Bitdeer’s proprietary ASICs, 73+ EH/s mining fleet, and 3.0-GW power pipeline create a high-upside pivot toward contracted AI infrastructure, offset by heavy execution, funding, and Bitcoin-cycle risks.
Overview
Bitdeer Technologies Group combines Bitcoin mining, proprietary ASIC development, and AI/HPC infrastructure, monetizing assets across seven segments from self-mining to hosting and SEALMINER sales. It operates globally and controls an approximately 3.0-GW power pipeline; its mining fleet exceeds 73 EH/s. For the trailing twelve months ended June 30, 2026, revenue was $812.3 million. Q2 2026 revenue grew 47.0% year over year to $228.8 million and beat consensus by $3.1 million, while adjusted EBITDA rose 575.1% to $31.1 million. Profitability remains weak: the company posted an $8.5 million gross loss and $92.3 million net loss, with higher depreciation, energy costs, G&A, and interest expense weighing on results. **The investment case hinges on turning power assets into contracted AI infrastructure**, led by the 16-year Volta Norway agreement covering 121 IT MW and $4.7 billion in initial-term base rent. Shares were $11.80, at 4.1x trailing sales and 9.9x TTM EV/EBITDA; the report’s probability-weighted five-year value is $28.67. Near-term catalysts include Tydal energization and lease revenue, Sparks manufacturing expansion, and additional Rockdale lease announcements, balanced against cash burn, dilution, and project execution risks.