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olivLaw · US equity research

Bitdeer Technologies Group BTDR

Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)

6.53USD−5.64% · 1 dayClose 04 Nov 2026

Bitdeer Technologies Group, headquartered in Singapore, runs Bitcoin mining and increasingly AI and cloud AI infrastructure, using its own datacenters and in-house ASIC chips. The company is scaling its capacity base quickly, and annual revenue reached 620.3 million USD in 2025. How this shift plays out depends on the Bitcoin price and on the ability to convert datacenters into AI capacity.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Bitdeer Technologies Group (BTDR) stock was 6.53 USD (−5.64% on the day), with market capitalisation 1.5 bn USD, beta 3.43, 52-week range 6.17–22.08 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
1.5 bn USD
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -4.36 · TTM to 31 Dec 2024
E/P (TTM)
-66.77%
TTM to 31 Dec 2024
Dividend yield
unavailable
Beta (2y)
3.43
Volatility (1y) 105%
52-week range
6.1722.08

Price history

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Technical reading

RSI (14)
34.3
weak (30–45)
Bollinger (20, 2)
5.84 – 9.80
in the lower half of the band · %B 0.17 · band width 50.6%
SMA 50 / 200
10.00 / 11.57
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.99 / -0.96
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−40.3%−1.1%−39.2 pp—
3 months−41.0%−0.5%−40.5 pp—
6 months−56.8%+4.4%−61.1 pp—
Year to date−41.7%+12.3%−54.1 pp—
1 year−69.4%+13.5%−82.9 pp−47.3%
3 years+63.7%+76.4%−12.8 pp−74.7%
5 years−34.4%+63.7%−98.0 pp—
Max drawdown (1y)
−72.1%
05 Nov 2025 → 02 Nov 2026
Max drawdown (5y)
−79.5%
16 Aug 2023 → 23 Oct 2023
Compound annual growth (5y)
−8.1%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20202021202220232024
Revenue186.4 m394.7 m333.3 m368.6 m349.8 m
Revenue YoYunavailable+111.7%−15.5%+10.6%−5.1%
Net income-55.8 m82.6 m-60.4 m-56.7 m-599.2 m
Net income YoYunavailableunavailable−173.0%unavailableunavailable
Diluted EPS0.000.75-0.56-0.51-4.36
Diluted EPS YoYunavailableunavailable−174.7%unavailableunavailable
net %-30.0%20.9%-18.1%-15.4%-171.3%
Free cash flowunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2024 · 31 Dec 2024

Cash
476.3 m USD
Financial debt
208.1 m USD
Net debt
-268.1 m USD
Equity
276.6 m USD
Total assets
1.6 bn USD
Debt / equity
0.75x
Current ratio
0.86x
ROE
-196.7%
ROA
-54.5%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2022
333.3 m
2023
368.6 m
2024
349.8 m

