Shares of Bitdeer, a Bitcoin mining company led by Wu Jihan, experienced a dramatic decline at the start of trading on U.S. stock exchanges, dropping approximately 20% to settle at $11.13 per share. This brings the company’s cumulative losses for the week to around 50%. The decline follows recent announcements concerning financial challenges and operational issues facing Bitdeer. They have revealed plans to issue privately-funded bonds worth $400 million, due in 2031, alongside a bond buyback program. A fire at their newly opened mining facility in Ohio has also caused concern, resulting in the collapse of two buildings although no injuries were reported. This incident further adds to Bitdeer’s woes as its Q3 financial report revealed disappointing losses and delayed delivery of ASIC chips, both contributing to increased selling pressure in the market.