Bitdeer Technologies Group
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
As long as the operating business burns more per quarter than sits in the till, Bitdeer remains dependent on the goodwill of the capital market — every financing round dilutes or indebts further, and the bitcoin price plus the 2028 halving decides the base revenue. If the Tydal colocation lease becomes effective and AI rents deliver plannable revenue, the picture changes; until then the stock is a highly volatile bet on a conversion already paid for at a premium. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Bitdeer is probably the most ambitious construction site in the mining industry: its own chips, 3 gigawatts of power, an AI cloud running NVIDIA hardware — and documented growth on every level. None of it is paid for yet: in 2025, $1,738.7 million flowed out of operations, the adjusted loss is the largest in company history, and the till lives on convertible notes, share sales and loans from the empire of a founder who controls 69.5 percent of the votes and is at the same time custodian of the company's bitcoin. The market is already paying about $4 billion for the finished platform — delivered so far is the construction site. Not investment advice.
Business model & vertical integration
The only large miner with its own ASIC development (SEALMINER A4: 16.4 J/TH, nearly halved power consumption within a year), its own data centers and a 3,003.5-megawatt power portfolio on three continents; rig sales were already the second-largest revenue source in 2025 (annual report 20-F for 2025, 6-K of May 14, 2026).
Growth & operational execution
Revenue up 77 percent in 2025 to $620.3 million, up 169 percent in Q1 2026; self-mining hashrate increased sixfold, bitcoin production up 370 percent (May 2026), adjusted EBITDA back to positive in Q1 2026 (+$14.4 million).
Cash & financing
Operating cash outflow of $1,738.7 million in 2025 and $346.9 million in Q1 2026 against $297.7 million of cash (March 31, 2026); the gap is closed by $1.55 billion of convertible notes, ATM share sales and loans from the founder-affiliated BIT Group — the Insolvency Radar fires on exactly this.
Earnings quality & dilution
The 2025 net income ($65.6 million) stems from $444.9 million of derivative book gains; adjusted, a record loss of $229.9 million, Q1 2026 gross margin minus 20.7 percent, weighted share count up 23 percent in one year, interest burden up sixfold.
Governance & entanglement
Jihan Wu controls 69.5 percent of the votes through ten-vote super shares; "substantially all" crypto holdings, two credit facilities and a 6,000-bitcoin borrowing run through his BIT Group (formerly Matrixport) — per the annual report a concentrated counterparty risk; Tether entities hold 19.3 percent of the Class A shares with almost no voting weight.
AI story & momentum
About $69 million of annualized AI-cloud revenue at 90 percent utilization and the (not yet effective) Tydal lease are real progress — but in 2025 AI contributed just $6.8 million of revenue (~1 percent); add an RS rating of 89, plus 89.5 percent in three months, around 10 percent daily swing and 41 percent distance to the 52-week high (data as of July 8, 2026).
Worth Noting
BTDR landed on our research list as a hit of the warning scanner "Insolvency Radar: cash running out"; as of the July 8, 2026 data cut-off the membership had lapsed, on July 14, 2026 the stock stood in the radar again — Bitdeer swings back and forth at the threshold of the criterion. Scanner memberships are snapshots and shift daily.
Bitdeer is registered as a foreign private issuer and files Forms 20-F (annual report) and 6-K (interim reports) instead of 10-K/10-Q; since January 1, 2026, the company reports under U.S. GAAP instead of IFRS, and prior-year figures were restated.
