BTDR
BTDR · Bitdeer Technologies Group · Catalyst Calendar · as of August 18, 2026
Banded 0–3 / 3–6 / 6–12 months, earliest first. Numbering is gapless and runs straight through the bands, so a boundary never resets the count. An ID marks position in the current ordering and changes between revisions, so catalysts are named by title.
No item falls in this band. Bitdeer files no quarterly report to a statutory deadline, so the interval between the August results and the first Tydal phase target carries nothing dated.
Bitdeer states that a credit backstop of approximately $1.3B is anticipated to be arranged by affiliates of J.P. Morgan and another top-tier global financial institution via letters of credit, subject to customary conditions. Until that is confirmed, approximately $4.7B of contracted revenue rests on a tenant that is a subsidiary of Volta, supported by credit that is expected rather than in place. This is dated rather than standing because it must logically be settled before rent begins, but no date is announced and it may be disclosed only when it happens.
Confirmation that approximately $1.3B of letters of credit is in place converts the Tydal lease from a contracted amount into credit-supported revenue, and materially changes what the $4.7B figure means.
The letters are arranged on narrower terms, at a smaller amount, or not at all. The word anticipated is doing real work in the announcement, and a silence extending for many months would itself be information.
The band now follows a company statement rather than reasoning alone. Bitdeer has disclosed a Phase 1 target commencement of December 31, 2026, which is 4.4 months from this stamp, and credit support is customarily settled before a facility of this size is energised. No date is announced for the credit arrangement itself, so the confidence stays Low: the position in the band rests on the phase target, not on a date for this item.
Source: Company release, August 4, 2026. Filed
The company describes Tydal as two equal-sized phases across four data halls and gives Phase 1 a target commencement of December 31, 2026. The two phases together carry the 121 IT megawatts of contracted critical load, so Phase 1 is approximately half of it. This is the first date on this calendar that attaches to the lease itself rather than to the financing around it.
What the release does not say is as important as the date. It gives no in-service date, no first-revenue quarter, no revenue recognition treatment, and no penalty or remedy attaching to the target. Its own words are that the contract values reflect contracted payment streams and do not represent GAAP revenue. This item is banded on the date and nothing is modelled from it.
Commencement on or near target, with the letters of credit confirmed, turns the first half of a $4.7B contracted stream from a signed document into an operating facility.
Slippage. The date is a target rather than a contractual milestone, nothing in the release commits the company to it, and a delay would be disclosed at the company’s own cadence rather than on a deadline.
Confidence is Medium rather than High because the company calls this a target commencement. The date is company-announced, which is why the provenance is Filed, but a target is a plan and this one carries no disclosed consequence for missing it.
Source: Company release, August 4, 2026, furnished as Exhibit 99.1 to the Form 6-K of August 5, 2026. Filed
The second of the two equal phases, with a target commencement of March 31, 2027, three months after the first. Taken together the two targets are the only delivery schedule the company has published for a lease it announced as approximately $4.7B over sixteen years.
The same qualifications apply as to the first phase, and one more: a three-month gap between phases is short for construction of this size, so Phase 2 carries whatever delay Phase 1 accumulates. Nothing in the release states that the phases can be delivered independently.
Both phases commencing within the published targets would put the whole 121 IT megawatts under an operating lease inside this calendar’s horizon.
Phase 2 is the later and therefore the more exposed of the two. A single construction delay moves both, and the company has disclosed no float between them.
That Phase 2 inherits Phase 1’s delay is reasoning, not a disclosure. The release describes the phases as equal in size and gives no sequencing constraint either way.
Source: Company release, August 4, 2026, furnished as Exhibit 99.1 to the Form 6-K of August 5, 2026. Filed
The first annual report audited by Deloitte & Touche LLP, Singapore, appointed on August 3, 2026 for the year ending December 31, 2026. It carries the internal control assessment under Item 15, which is where the material weaknesses named in the 2024 report were disclosed, and it is the document that will show whether those weaknesses have been remediated under a new auditor. Bitdeer's four prior annual reports were filed on April 28, 2023, March 28, 2024, April 21, 2025 and April 30, 2026.
