PANews reported on November 13 that Bitdeer (BTDR), the Bitcoin mining company owned by Jihan Wu, opened down about 20% today, currently trading at $11.13 per share. The stock has fallen by approximately 50% this week.

In terms of news, the company announced plans to privately issue $400 million in convertible bonds maturing in 2031, while simultaneously repurchasing existing bonds. Additionally, a fire recently broke out at its new mine in Ohio, causing two buildings to collapse. Although no one was injured, the incident has raised market concerns. The previously released Q3 financial report also showed a larger-than-expected loss, and delays in ASIC chip deliveries exacerbated market selling pressure.