SEC (XBRL)· 21 Apr 2025verified

Cost of revenue
2022
250.1 m
2023
290.7 m
2024
283.4 m

SEC (XBRL)· 21 Apr 2025verified

Gross profit
2022
83.3 m
2023
77.8 m
2024
66.4 m

SEC (XBRL)· 21 Apr 2025verified

Research & development
2022
35.4 m
2023
29.5 m
2024
76.9 m

SEC (XBRL)· 21 Apr 2025verified

Operating income
2022
-60.6 m
2023
-52.2 m
2024
-589.7 m

SEC (XBRL)· 21 Apr 2025verified

Pre-tax income
2022
-64.8 m
2023
-51.0 m
2024
-601.6 m

SEC (XBRL)· 21 Apr 2025verified

Income tax
2022
-4.4 m
2023
5.7 m
2024
-2.4 m

SEC (XBRL)· 21 Apr 2025verified

Net income
2022
-60.4 m
2023
-56.7 m
2024
-599.2 m

SEC (XBRL)· 21 Apr 2025verified

Diluted EPS
2022
-0.56
2023
-0.51
2024
-4.36

SEC (XBRL)· 21 Apr 2025verified

Weighted average diluted shares
2022
108.7 m
2023
110.5 m
2024
137.4 m

SEC (XBRL)· 21 Apr 2025verified

Balance sheet · USD

Cash
2022
231.4 m
2023
144.7 m
2024
476.3 m

SEC (XBRL)· 21 Apr 2025verified

Inventories
2022
—
2023
346.0 k
2024
64.9 m

SEC (XBRL)· 21 Apr 2025verified

Current assets
2022
—
2023
260.3 m
2024
949.4 m

SEC (XBRL)· 21 Apr 2025verified

Property, plant & equipment, net
2022
138.6 m
2023
154.9 m
2024
251.4 m

SEC (XBRL)· 21 Apr 2025verified

Goodwill
2022
—
2023
0
2024
35.8 m

SEC (XBRL)· 21 Apr 2025verified

Intangibles (excl. goodwill)
2022
—
2023
4.8 m
2024
83.2 m

SEC (XBRL)· 21 Apr 2025verified

Total assets
2022
651.4 m
2023
639.4 m
2024
1.6 bn

SEC (XBRL)· 21 Apr 2025verified

Short-term debt
2022
—
2023
0
2024
208.1 m

SEC (XBRL)· 21 Apr 2025verified

Long-term debt
2022
—
2023
22.6 m
2024
0

SEC (XBRL)· 21 Apr 2025verified

Current liabilities
2022
—
2023
121.2 m
2024
1.1 bn

SEC (XBRL)· 21 Apr 2025verified

Total liabilities
2022
333.1 m
2023
306.8 m
2024
1.3 bn

SEC (XBRL)· 21 Apr 2025verified

Equity
2022
318.3 m
2023
332.6 m
2024
276.6 m

SEC (XBRL)· 21 Apr 2025verified

Shares outstanding at year end
2022
1
2023
112.0 m
2024
192.3 m

SEC (XBRL)· 21 Apr 2025verified

Cash flow · USD

Capex
2022
63.2 m
2023
63.3 m
2024
119.5 m

SEC (XBRL)· 21 Apr 2025verified

Investing cash flow
2022
133.8 m
2023
199.9 m
2024
112.7 m

SEC (XBRL)· 21 Apr 2025verified

Financing cash flow
2022
-3.9 m
2023
-13.5 m
2024
844.3 m

SEC (XBRL)· 21 Apr 2025verified

Share repurchases
2022
0
2023
2.6 m
2024
617.0 k

SEC (XBRL)· 21 Apr 2025verified

Computed indicators

Growth

Revenue growth (YoY)
-5.1%
computed by olivLawFY 2024
Revenue CAGR 3Y
-3.9%
computed by olivLawFY 2021 → FY 2024
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
19.0%
computed by olivLawFY 2024
EBITDA margin
unavailable
input data missing
EBIT margin
-168.6%
computed by olivLawFY 2024
Net margin
-171.3%
computed by olivLawFY 2024
FCF margin
unavailable
input data missing

Returns

ROE
-196.7%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROA
-54.5%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROIC
-452.5%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROCE
-128.8%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-268.1 m USD
computed by olivLawbalance sheet at 31 Dec 2024
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.8x
computed by olivLawbalance sheet at 31 Dec 2024
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
0.9x
computed by olivLawbalance sheet at 31 Dec 2024
Quick ratio
0.8x
computed by olivLawbalance sheet at 31 Dec 2024
Cash ratio
0.4x
computed by olivLawbalance sheet at 31 Dec 2024

Cash

Operating cash flow
unavailable
input data missing
Capital expenditure
119.5 m USD
computed by olivLawFY 2024
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
42 days
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
1.5 bn USD
computed by olivLawbalance sheet at 31 Dec 2024
Enterprise value
1.3 bn USD
computed by olivLawbalance sheet at 31 Dec 2024
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-66.8%
computed by olivLawFY 2024
P/B
5.6x
computed by olivLawbalance sheet at 31 Dec 2024
P/S
4.4x
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
insufficient data
EV/Sales
3.6x
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
0.0%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 35.4% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