An unqualified opinion from a larger firm with no material weakness reported would close the most substantial open governance question on this file.
A first audit by a new firm is where previously unexamined judgments surface. A material weakness carried forward, or a restatement of a prior period, would be the most damaging single disclosure available on this calendar.
April 2027 is a cadence estimate from the four filing dates above, which cluster between late March and the end of April. Bitdeer has not announced a date, and as a foreign private issuer its deadline is four months after the financial year end rather than the shorter domestic deadlines.
Source: Form 6-K, August 3, 2026, and the filing index for CIK 0001899123, searched August 5, 2026. Filed
No structural item is carried in this band. The Tydal lease runs 16 years from a term commencement the company has not disclosed, with a one-time 8-year extension option. The two phase targets above are commencement targets for the halls, not a stated start to the 16-year term, and no dated decision point inside that term is stated.
Ongoing and undated, most material first. These take “Why undated” in place of timing confidence.
The 6-K reporting the change of auditor states that there were no reportable events during 2024, 2025 and the period to August 3, 2026 other than the material weaknesses management reported under Item 15 of the annual report for the year ended December 31, 2024. The filing does not say whether they have since been remediated, and this document has not established it. The condition compounds with the auditor transition: a new firm's first assessment of controls previously found weak is the point at which the question is answered.
An annual report reporting the weaknesses remediated, under a new and larger auditor, would settle the question more convincingly than the same statement from the outgoing firm.
Weaknesses carried forward, or widened on first examination by a new auditor, would put the reliability of the reported figures in question, including the 2025 return to profit.
Source: Form 6-K, August 3, 2026. Filed
The lease commits 121 IT megawatts, supported by an estimated 133 gross megawatts, at a stated power usage effectiveness of approximately 1.1 on 100 percent renewable energy. None of it is built. The release states no delivery date, no capital cost and no construction partner, so the interval between signature and rent is not established. The company's own presentation answers two of those three, and this calendar did not carry it. Its 2Q26 Investor Update Presentation, August 10, 2026 states, at page 8, a remaining capital cost of approximately $500 million Estimate and phase ready-for-service targets of December 31, 2026 and March 31, 2027. The Tydal Phase 1 target commencement (D2) and the Tydal Phase 2 target commencement (D3) already carry exactly those two dates, so nothing here moves them, which makes this the one place in this revision where a deck confirms the file rather than contradicting it. The same deck states, twice, that the tenant may terminate at ten years without a fee, at page 8 and at page 10 note 1. Filed No filing read for this calendar disclosed that break, and the outcome recorded for the Tydal colocation lease signed (R4) is written on the lease running its base term. At approximately $202 per kW per month, every month of delay is a month of contracted revenue not earned.
A disclosed construction timetable and a first delivery would convert the largest commitment in the company's history into revenue and establish a European AI colocation position.
Construction in Norway carries permitting, grid connection and cost risk the company has not quantified. Without a disclosed timetable, a reader cannot tell a delay from a plan.
Source: Company release, August 4, 2026. Filed
The At Market Issuance Sales Agreement dated January 3, 2025 names twelve sales agents: Barclays, Cantor Fitzgerald, A.G.P./Alliance Global Partners, The Benchmark Company, B. Riley Securities, BTIG, Keefe Bruyette & Woods, Needham, Northland Securities, Rosenblatt Securities, Roth Capital Partners and StockBlock Securities. It is a standing facility, not a one-off raise, and it operates without advance notice. Ten of the twelve are also among the twelve firms publishing research on the company. A prospectus supplement of August 10, 2026 registers a further US$1,000,000,000 of Class A ordinary shares under a new automatic shelf, Registration No. 333-298172, on the same sales agreement. That is the capacity registered, not the amount drawn, and the amount drawn since February is not established here.
Capital available on demand at market prices, without the discount a marketed offering requires, funding construction as it is needed rather than in advance.
Continuous dilution that a reader learns of only after the fact, and an ongoing selling relationship with most of the houses that publish research on the shares.