Price and valuation figures are dated July 8, 2026 (market value about $4.0 billion); analyses are evergreen, daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at BTDR since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 7.30 $ to 25.90 $ · Last price: 11.20 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Software - Application
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Bitdeer Technologies Group BTDR | 2.8 | – | 13.2 | 0.7 | -43.4 | 77.3 | -33.7 |
| Salesforce.com Inc CRM | 194.7 | 24.2 | 14.3 | 77.3 | 21.8 | 9.6 | 1.1 |
| Uber Technologies Inc UBER | 144.3 | 18.9 | 19.7 | 40.8 | 14.6 | 18.3 | -23.8 |
| ServiceNow Inc NOW | 138.5 | 82.3 | 40.2 | 74.8 | 13.3 | 20.9 | -27.2 |
| Snowflake Inc. SNOW | 115.4 | – | -76.6 | 67.0 | -22.2 | 29.2 | 55.3 |
| Automatic Data Processing Inc ADP | 108.8 | 25.1 | 16.4 | 48.7 | 30.2 | 7.1 | -3.0 |
| Adobe Systems Incorporated ADBE | 99.2 | 14.3 | 9.8 | 89.3 | 35.3 | 10.5 | -30.2 |
| Intuit Inc INTU | 86.0 | 20.0 | 12.2 | 81.0 | 47.0 | 15.6 | -52.2 |
| Datadog Inc DDOG | 84.3 | 631.8 | 268.8 | 79.5 | 0.8 | 27.7 | 75.8 |
| Median of companies shown | 108.8 | 24.2 | 14.3 | 74.8 | 14.6 | 18.3 | -23.8 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | 89 | -31 | -28 | 0.00 | -57 | – | – |
| 2020 | 186 | -63 | -56 | -0.50 | -109 | 146 | 853 |
| 2021 | 395 | 131 | 83 | 0.74 | -52 | 288 | 647 |
| 2022 | 333 | -57 | -60 | -0.54 | -268 | 318 | 651 |
| 2023 | 369 | -56 | -57 | -0.51 | -272 | 333 | 639 |
| 2024 | 350 | -89 | -599 | -4.36 | -622 | 277 | 1,558 |
| 2025 | 620 | -185 | 66 | 0.28 | -1,739 | 868 | 2,805 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -3.22 | – | 69 | -39.90 | -770.70 | -325 | -373 |
| 2025: Q1 | 0.46 | 8,799.30 | 70 | -41.30 | 150.20 | -284 | -352 |
| 2025: Q2 | -0.76 | – | 156 | 56.80 | -95.00 | -335 | -446 |
| 2025: Q3 | -1.28 | – | 170 | 173.60 | -157.10 | -520 | -580 |
| 2025: Q4 | 0.26 | – | 225 | 225.80 | 31.40 | -600 | -650 |
| 2026: Q1 | -0.68 | -248.30 | 189 | 169.40 | -84.40 | -347 | -441 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 10 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- Above the 50- & 200-SMA
- High ADR (≥5%)
- Mike Webster: Swing Trading List
- Richard Moglen: Top Performers 3/6 Month
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -1.58 | -1.76 – -1.45 | 933 | -61.5% | 5 |
| 12/31/2027 | -0.37 | -0.94 – 0.18 | 1,564 | 76.5% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 14.07.2026 gegen den Jahresbericht ausländischer Emittenten (20-F) für 2025 (eingereicht 30.04.2026), den 20-F für 2024 (21.04.2025) und die Zwischenberichte (6-K) vom 14.05., 18.06. und 29.06.2026 — Bitdeer ist Foreign Private Issuer und reicht 20-F/6-K statt 10-K/10-Q ein. KI ist bei Bitdeer ein verkauftes Produkt mit eigener Umsatzzeile: Der 20-F beschreibt in Item 4 das Geschäftsfeld „AI Infrastructure and AI Cloud Business“ — eine der ersten KI-Cloud-Plattformen Asiens auf Basis von NVIDIA DGX SuperPOD H100/H200/B200 und GB200 NVL72, mit ausgewiesenen Erlösen von unter 0,1 Mio. (2023), 3,5 Mio. (2024) und 6,8 Mio. US-Dollar (2025). Der 6-K vom 14.05.2026 weist für Q1 2026 KI-Cloud-Umsatz von 3,7 Mio. aus, der 6-K vom 18.06.2026 meldet rund 69 Mio. US-Dollar annualisierte KI-Cloud-Erlöse bei 90 % GPU-Auslastung sowie den Umbau von Mining-Standorten zu KI-Rechenzentren (Tydal, Norwegen). Nach der Vorrang-Regel damit „Verkauft KI“ — die zugleich vorhandenen Risikohinweise (Kundenmissbrauch von GPU-Ressourcen, Umwidmung von Mining-Kapazität) treten dahinter zurück; der Umsatzanteil ist mit rund 1–2 % noch klein, die Erlösquelle aber ausdrücklich belegt.
