Bitdeer Technologies (BTDR) Company Report

Analyst Coverage

Research analysts who have asked questions during Bitdeer Technologies earnings calls.

Darren Aftahi

Roth Capital Partners

5 questions for BTDR

Also covers: ABTC, ALRM, ANTA +18 more

Kevin Cassidy

Rosenblatt Securities

5 questions for BTDR

Also covers: ADEA, AMBA, BZAI +13 more

Mike Grondahl

Lake Street Capital Markets

5 questions for BTDR

Also covers: ABL, ACCS, APLD +37 more

Brett Knoblauch

Cantor Fitzgerald & Co.

3 questions for BTDR

Also covers: APLD, AVPT, BITF +21 more

Brian Kinstlinger

Alliance Global Partners

3 questions for BTDR

Also covers: AI, ALAR, ATER +25 more

Gregory Lewis

BTIG, LLC

3 questions for BTDR

Also covers: ABTC, BLBD, CIFR +27 more

John Todaro

Needham & Company

3 questions for BTDR

Also covers: APLD, CAN, CIFR +13 more

Michael Colonnese

H.C. Wainwright & Co.

3 questions for BTDR

Also covers: BITF, BTM, CIFR +7 more

Nick Giles

B. Riley Securities

3 questions for BTDR

Also covers: AA, AMR, APLD +25 more

Brian Britton

Needham & Company

2 questions for BTDR

Fedor Shabalin

B. Riley Securities

2 questions for BTDR

Also covers: ABTC, BITF, CAN +6 more

Greg Lewis

BTIG

2 questions for BTDR

Also covers: BLBD, BORR, CLSK +14 more

Lucky Wang

Yongrong HSK Asset Management

2 questions for BTDR

Mike Colonnese

H.C. Wainwright & Co., LLC

2 questions for BTDR

Also covers: ARBK, BITF, BTM +3 more

Bill Papanastasiou

Keefe, Bruyette & Woods (KBW)

1 question for BTDR

Also covers: ARBK, BITF, BLSH +11 more

Lucas Pipes

B. Riley Securities

1 question for BTDR

Also covers: AA, AMR, AMRK +21 more

Stephen Glagola

JonesTrading

1 question for BTDR

Also covers: BITF, CLSK, CORZ +6 more

Steven Glagola

Jones Trading

1 question for BTDR

Also covers: CORZ, WULF

Latest news

Recent press releases and 8-K filings for BTDR.

Bitdeer Technologies Group Completes Equity and Convertible Notes Offerings, Repurchases Existing Debt

BTDR

Debt Issuance

New Projects/Investments

Bitdeer Technologies Group completed a registered direct offering of 5,503,030 Class A ordinary shares at US$7.94 per share on February 26, 2026.
The company also closed a private placement of US$325.0 million principal amount of 5.00% Convertible Senior Notes due 2032 on February 24, 2026, with an additional US$50.0 million issued on February 26, 2026, bringing the total to US$375.0 million.
Net proceeds from these offerings were primarily used to repurchase US$135.0 million aggregate principal amount of its 5.25% Convertible Senior Notes due 2029 for approximately US$138.2 million (including accrued interest) and to cover the US$29.2 million cost of capped call transactions.
Remaining net proceeds are allocated for datacenter expansion, HPC and AI cloud business expansion, ASIC-based mining rig development and manufacture, and general corporate purposes.

2 days ago

6-K

Bitdeer Prices Upsized Convertible Senior Notes Offering

BTDR

Debt Issuance

New Projects/Investments

Bitdeer Technologies Group priced US$325.0 million principal amount of 5.00% Convertible Senior Notes due 2032 in a private placement, an increase from the previously announced $300.0 million offering size.
The notes are general, senior unsecured obligations, accruing interest at 5.00% per year, payable semiannually, and will mature on March 1, 2032.
The initial conversion price is approximately US$9.93 per Class A ordinary share, representing a 25.0% premium over the offering price in a separately announced registered direct offering.
The estimated net proceeds from the notes offering are approximately US$315.1 million (or US$363.7 million if the initial purchasers exercise their option for additional notes).
Bitdeer intends to use the net proceeds to pay the US$29.2 million cost of capped call transactions, repurchase US$135.0 million of its 5.25% convertible senior notes due 2029 for approximately US$138.2 million, and allocate remaining funds for datacenter expansion, HPC and AI cloud business expansion, ASIC mining rig development, and general corporate purposes.