Source: Form 424B5, February 23, 2026. Filed
Bitdeer's own risk disclosure states that, in its self-mining business, a decline in bitcoin prices would directly reduce profitability, as mining rewards would be worth less while operating costs such as electricity and equipment continue. This is the exposure that separates Bitdeer from a pure colocation lessor, and it cuts both ways: the 2025 return to a $65.6M profit came in a period when the mining businesses recovered alongside a 77 percent rise in revenue.
A rising bitcoin price lifts self-mining revenue against a largely fixed cost base, and also lifts demand for the SEALMINER hardware the company sells to other operators.
A falling price compresses self-mining margin and hardware demand at the same time, since both depend on the same cycle. The filings read here disclose no hedge.
Source: Form 20-F, April 30, 2026. Filed
All thirty-two Schedule 13D and 13G filings indexed under this issuer name Bitdeer as the subject; none runs outbound. Eleven were filed by Tether entities, most recently a Schedule 13D/A on June 30, 2026, and a Schedule 13D reports a position held for a purpose that is not passive. The founding group appears through Shinning Stone, Golden Navigate, Mega Galaxy and Victory Courage; institutional holders including BlackRock, Citadel Securities, Jane Street, Paloma Partners and the Susquehanna broker-dealer group have filed more recently. Jane Street amended upward to 12,933,431 Class A ordinary shares, 5.7 percent, on August 12, 2026, and Susquehanna reported 11,506,100 shares, 5.1 percent, on August 14, 2026. Positions are as last reported, not as currently held.
A large strategic holder filing on Schedule 13D signals engagement rather than indifference, and the arrival of index and market-making institutions points to broadening ownership.
Concentration means a decision by one holder can move the stock, and a Schedule 13D holder is not committed to passivity. An unamended filing may be stale rather than steady.
Source: SEC filing index for CIK 0001899123, with the subject and filer of each register filing read. Searched August 5, 2026. Filed
Closed items, kept for the record, ordered by resolution date. A resolved catalyst takes the next free R number; it does not carry its old D number over.
Capital raised without a discount to the last reported sale price, which was also $7.94 on February 19, 2026.
Issued at $7.94 against the August 17, 2026 close of $9.39, so the shares were sold roughly 15 percent below the current price. It also adds roughly 5.5 million shares to a count this document cannot state currently.
Barclays Capital Inc. acted as exclusive placement agent on a reasonable best efforts basis with no minimum. The same prospectus supplement disclosed 1,936,064 Class A shares sold under the at-the-market program since December 31, 2025 for gross proceeds of $28.2M, which is the other half of the share-count gap described in the standing condition on the share count (R6).
Source: Form 424B5, February 23, 2026. Filed
Revenue up 77 percent and a swing of $122.3M to a $65.6M profit, after losses of $56.7M in 2024 and $599.2M in 2023. An unqualified audit opinion.
It states the share count as at December 31, 2025, which was the last one available until the prospectus supplement of August 10, 2026 filed a June 30, 2026 count, and it is the last annual report MaloneBailey will sign.
The report also disclosed four convertible note issues, the BIT Assets Collateralized Loan of up to $200.0M entered in April 2025, and the absence of any dividend.
Source: Form 20-F for the year ended December 31, 2025, filed April 30, 2026. Filed
A move to a larger firm ahead of a step change in the company's scale, with no disagreements reported and unqualified opinions on both prior years. MaloneBailey's letter to the Commission agrees with all statements pertaining to it.
The same filing names the material weaknesses reported under Item 15 of the 2024 annual report as the one reportable event, and the change comes seven days before results and seven months and three days into the year the new firm will audit, with about 4.9 months of it left to run.
Deloitte is appointed for the fiscal year ending December 31, 2026. The company states it intends to use this report and its exhibit to satisfy its obligations under Item 16F of Form 20-F. What it leaves behind is the open question in the standing condition on material weaknesses (S1), and the first Deloitte-audited annual report as a dated item (D4).
Source: Form 6-K, August 3, 2026, with the letter from MaloneBailey, LLP as Exhibit 16.1. Filed
The largest commercial commitment in the company's history, at approximately $202 per kW per month on a modified gross basis with electricity passed through to the tenant, in a jurisdiction with cheap renewable power and a stated power usage effectiveness of approximately 1.1.
