Bitdeer Technologies Group (BTDR)

Price$12.27Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe current valuation looks balanced because major artificial-intelligence contracts offset weak cash generation and heavy financing.

At the observed quote, Bitdeer’s equity is worth about $3.4 billion using roughly 271.8 million shares outstanding. Adding about $1.84 billion of June borrowings and subtracting roughly $496 million of cash and restricted cash gives a rough enterprise value near $4.7 billion before crediting digital assets. That is demanding for a company whose second-quarter gross margin was negative, but the $4.7 billion Tydal lease and more than $800 million of Malaysia contracts are meaningful. On balance, Fair-priced is the most defensible verdict.

Big pictureBitdeer’s earnings history is volatile, and recent growth still has not produced durable cash profits.

The supplied history shows a mining business with unstable economics: revenue was $394.7 million in 2021 and $349.8 million in 2024, while net income swung from an $82.6 million profit to a $599.2 million loss. In the second quarter of 2026, revenue reached $228.8 million, yet gross loss was $8.5 million and operating activities used $158.5 million of cash. Capital spending was another $266.0 million. The company is growing, but cash left after running and investing in the business remains deeply negative.

Business strengthLiquidity is substantial, but debt growth and share issuance weaken the protection that cash appears to provide.

At June 30, cash and restricted cash totaled about $496 million, with another $197 million in digital assets and related receivables. Borrowings exceeded $1.8 billion, while current assets of $846 million only slightly exceeded current liabilities of $841 million. Bitdeer also raised $491.9 million from ordinary shares in the first half of 2026, and total shares outstanding reached about 271.8 million versus 192.3 million at year-end 2024. An August prospectus authorizes up to $1 billion of additional Class A share sales, leaving room for further dilution.

What could change the storySuccessful artificial-intelligence delivery could transform returns, while delays or more dilution would quickly undermine today’s valuation.

The bull case is increasingly concrete: Tydal converts 121 megawatts into about $4.7 billion of contracted revenue over 16 years, with management estimating about a 90% site-level operating income margin before depreciation and financing. Malaysia adds more than $800 million of expected five-year revenue beginning in 2027. The bear case is funding and execution: Tydal still needs about $500 million of capital spending, the tenant can terminate after year ten, credit support remains conditional, and Bitdeer expects more debt financing. Timely delivery with limited dilution would strengthen the thesis materially.

AI: News

Tydal data-center leaseA huge Norway lease turned part of Bitdeer’s power portfolio into long-term contracted artificial-intelligence revenue.

On August 4, Bitdeer disclosed a 16-year agreement with Volta covering 121 megawatts at Tydal and about $4.7 billion of contracted revenue, with a possible eight-year extension. The company estimated roughly $500 million of remaining construction spending and said about $1.3 billion of credit support was anticipated, subject to conditions. The Block reported the shares rose 23% before the market opened, then traded about 8% higher later that morning, showing how strongly investors repriced the artificial-intelligence opportunity.

Second-quarter losses widenRapid revenue growth did not prevent a wider loss, negative gross profit, or heavy cash use.

On August 10, Bitdeer reported second-quarter revenue of $228.8 million, up 47% from a year earlier, but gross loss was $8.5 million and net loss widened to $92.3 million. Operating activities used $158.5 million of cash during the quarter. The Block reported the shares fell more than 15% after the release. The reaction is consistent with investors focusing on weak near-term economics and financing needs despite strong growth in mining output and artificial-intelligence activity.

Malaysia cloud contractA five-year Malaysia contract gave Bitdeer its clearest proof that customers will pre-commit to new computing capacity.

On August 19, Bitdeer said a customer had committed to roughly half of its 9.5-megawatt A102 facility for five years, representing about $400 million of expected revenue starting in the first quarter of 2027. Bitdeer said its usual structure seeks customer prepayments covering more than half of related construction and equipment spending. A market report the next day said the shares were up about 8%; timing supports an association, but does not prove the contract alone caused the move.

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$620.3M	$349.8M	$368.6M	$333.3M	$394.7M	$186.4M
Gross profit	$61.0M	$66.4M	$77.8M	$83.3M	$241.4M	−$23.2M
Gross margin	9.83%	18.98%	21.11%	24.97%	61.17%	−12.43%
Research & development	$153.9M	$76.9M	$29.5M	$35.4M	$29.5M	$9.8M
Operating expenses	$245.6M	$656.1M	$130.1M	$143.8M	$110.6M	$40.2M
Operating income	−$184.6M	−$589.7M	−$52.2M	−$60.6M	$130.8M	−$63.4M
Operating margin	−29.76%	−168.58%	−14.18%	−18.18%	33.15%	−34.02%
EBITDA	$338.3M	−$508.6M	$23.3M	$5.8M	$193.9M	$48.6M
EBITDA margin	54.54%	−145.39%	6.32%	1.75%	49.13%	26.09%
Net income	$65.6M	−$599.2M	−$56.7M	−$60.4M	$82.6M	−$55.8M
Net profit margin	10.58%	−171.29%	−15.37%	−18.11%	20.94%	−29.95%
Basic EPSper basic share	$0.32	-$4.36	-$0.51	-$0.56	$0.76	$0.00
Diluted EPSper diluted share	-$1.43	-$4.36	-$0.51	-$0.56	$0.75	$0.00

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

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Top 20 reported holders of BTDR
Holder	Shares held
BlackRock, Inc.	11.09M
Sachem Head Capital Management LP	9.64M
JANE STREET GROUP, LLC	7.07M
LONE PINE CAPITAL LLC	7.02M
BARCLAYS PLC	6.59M
CITADEL ADVISORS LLC	6.06M
BANK OF AMERICA CORP /DE/	5.57M
Value Aligned Research Advisors, LLC	5.2M
CLEARFIELD CAPITAL MANAGEMENT LP	4.09M
Duquesne Family Office LLC	4.07M
UBS Group AG	3.75M
STATE STREET CORP	3.64M
Situational Awareness LP	3.44M
MORGAN STANLEY	3.3M
D. E. Shaw & Co., Inc.	3.19M
140 Summer Partners LP	3.16M
GOLDMAN SACHS GROUP INC	2.95M
CastleKnight Management LP	2.77M
VAN ECK ASSOCIATES CORP	2.68M
Point72 Asset Management, L.P.	2.37M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

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Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

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