6.53 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 1.5 bn USD

Key indicators

Market capitalisation
1.5 bn USD
computed by olivLawbalance sheet at 31 Dec 2024
P/E (TTM)
unavailable
insufficient data
P/B
5.6x
computed by olivLawbalance sheet at 31 Dec 2024
EV/EBITDA
unavailable
input data missing
ROE
-196.7%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Net margin
-171.3%
computed by olivLawFY 2024
Revenue growth (YoY)
-5.1%
computed by olivLawFY 2024
Dividend yield
unavailable
input data missing

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2024
Latest reported period: 31 Dec 2024
Latest balance sheet date: 31 Dec 2024
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 30 Apr 2026
verified 124

The data is older than the freshness threshold.

Score by group

35% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Finance Services (SIC 6199)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-452.5%0 (vs peers)29%
Net margin · Quality-171.3%39 (vs peers)18%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-3.9%0 (on a fixed band)24%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet0.9x5 (on a fixed band)12%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns0.0%1 (on a fixed band)18%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial5/100 · 1/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality15/100 · 2/3 factors with a value
  • Returns· partial1/100 · 1/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

BITDEER TECHNOLOGIES GROUP (BTDR). Latest full fiscal year: 2024; data up to 2024-12-31.

Figures computed from the financial statements: revenue 349.8 m USD in 2024; YoY growth -5.1%; net margin -171.3%; ROE -196.7%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • ROIC: -452.5%
  • Revenue CAGR 3Y: -3.9%
  • Current ratio: 0.9x
  • Shareholder yield (distributions): 0.0%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 18.7x
EV/EBITDA
—
vertical median —
P/S
4.4x
vertical median 7.1x
below median (−38.3%)
P/B
5.6x
vertical median 1.0x
above median (+443.3%)
ROE
-196.7%
vertical median -25.0%
below median
Net margin
-171.3%
vertical median -99.5%
below median
EBIT margin
-168.6%
vertical median -148.0%
below median
Revenue YoY
-5.1%
vertical median 20.6%
below median (−124.7%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median 0.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AXPAmerican Express Co223.0 bn18.735.9%27.9%+6.4%−9% / +95%
COINCoinbase Global, Inc.40.1 bn—-4.7%-12.5%+9.4%−44% / +21%
SOFISoFi Technologies, Inc.22.4 bn36.37.1%104.3%+23.1%−42% / +138%
IRENIREN Limited7.8 bn—-23.4%-99.4%+41.1%−55% / +340%
HUTHut 8 Corp.5.9 bn—-34.5%-169.8%+44.8%+9% / +415%
BLSHBullish3.5 bn—-27.3%-0.3%−2.2%−47% / unavailable
PURRHyperliquid Strategies Inc1.9 bn3.032.6%3,229.8%unavailableunavailable / unavailable
CLSKCleanSpark, Inc.1.7 bn—-68.6%-130.2%+102.2%−55% / +9%
WLTHWealthfront Corporation1.7 bn—-20.5%-19.4%+18.2%unavailable / unavailable
BTDRBitdeer Technologies Group1.5 bn—-196.7%-171.3%−5.1%−69% / +64%
RHLDResolute Holdings Management, Inc.1.0 bn24.1—4.2%+9.9%−26% / unavailable
AMBRAmber International Holding Limited865.0 m—-116.1%-88.7%−9.0%−27% / −51%
CDChaince Digital Holdings Inc.741.4 m—-12.3%-182.5%+277.9%−30% / +622%
TRONTron Inc.664.1 m96.83.8%135.6%+10.0%−24% / −48%
JFU9F Inc.536.7 m23.24.7%125.2%+12.2%−52% / −43%
ABTCAmerican Bitcoin Corp.516.7 m7.5-10.5%-26.7%+158.8%−90% / −99%
ORBSEightco Holdings Inc.340.9 m—-157.0%-1,260.9%−16.8%−70% / −74%
CHADDefi Development Corp.310.0 m—-589.3%-1,319.5%+442.3%unavailable / unavailable
CPSSConsumer Portfolio Services, Inc.221.6 m9.97.5%5.0%+10.4%+23% / +7%
DGXXDigi Power X Inc.217.0 m—-24.7%-114.8%−7.6%−48% / +50%
TONXTon Strategy Company159.7 m—-75.5%-532.8%+1,327.8%−15% / −93%
DEFTDefi Technologies Inc.152.4 m2.374.0%62.9%+215.5%−74% / unavailable
HSDTSolana Company127.0 m—-183.2%-1,302.8%+1,057.1%−49% / −100%
AGPUAxe Compute Inc86.2 m—-1,565.2%-7,769.8%+47.7%+24% / −85%
MGLDThe Marygold Companies, Inc.84.1 m—-20.7%-17.3%+8.0%+93% / +91%