Feb 20, 2026, 12:00 PM

Press Release

Bitdeer Technologies Prices Registered Direct Offering

BTDR

Debt Issuance

Convertible Preferred Issuance

New Projects/Investments

Bitdeer Technologies Group priced a registered direct offering of 5,503,030 Class A ordinary shares at US$7.94 per share, anticipating approximately US$43.5 million in net proceeds. The offering is expected to close on February 26, 2026.
This registered direct offering is contingent on the completion of a separate notes offering and related note repurchase transactions.
The combined net proceeds from both the registered direct offering and the notes offering will be used to pay for capped call transactions (US$29.2 million) and to repurchase US$135.0 million aggregate principal amount of 5.25% convertible senior notes due 2029 (US$138.2 million cost), with remaining funds allocated to datacenter expansion, AI cloud business expansion, ASIC mining rig development, and general corporate purposes.

Feb 20, 2026, 12:00 PM

Press Release

Bitdeer Prices Upsized Convertible Senior Notes Offering

BTDR

Debt Issuance

New Projects/Investments

Bitdeer Technologies Group priced an upsized private placement of US$325.0 million principal amount of 5.00% Convertible Senior Notes due 2032.
The notes will accrue interest at 5.00% per year, payable semiannually, and mature on March 1, 2032. The initial conversion price is approximately US$9.93 per Class A ordinary share, representing a 25.0% premium over the registered direct offering price.
Bitdeer estimates net proceeds from the notes offering of approximately US$315.1 million (or US$363.7 million if the initial purchasers fully exercise their option to purchase additional notes).
Proceeds will be used to pay US$29.2 million for capped call transactions, US$138.2 million to repurchase US$135.0 million of its 5.25% convertible senior notes due 2029, and the remaining for datacenter expansion, HPC and AI cloud business expansion, ASIC mining rig development, and general corporate purposes.

Feb 20, 2026, 11:55 AM

6-K

Bitdeer Announces Proposed Registered Direct Offering of Class A Ordinary Shares

BTDR

Debt Issuance

New Projects/Investments

Bitdeer Technologies Group intends to offer Class A ordinary shares to certain holders of its 5.25% convertible senior notes due 2029 in a registered direct offering.
The net proceeds from this offering, along with a separately announced private offering of Convertible Senior Notes due 2032, will be used for capped call transactions, the repurchase of a portion of the November 2029 notes, and for datacenter expansion, HPC and AI cloud business expansion, ASIC based mining rig development and manufacture, as well as working capital and general corporate purposes.
The completion of the registered direct offering is contingent on the completion of the notes offering and the note repurchase transactions.

Feb 19, 2026, 12:00 PM

Press Release

Bitdeer Announces Proposed Private Placement of Convertible Senior Notes

BTDR

Debt Issuance

Convertible Preferred Issuance

New Projects/Investments

Bitdeer Technologies Group intends to offer US$300.0 million principal amount of Convertible Senior Notes due 2032 in a private placement.
The company plans to use a portion of the net proceeds to pay for capped call transactions and to fund concurrent note repurchase transactions for its 5.25% convertible senior notes due 2029.
The remaining net proceeds are intended for datacenter expansion, HPC and AI cloud business expansion, ASIC based mining rig development and manufacture, as well as working capital and other general corporate purposes.
Concurrently, Bitdeer also announced a separate, registered direct offering of Class A ordinary shares, with proceeds contributing to the repurchase of the 2029 convertible senior notes.

