Bitdeer Technologies Holding, a Bitcoin mining company founded by Jihan Wu, is reportedly seeking $100 million in funding to enhance its mining capabilities, according to Bloomberg's sources familiar with the matter.

The Singapore-based firm plans to use the funds to expand its mining capacity, particularly in preparation for the upcoming fourth halving expected in April, which will decrease mining rewards. However, the post-funding valuation of the company remains uncertain, as discussions are ongoing, and financing details are subject to change.

Established in 2018, Bitdeer is publicly traded on Nasdaq under the ticker symbol BTDR. As of now, the company has not issued any public statements regarding the ongoing financing discussions.

The funding negotiations coincide with the approaching fourth halving of Bitcoin, which will cut mining rewards from 6.25 BTC to 3.125 BTC in mid-April. This reduction could potentially impact the profitability of mining operations, particularly for smaller firms.

Additionally, miners are facing other challenges. The approval of spot Bitcoin ETFs has provided traditional investors with an alternative means to enter the crypto market, potentially diminishing demand for crypto-friendly mining stocks.