The tenant is a subsidiary rather than the parent, the end customer is unnamed, the approximately $1.3B of credit support is anticipated rather than in place, and no capacity has been built. Signature is the start of the work, not the end.
Executed through the subsidiary Tydal Data Center AS with Volta Tydal AS, a subsidiary of Volta, itself an NVIDIA Cloud Partner. Dell Technologies is named as the technology provider. What it leaves behind is the construction condition (S2) and the credit arrangement item (D1). No Form 6-K reporting the lease had been filed when this item was first written. One was furnished on August 5, 2026, and two more followed on August 10 carrying the second-quarter results and the sales agreement.
Source: Company release, August 4, 2026. Filed
Revenue grew 47 percent against the June 2025 quarter and cost of revenue grew 65 percent, so the quarter did not cover its direct costs. The net loss widened from $62.9M to $92.3M. Adjusted EBITDA was positive at $31.1M against $4.6M, and the company's own definition excludes depreciation and amortisation among other items, which is the distance a reader should hold against a sixteen-year lease of approximately $4.7B.
Operationally the direction is the opposite. Total hash rate under management reached 86.1 EH/s from 30.6, rigs under management 289,000 from 200,000, and BTC mined 2,694 from 565. Bitcoin held fell to 150 from 1,502, so the quarter was funded in part by selling the treasury rather than holding it.
The comparative basis changed and the file's earlier figure did not survive it. Effective January 1, 2026 the company moved from IFRS to US GAAP and recast prior periods. The $65.6M FY2025 profit this calendar previously cited was struck under IFRS. The release restates the June 2025 quarter as a $62.9M net loss on the new basis, and does not restate FY2025 as a whole, so no US GAAP FY2025 figure is established here.
Adjusted EBITDA rose nearly sevenfold and the fleet scaled as promised, and the share count gap closed at 271,782,245 ordinary shares as of June 30, 2026.
A gross loss, a wider net loss, and a treasury reduced to 150 BTC, announced the same day as a $1.0B at-the-market capacity.
Source: Form 6-K, August 10, 2026, accession 0001213900-26-086938, Exhibit 99.1; share count from the prospectus supplement on Form 424B5, August 10, 2026, accession 0001213900-26-087060. Filed
Every category reviewed appears as a row, including those that produced catalysts, which read across by title and ID. A category checked and found empty is recorded rather than omitted.
| Category | Status | Basis |
|---|---|---|
| Earnings | Covered above | Second-quarter 2026 results (R5) and the FY2026 annual report on Form 20-F (D4); the FY2025 annual report (R2). |
| Product launches | None | Unlike most issuers in this sector Bitdeer does have a product line, the SEALMINER application-specific integrated circuits it designs and sells. No launch, model announcement or shipment date is scheduled or disclosed as at August 5, 2026, so the category is checked and empty rather than inapplicable. Company release archive and the filing index for CIK 0001899123, read August 5, 2026. |
| Investor days | None | The company's investor relations event calendar, read August 5, 2026, lists the second-quarter earnings call, a business update on the Tydal lease, and the BofA Securities 2026 Global Technology Conference. No investor day is scheduled. |
| Industry conferences | None | The only conference on the company's own event calendar, read August 5, 2026, is the BofA Securities 2026 Global Technology Conference, which is listed among past events. No forthcoming appearance is scheduled. |
| Regulatory decisions | Not established | No Norwegian permitting, grid connection or municipal record was queried for the Tydal campus, and no other regulatory docket was checked in any jurisdiction. Grid connection bears directly on the construction condition (S2). Also named in what was not checked. |
| Lawsuits | Not established | Court dockets were not searched, in the United States, Singapore or Norway. Also named in what was not checked. |
| Macro events | Not established | No central bank or macro calendar was checked. The bitcoin price drives the self-mining exposure (S4) but no scheduled macro event is dated here. Also named in what was not checked. |
| Management changes | None | No change is pending or announced. Jihan Wu signs as Chief Executive Officer on the 6-K of August 3, 2026. As a foreign private issuer Bitdeer does not file Item 5.02 current reports, so any change would be disclosed by Form 6-K or in the annual report. |