1- and 3-year price returns: for BTDR from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (19 Oct 2026), 6-K (08 Oct 2026), 6-K (02 Oct 2026), 6-K (29 Sept 2026), 6-K (16 Sept 2026), 6-K (02 Sept 2026).

    In brief

    Bitdeer Technologies Group, headquartered in Singapore, runs Bitcoin mining and increasingly AI and cloud AI infrastructure, using its own datacenters and in-house ASIC chips. The company is scaling its capacity base quickly, and annual revenue reached 620.3 million USD in 2025 1. How this shift plays out depends on the Bitcoin price and on the ability to convert datacenters into AI capacity 1.

    SWOT

    Strengths

    • Vertical integration with in-house ASIC chips and mining rigs gives control over costs and the timing of growth.
    • A global datacenter network with large electrical capacity and low energy costs supports the competitive position in mining.
    • A high GPU utilization rate suggests real demand for the cloud AI services the company offers.

    Weaknesses

    • Revenue depends largely on the Bitcoin price, which has been very volatile and can quickly reduce mining profitability.
    • The business is capital intensive, and financing through secured loans and share issuance can dilute existing shareholders.
    • Experience running AI infrastructure is limited, and colocation had not yet generated revenue at the reporting date.

    Opportunities

    • Converting mining sites into AI datacenters and colocation could diversify revenue if projects are completed on schedule.
    • Contracts such as the Norway conversion could open new revenue streams over the medium term.
    • Sales of SEALMINER rigs to third parties could grow if the efficiency of new generations remains competitive.

    Threats

    • Falls in the Bitcoin price could reduce demand for equipment and for leased hash rate.
    • Delays in construction or in securing power could push back projects and trigger contractual penalties.
    • Changes in regulation and tax rules for crypto and AI could raise compliance costs.

    Risks

    • Dependence on the Bitcoin pricehigh

      Mining revenue and profitability depend directly on the Bitcoin price, which can fall sharply and affect all business lines.

    • Large capital needshigh

      The company may need additional funding to expand its datacenters, and access to capital may be difficult or costly.

    • Datacenter project delaysmedium

      Delays or cost overruns in building and converting sites can postpone AI infrastructure revenue, as happened after the fire in Ohio.

    • Dependence on external suppliersmedium

      Chip production relies on an external foundry partner, and a shortage of capacity could delay equipment shipments.

    • Regulation and compliancemedium

      Regulatory changes in crypto and artificial intelligence could affect operations and costs.

    Investment thesis

    What would need to be true (bull case)

    • If the conversion of mining sites into AI datacenters is completed on time, the company could offset part of the Bitcoin revenue volatility with AI compute services that have solid demand.
    • Vertical integration with in-house chips could provide a cost and efficiency edge, and third-party rig sales could add revenue beyond mining.
    • The high GPU utilization rate and large datacenter capacity could support medium-term growth if AI demand stays strong.

    What would break the thesis

    • If the Bitcoin price stays volatile or falls, mining could become unprofitable and rig sales could slow.
    • Reliance on Bitcoin-backed loans and share issuance could increase financial pressure and dilution for shareholders.
    • Limited experience in AI infrastructure and construction delays could weaken confidence that new revenue will materialize.

    What to watch

    • Progress of the Tydal conversion and the start of works2026
    • GPU utilization and cloud AI revenue trendsQ1 2027
    • Repayment schedules of Bitcoin-backed and equipment-backed loans2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (19 Oct 2026), 6-K (08 Oct 2026), 6-K (02 Oct 2026), 6-K (29 Sept 2026), 6-K (16 Sept 2026), 6-K (02 Sept 2026).

