Bitdeer's $4M Bitcoin Bet Boosts Shares; Cardano, Pi Coin Tumble

Bitcoin investment, Bitdeer's Bitcoin purchase, and Pi Network have been making waves in the crypto market. In a significant move, Bitdeer, a major cryptocurrency mining firm, invested $4 million in Bitcoin, causing a stir in the crypto space. The company's shares rose 0.6% in after-hours trading, indicating investor confidence in its long-term strategy.

Meanwhile, Cardano's price dropped by 23% this week, with on-chain data suggesting weak network demand and potential further decline. Pi Coin, on the other hand, experienced extreme volatility, surging over 300% after the Pi Network Open Mainnet launch before falling 11.1% to $2.49 as of February 28, 2025.

Bitdeer's Bitcoin purchase also included the acquisition of 50 BTC at an average price of $81,475, bringing their total Bitcoin holdings to over 640 BTC, which makes up approximately 0.003% of Bitcoin's total supply. This news was shared by the company on its official Twitter account. Cardano (ADA) continued its decline, down nearly 7% on Friday to around $0.60, with on-chain data showing falling network activity and a technical outlook suggesting further downside potential. Pi Coin also dropped, fluctuating between $0.70 and $2.86 over the past week.

In another development, Bitdeer purchased a 101 MW natural gas plant in Alberta for $21.7 million, with plans to utilize it for Bitcoin mining and potential expansion to 1 GW. The company also got approval to construct a 99 MW interconnection grid in collaboration with the Alberta Electric System Operator, valued at approximately $30 million (or $300,000 per MW), to support increased data center capacity dedicated to Bitcoin mining.

Cardano's price encountered resistance at its descending trendline, leading to a 15% decline after February 21. By Monday, it had dropped below its weekly support at $0.74 and continued falling an additional 6% over the next three days. As of February 28, Cardano is trading at $0.59, reflecting a decline of 6.93%.

Analysts predict