| Major contracts | Covered above | The Tydal colocation lease (R4), its construction (S2), its credit support (D1) and the two phase targets (D2) and (D3). |
| Buybacks | None | No current repurchase program or authority is established. 3,364,711 Class A shares had been repurchased but not canceled at December 31, 2025, which records past activity rather than a live program. Filed Form 20-F, April 30, 2026. |
| Dividends | None | The annual report states the company has not paid any dividend in the past and that investors may be dependent entirely on price appreciation for return. Filed Form 20-F, April 30, 2026. |
| Financings and capital structure | Covered above | The February 2026 registered direct offering (R1), the at-the-market program (S3) and the share count gap (R6). Four convertible note issues are recorded in the research report. Added beyond the standard categories because a capital structure is not a major contract. |
| Mergers and acquisitions | None | None is pending or announced. The only combination in the company's record is the 2023 transaction with Blue Safari Group Acquisition Corp that created the registrant, reported on Form F-4 and the shell company report on Form 20-F of April 19, 2023. Index for CIK 0001899123, searched August 5, 2026. |
| Auditor and internal control | Covered above | The change of auditor (R3), the material weaknesses reported in the 2024 annual report (S1) and the first Deloitte-audited annual report (D4). Added beyond the standard categories because this is the most consequential governance sequence on the file and no standard category holds it. |
| Analyst coverage and short interest | Not established | Coverage itself is set out in the research report, from the issuer's own page read August 5, 2026. No forthcoming initiation, transfer or rating event is dated, and no exchange short interest report was retrieved. Added beyond the standard categories for an issuer of this size. Also named in what was not checked. |
| Credit rating actions | Not established | No rating agency action was sought or read. Added beyond the standard categories because the Tydal credit support turns on arrangements by named financial institutions. Also named in what was not checked. |
| Index membership | Not established | No index provider announcement was checked. Added beyond the standard categories for an issuer of this size. Also named in what was not checked. |
| Segment reporting | Not established | The segment note in the annual report was not read, so it is not established whether self-mining, hardware, hosting and AI colocation are separately reportable. Added beyond the standard categories because the four businesses have entirely different economics. |
Sits across every other catalyst rather than beside them.
Bitdeer's capital overlay has an unusual feature: a reader could not state how much dilution had already happened, because no filed document gave a current share count. The prospectus supplement of August 10, 2026 states 271,782,245 ordinary shares outstanding as of June 30, 2026, which closes that gap to 49 days at this stamp.
The count before it was seven months older. 235,552,084 ordinary shares at December 31, 2025, being 191,152,162 Class A and 44,399,922 Class V. That figure excludes 3,364,711 Class A shares repurchased but not canceled and 7,258,176 reserved under the share incentive plans, with a further 3,404,713 reserved and unissued.
At least 7,439,094 further Class A shares were issued by late February 2026. 1,936,064 under the at-the-market program between 1 January and 23 February for $28.2M gross, and 5,503,030 in the registered direct offering of $43,694,058 at $7.94. Five months after that were unaccounted for when this was written. On those two disclosed issues alone the count reached at least 242,991,178, and the prospectus supplement of August 10, 2026 has since superseded that estimate with a filed total of 271,782,245 at June 30, 2026.
The at-the-market program is a standing facility, not a completed raise. Twelve agents are named under the sales agreement dated January 3, 2025, and stock can be issued at any time without announcement. Ten of those twelve firms also publish research on the company, which is set out in the research report.
At least $1.15B of convertible principal sits above the equity. Three issues whose amounts are established: $375.0M of 4.875% notes due 2031 priced June 2025, $400.0M of 4.00% notes due 2031 priced November 2025, and $375.0M of 5.00% notes due 2032. A fourth issue, due 2029 and priced November 2024, has a principal this document did not establish. Conversion of any of it adds to a count already unknown.