    The business

    Bitdeer is headquartered in Singapore and operates ten datacenters across several countries, including the United States, Norway, Bhutan, Ethiopia and Malaysia, with an aggregate electrical capacity of 1744.0 MW as of March 31, 2026 1. The company generates hash rate from self-mining and hosting, and at the same date had 78.1 EH/s of hash rate under management, of which 70.9 EH/s was proprietary 1. It is also building an AI infrastructure and AI cloud business on NVIDIA GPUs, offered as a service to customers who do not want to own the hardware 1.

    The company describes five main business lines: self-mining, sale of mining rigs and accessories, cloud hash rate, hosting, and AI infrastructure with AI cloud 1. Self-mining revenue was 396.0 million USD in 2025, while rig sales made up about 17.5% of total revenue for the year 1. The AI cloud division grew sharply from a small base, but still contributes a modest share of revenue, and colocation services had not yet generated revenue at the reporting date 1.

    The vertical integration strategy relies on the company's proprietary SEAL-series ASIC chips and SEALMINER rigs, which are used in its own operations and sold to third parties 1. The company has begun converting some mining datacenters for AI use and signed a design and construction contract for converting its Tydal, Norway site, with work phased from December 2026 1. Its cost and financing model, which includes loans secured by Bitcoin or equipment, makes the Bitcoin price central to results 1.

    Segments

    Self-mining

    Self-mining revenue was 396.0 million USD in 2025, the largest of the business lines, and depends directly on the Bitcoin price and on electricity costs, which averaged about 45 USD/MWh in 2025 1.

    Sale of mining rigs and accessories

    The company sells SEALMINER rigs to third parties; this line made up about 17.5% of total revenue in 2025 and became the second largest revenue source 1.

    AI infrastructure and AI cloud

    The AI division had 2128 GPUs deployed at March 31, 2026, with a utilization rate of 94%, and revenue was 6.8 million USD in 2025, while colocation had not yet produced revenue 1.

    Market context

    In Bitcoin mining, rising network difficulty and the April 2024 halving compress margins, making equipment energy efficiency decisive 1. In the AI market, demand remains high, but more efficient training methods could reduce demand for some computing resources 1.

    Trends

    • Conversion of mining sites to AI datacenterstailwind

      The company is converting existing mining capacity for cloud AI and colocation, which could bring steadier revenue if customers are secured in time 1.

    • Demand for AI computetailwind

      Large investments by major cloud providers in AI datacenters support demand for the capacity offered by Bitdeer 1.

    • Bitcoin price volatilityheadwind

      Falls in the Bitcoin price reduce mining profitability and demand for equipment, and the company has seen customers request payment delays 1.

    • Regulation and energy costsmixed

      Digital asset regulation is evolving in both directions, and power prices and the difficulty of securing electricity for new sites can affect projects 1.

    Competitive position

    The provided source does not identify direct competitors in detail and contains no comparative market share data. Bitdeer competes in mining on energy cost, ASIC efficiency and capacity size, and in AI on GPU and power availability 1.

    The company's stated advantage is vertical integration, in which in-house chip and rig production is said to lower costs and speed hash rate growth relative to the wider industry 1. Competition could intensify as other operators also convert mining capacity for AI 1.

    • Other Bitcoin mining operators

      Mining companies converting capacity and competing on energy cost and equipment efficiency, as described in the risk discussion of the source.

    • AI cloud and datacenter providers

      Operators of AI compute datacenters competing for the same customers seeking GPU capacity and colocation.

    • ASIC equipment makers

      Chip and mining machine manufacturers with which SEALMINER competes on energy efficiency and price.

    • Major cloud providers

      Large cloud companies investing heavily in AI datacenters that can draw the company's AI compute customers directly.

    News & filings

    In the press

    The latest news item in our archive is from 20 Sept 2026; the newest SEC filing is from 19 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Bitdeer Technologies Group · 30 Apr 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.