Feb 19, 2026, 12:00 PM

Press Release

Bitdeer Reports Strong Q4 and Full Year 2025 Financial Results

BTDR

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Bitdeer reported a significant increase in total revenue for Q4 2025 to US$224.8 million from US$69.0 million in Q4 2024, contributing to a full-year 2025 revenue of US$620.3 million.
The company achieved a net profit of US$70.5 million in Q4 2025, a substantial improvement from a net loss of US$531.9 million in Q4 2024, and a full-year 2025 net profit of US$65.6 million compared to a net loss of US$599.2 million in 2024.
Operational metrics showed substantial growth, with total hash rate under management reaching 71.0 EH/s in Q4 2025, up from 21.6 EH/s in Q4 2024, and self-mining Bitcoin production increasing to 1,673 from 469 over the same period.
Bitdeer is accelerating its transition towards high-performance compute infrastructure and colocation services, pursuing a dual-track AI infrastructure strategy, while maintaining Bitcoin self-mining operations as a cornerstone of its business.

Feb 12, 2026, 2:17 PM

6-K

Bitdeer Technologies Reports Strong Q4 2025 Revenue, Focuses on AI/HPC Colocation and Bitcoin Mining Expansion

BTDR

Earnings

New Projects/Investments

Accounting Changes

Bitdeer Technologies reported total revenue of $224.8 million for Q4 2025, a 225.8% increase year-over-year, with Adjusted EBITDA of $31.2 million.
The company is strategically prioritizing large-scale AI HPC colocation services, with key projects including Tydal, Norway (225 MW), expecting a lease agreement in 2026, and Clarington, U.S. (570 MW), which faces potential litigation.
Bitdeer significantly expanded its self-mining hash rate, reaching over 55 exahash per second by the end of 2025 and over 63 exahash per second by January 31, 2026, driven by its SEALMINER A3 series deployment.
For full year 2026, the company forecasts $180 million to $200 million in capital expenditures for crypto mining data center infrastructure and will transition to GAAP accounting standards starting Q1 2026.

Feb 12, 2026, 1:00 PM

Transcript

Bitdeer Technologies Reports Q4 2025 Results and Strategic Shift Towards AI/HPC Colocation

BTDR

Earnings

New Projects/Investments

Accounting Changes

Bitdeer Technologies reported Q4 2025 total revenue of $225 million, marking a 226% year-over-year increase, with Adjusted EBITDA of $31.2 million and an Adjusted net loss of $82.6 million. The gross margin for the quarter was 4.7%, down from 24.1% in Q3 2025, primarily due to 13% lower Bitcoin prices, a 5% increase in electricity costs, and higher depreciation expenses.
The company significantly expanded its self-mining hash rate, exiting 2025 with over 55 exahash per second and reaching over 63 exahash per second by the end of January 2026, driven by the deployment of its proprietary SEALMINER A3 series.
Bitdeer is prioritizing AI/HPC colocation services for large sites, such as the 225 MW facility in Tydal, Norway, and the 570 MW site in Clarington, U.S., while also expanding GPU-as-a-Service in Malaysia and evaluating U.S. sites, with major GPU deployments contingent on committed revenue.
Starting Q1 2026, Bitdeer will transition from IFRS to GAAP as its accounting standard. The company anticipates total infrastructure spend for crypto mining data center construction in the range of $180 million-$200 million for the full calendar year 2026.

Feb 12, 2026, 1:00 PM

Transcript

Bitdeer Technologies Group Announces January 2026 Production and Operations Update

BTDR

New Projects/Investments

Product Launch

Revenue Acceleration/Inflection

Self-mining Bitcoin production increased by 430% year over year to 668 Bitcoins in January 2026, with self-mining hashrate reaching 63.2 EH/s.
Bitdeer AI deployed its initial NVIDIA GB200 NVL72 infrastructure in Malaysia on January 13, 2026, marking the first phase of an accelerated capacity expansion for enterprise-grade AI training workloads.
The company successfully taped out its Litecoin ASIC chip, SEAL-DL1, designed for DOGE and Litecoin mining, with initial test results exceeding expectations and a planned launch in Q1 2026.
As of January 31, 2026, Bitdeer's GPU Cloud reported 1,792 GPUs deployed, a 41% utilization rate, and approximately $10 million in Annual Recurring Revenue (ARR).