Bitdeer Technologies Group (NASDAQ: BTDR), a technology company for the cryptocurrency mining community, and Druk Holding & Investments (DHI), the commercial arm of the Royal Government of Bhutan, announce a strategic partnership in order “to develop environmentally sustainable, carbon-free digital asset mining operations in the Kingdom of Bhutan.”
Bitdeer and DHI expect “to launch the Partnership through establishing a closed-end fund with an estimated size of up to US$500 million.”
Fundraising is “expected to commence at the end of May, with the goal to attract investment from the international community.”
The fund will “leverage Bitdeer’s expertise and support to advance DHI’s digital asset mining and investment and blockchain initiatives in Bhutan.” Bitdeer will “serve as the general partner, while DHI will act as a strategic limited partner.”
Jihan Wu, Chairman of Bitdeer Technologies Group, said:
“We are excited to be working alongside DHI in accessing Bhutan’s zero-emissions power to sustainably enable the blockchain technologies that will eventually form an immutable bedrock for a global store of value. The new Fund will also represent a pathway to foster global stakeholder networks that are driving growth and innovation in the technology sector in Bhutan.”
Ujjwal Deep Dahal, CEO of Druk Holding and Investments, commented:
“We are thrilled to partner with Bitdeer on this important development for DHI. DHI exists for the betterment of the lives of Bhutanese people today and for generations to follow. The Partnership with Bitdeer to launch a carbon-free digital asset mining datacenter represents an investment in a more connected and sustainable domestic economy, helping ensure we are at the forefront of global innovation.”
The capital raised will be “channeled toward greenfield operations in Bhutan, encompassing the construction of datacenters and the acquisition of cutting-edge technology, which aligns with Bhutan’s ambitious plans to accelerate the Kingdom’s digital transformation and economic diversification by exploring emerging sectors.”
This initiative “includes investments in strategic areas such as renewable energy assets that include hydropower, green ammonia and the hydrogen fuel economy, and also in emerging technologies such as blockchain, artificial intelligence, machine learning systems, carbon credit platforms and the metaverse.
The partnership is expected “to create local jobs in areas ranging from engineering to project management, supervisory and supportive functions.”
At the same time, the partnership is expected “to generate economic activity and foreign-currency-denominated revenue for local communities and the country.”
The upcoming carbon-free digital asset mining operations in Bhutan “mark a crucial expansion into Asia of Bitdeer, complementing Bitdeer’s existing datacenters in Northern Europe and North America.”
Expected to launch in May 2023, the Partnership will “enable Bitdeer to tap into Asia’s abundant resources, contributing to the flourishing regional ecosystem.”
Bitdeer Technologies Group has “commenced trading on Nasdaq on April 14, 2023.”