The reading taken here is that the market capitalization stated in the research report is a floor, and that the floor is now close to the figure. The report is struck on the 271,782,245 shares outstanding at June 30, 2026, and the only issuance disclosed after that date is 3,600,000 Class A shares sold under the sales agreement before August 10, 2026, which would take the count to 275,382,245. That total is arithmetic on two separately stated components rather than a disclosed number, and whether the program continued after August 10, 2026 is not established. The second-quarter results on 10 August (R5) are the obvious opportunity for the company to close the gap described in the standing condition on the share count (R6).
Source: Form 20-F, April 30, 2026; Form 424B5, February 23, 2026. Filed
What would prove this read wrong, stated in advance. Each trigger is settleable from a document; an unquantified threshold is not a test.
| # | If this happens… | …this was wrong | Status |
|---|---|---|---|
| 1 | The annual report on Form 20-F for the year ending December 31, 2026 reports one or more material weaknesses in internal control over financial reporting under Item 15. | The reading that the weaknesses named in the 2024 report are a legacy issue being closed out, and that the change of auditor is a routine upgrade rather than a response to a control problem. | Untriggered |
| 2 | No filing or company release confirms that letters of credit supporting the Tydal tenant's obligations have been arranged, on or before December 31, 2027. | The reading that the approximately $4.7B of contracted Tydal revenue is credit-supported. The company's own word is anticipated, and this test settles whether it became actual. | Untriggered |
| 3 | A filing or release discloses total ordinary shares outstanding above 275,000,000. | The filed total of 271,782,245 ordinary shares at June 30, 2026, and with it the treatment of the market capitalization as a floor close to the true figure. The highest total any filing discloses is that one, so this test has not fired: the 275,382,245 implied by adding the 3,600,000 shares sold before August 10 is a sum of two separately stated components and no filing states it as a total. | Untriggered |
| 4 | The second-quarter 2026 results released on August 10, 2026 report revenue for the six months to June 30, 2026 below $250M, against $620.3M for the full year 2025. | The reading that the 2025 revenue growth of 77 percent and the return to profit represent a durable operating improvement rather than a single strong year. | Untriggered |
| 5 | Bitdeer files a Form 10-K, 10-Q or 8-K, or a proxy statement on Schedule 14A. | The claim that this issuer reports exclusively as a foreign private issuer, and the reading of its disclosure cadence that follows from it. Foreign private issuer status is tested annually and can be lost. | Untriggered |
| 6 | Bitdeer files a notification of late filing on Form NT 20-F. | The claim in the research report that no such filing appears anywhere in the 267 filings the index holds for this registrant, and with it the reading that annual reporting has been consistently timely. | Untriggered |
| 7 | A Schedule 13D or 13G amendment reports a Tether entity holding below 5 percent of the Class A ordinary shares. | The reading that the register is anchored by a large strategic holder, which is the basis of the concentration described in the standing condition on the register. | Untriggered |
Every ID in one table, gapless within each class. Must match the cards above exactly: same IDs, same count, same order. Links point at title slugs so they survive renumbering.
| Tag | What it asserts |
|---|---|
| Filed | Stated in an SEC filing or company release, cited by form and date. Also covers a dated official publication by a named non-SEC issuer, with the issuer named in the Source line. |
| Estimate | Derived or inferred here. The arithmetic is shown. |
| Open | Expected but unconfirmed. Nothing filed either way. |
| Market | Price, volume, float, published targets and ratings. Stamped with the close or publication date. |
| Press | Reported by a named publication that is neither the issuer nor an analyst, cited by outlet and date. Corroborates; never the sole basis for a material claim. |
| Social | Publicly posted by a named account, cited by handle and date. Asserts that the statement was made, never that it is true. |
| Level | Means |
|---|---|
| High | Date is company-announced, protocol-defined, or statutorily fixed. |
| Medium | Date inferred from filing cadence or a stated deadline window. |
| Low | Date is a judgment call. Could move by a quarter or more. |
Confidence rates timing, never outcome. A High-confidence catalyst can be a coin flip; a Low-confidence one can be near-certain in direction.
