

David Pan
David Pan
Bloomberg News

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 ...