View the full file — quotes, sources, reviewed filings
„We operate one of the first cloud service platforms in Asia that offers AI cloud services powered by NVIDIA DGX SuperPOD H100, H200 and B200 systems and the recently deployed NVIDIA GB200 NVL72 system."
Wir betreiben eine der ersten Cloud-Service-Plattformen in Asien, die KI-Cloud-Dienste auf Basis von NVIDIA-DGX-SuperPOD-H100-, H200- und B200-Systemen sowie dem kürzlich in Betrieb genommenen NVIDIA-GB200-NVL72-System anbietet.
20-F · 2026-04-30 · View SEC filing
„Our AI infrastructure and AI cloud business generated revenue of less than US$0.1 million in 2023, US$3.5 million in 2024, and US$6.8 million in 2025, reflecting rapid and significant year-over-year growth."
Unser Geschäft mit KI-Infrastruktur und KI-Cloud erzielte Umsätze von weniger als 0,1 Millionen US-Dollar 2023, 3,5 Millionen 2024 und 6,8 Millionen 2025 — ein schnelles und deutliches Wachstum von Jahr zu Jahr.
20-F · 2026-04-30 · View SEC filing
„AI Cloud ARR held at approximately $69 million at 90% GPU utilization, with GB300 NVL72 cluster deployment and Nemotron 3 availability reinforcing our enterprise-grade capabilities."
Die annualisierten wiederkehrenden Erlöse der KI-Cloud hielten sich bei rund 69 Millionen Dollar bei 90 Prozent GPU-Auslastung, wobei die Inbetriebnahme von GB300-NVL72-Clustern und die Verfügbarkeit von Nemotron 3 unsere Unternehmenstauglichkeit weiter stärken.
6-K · 2026-06-18 · View SEC filing
Filings Reviewed: 20-F 2026-04-30 · 20-F 2025-04-21 · 6-K 2026-05-14 · 6-K 2026-06-18 · 6-K 2026-06-29
Rated on July 14, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 23.0%
- More than 10% revenue growth is expected for the coming year 46.8%
- Share count grows by less than 3% a year 28.2%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -246.2%
- Gross margin at 40% or higher and without meaningful erosion 9.8%
- Goodwill from acquisitions does not grow faster than revenue 1.3%
- Net debt below twice EBITDA 3.0 x EBITDA
- Operating cash flow covers the profits of the last three years -2,042 m
- Return on capital at 15% or higher, or up versus two years ago -14.4%
- Insiders hold at least 10% or are net buyers 33.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 38.3%
- Exp. sales growth 3Y > 5% 58.8%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 58.8%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 1
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 8.9%
- ROCE > 15% -14.4%
- Expected return > 10% -56.8%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 14, 2026 | Basit Haris Fozan | Chief Strategy Officer | Buy | 25,000 | 8.84 | 221,000 |
| Aug 12, 2026 | Potter Michael G | Chief Financial Officer | Buy | 25,000 | 9.04 | 226,000 |
The company
About the Company
Bitdeer Technologies Group ist als Technologieunternehmen für Blockchain und High-Performance-Computing (HPC) in Singapur, den USA, Bhutan, Norwegen, Finnland, Äthiopien, Kanada und international tätig. Das Unternehmen bietet Hashrate-Sharing-Lösungen, darunter Cloud-Hashrate und Hashrate-…
- Employees
- 471
- Headquarters
- Singapore, Singapore
- Address
- No. 09-03/04, Aperia tower 1, 339509 Singapore, Singapore
- Phone
- 65 6282 8220
- Website
- bitdeer.com
- IPO Date
- 04/13/2023
- ISIN
- KYG114481008
Management
| Name | Title | Birth Year |
|---|---|---|
| Jihan Wu | Founder, Chairman & CEO | 1987 |
| Michael G. Potter | Chief Financial Officer | 1967 |
| Benjamin Su | Executive Vice President of Operations | – |
| Yuling Ma | Chief Technology Officer | 1968 |
| Alexia Wang | General Counsel | – |
| Ross Gan | Head of Communications | – |
| Xiaojun Fan | Vice President of Sales & Marketing | – |
| Jianchun Liu | Chief Financial Officer of Business Operations | 1978 |
| Haris Basit | Chief Strategy Officer | 1962 |
| Lars Eivind Haugnes Naas | VP of Global Data Center Operations & Director | 1972 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.