Bitdeer Technologies Group (BTDR)

Bitdeer Technologies Group is a technology company focused on AI and Bitcoin mining infrastructure. It was created in January 2021 through a separation from Bitmain, and its Class A ordinary shares have been listed on Nasdaq under "BTDR" since April 2023. The company handles the processes involved in computing, including equipment design, procurement and manufacturing, transport logistics, datacenter design and construction, equipment management and daily operations. It also provides cloud capabilities to customers with high AI demand. Total net revenue was US$368.6 million in 2023, US$349.8 million in 2024 and US$620.3 million in 2025, with a net profit of US$65.6 million in 2025 after net losses in the two prior years.

Bitdeer operates five business lines. Self-mining, which is mining cryptocurrencies, primarily Bitcoin, for its own account, generated US$396.0 million of revenue in 2025. Sale of mining rigs and accessories covers its proprietary SEALMINER rigs, built on its self-developed SEAL series chips, from the A1 through the A4 series, plus a Litecoin and Dogecoin rig. This line began generating revenue in 2025 and was about 17.5% of 2025 revenue. Cloud hash rate sells subscriptions to hash rate from its own rigs. Hosting comes in three forms: General Hosting, Membership Hosting and Cloud Hosting. The AI infrastructure and AI cloud business offers NVIDIA-powered cloud services (DGX H100, H200, B200 and GB200 NVL72 systems), high performance computing and colocation. It generated US$6.8 million of revenue in 2025, had 2,128 GPUs deployed and a 94% utilization rate as of March 31, 2026. The colocation business has not yet generated revenue. The mining, hosting and cloud hash rate businesses run on a self-developed integrated software platform. The AI cloud offering includes a managed Kubernetes service and a model platform supporting over 50 open-source models.

Customers include professional miners, large-scale miners and retail miners (for hosting and hash rate), third-party buyers of mining rigs, and enterprises with AI and computing needs. Bitdeer applies AML, KYC and IP geo-blocking measures. Access is blocked from prohibited regions, including Cuba, Iran, North Korea, Syria, Russia, Belarus, Venezuela and Ukraine. U.S. customers are denied purchases of hash rate products, and parties on U.S. export control and sanctions lists are denied all products and services.

Headquartered in Singapore, with a registered office in the Cayman Islands, Bitdeer operates ten datacenters in the United States, Norway, Bhutan, Ethiopia and Malaysia. Their aggregate electrical capacity was 1,744.0 MW as of March 31, 2026, with a further pipeline of 1,259.5 MW in the United States, Canada and Malaysia. Hash rate under management was 78.1 EH/s, of which 70.9 EH/s was proprietary and 7.2 EH/s was hosting. The company is converting part of its datacenter capacity to AI cloud and colocation use. It buys raw materials for SEALMINER production and GPUs and AI hardware from suppliers, and relies on a limited number of electricity providers, mining pool operators, supply chain suppliers and construction contractors.