Impact is independent of confidence. A High-impact, Low-confidence item is the most important kind here: it matters enormously and could land any time.
Primary filings and company releases first, with form type and date. Bitdeer reports as a foreign private issuer, so the forms are 20-F and 6-K rather than 10-K, 10-Q and 8-K.
| Source | Date | What it supports here |
|---|---|---|
| Form 6-K, change in registrant's certifying accountant, with the letter from MaloneBailey, LLP as Exhibit 16.1 | Aug 3, 2026 | The auditor change, the absence of disagreements, and the material weaknesses named as the one reportable event |
| Company release, Tydal colocation lease | Aug 4, 2026 | Capacity, term, contracted revenue, rate and structure, tenant and end customer, and the anticipated credit support |
| Company release, second-quarter earnings call announcement | Aug 1, 2026 | The August 10, 2026 results date and time |
| Form 20-F for the year ended December 31, 2025 | Apr 30, 2026 | Three years of revenue and net result, share counts and classes, convertible notes, the BIT Assets loan, the dividend position and the listing |
| Form 424B5 prospectus supplement | Feb 23, 2026 | The registered direct offering, the twelve at-the-market sales agents, and the shares issued since December 31, 2025 |
| SEC filing index for CIK 0001899123, all form families enumerated before filtering | searched Aug 5, 2026 | 267 filings, December 15, 2021 to August 3, 2026, no overflow file. Absence claims, the form mix establishing filing status, and the direction of all thirty register filings |
| Bitdeer investor relations analyst coverage and event pages | read Aug 5, 2026 | The twelve-firm coverage set, and the absence of a scheduled investor day or forthcoming conference |
| Nasdaq daily record for BTDR, 253 sessions | Aug 1, 2025 to Aug 4, 2026 | The trading calendar behind the coverage table in the research report. That window was not extended for this revision, so it does not carry the pricing basis, which is the August 17, 2026 close taken from the daily record directly |
An unexamined area is a gap, not a clean bill. The following were not reached.
Newest first. The original build entry is never removed or rewritten.
Building and delivering the 121 megawatts at Tydal (S2) said the release states no capital cost, and it does not. The company states one anyway. Approximately $500 million of remaining capital cost, at page 8 of its August 10 presentation, tagged as the issuer's own forward figure. That item now carries it and the sentence about the release is unaltered, because the release still says nothing.
The tenant may end the Tydal lease at ten years without a fee. The deck states it at page 8 and again at page 10 note 1. No filing read for this calendar disclosed it, and the resolved lease item (R4) is written on the lease running its base term, so the standing delivery item (S2) now records it.
The Tydal Phase 1 target commencement (D2) and the Tydal Phase 2 target commencement (D3) were already right, and that is worth recording. The deck's phase ready-for-service targets of December 31, 2026 and March 31, 2027 are the dates this calendar already carried. No date moves and no catalyst changes state.
The presentation predates this file. August 10 against a build of August 18. Nothing here is newer information; it was available and was not read. Nothing is repriced.
The two company-announced Tydal phase targets are now carried as dated catalysts. The revision earlier today corrected the Basis block, which claimed only one item had a company-announced date, by naming the two the company had since announced and stating that neither was carried. Whether to carry them was left open, because correcting a false statement and deciding what this calendar tracks are different things. They are now carried. The release of August 4, 2026 states "Two equal-sized phases across 4 data halls: Phase 1 target commencement December 31, 2026; Phase 2 target commencement March 31, 2027". Filed
Every dated identifier moves, because the ordering rule is the section's own. Section 01 requires the band to run earliest first with gapless numbering straight through the boundaries. Phase 1 falls 4.4 months from this stamp and Phase 2 at 7.4, so the 3 to 6 month band stops being empty and the sequence reorders. Log entries below this one are not renumbered, which is what the map is for.
| Was | Now | Catalyst |
|---|---|---|
| D2 | D1 | Arrangement of the Tydal letters of credit |
| new | D2 | Tydal Phase 1 target commencement |
| new | D3 | Tydal Phase 2 target commencement |
| D1 | D4 | FY2026 annual report on Form 20-F |
Two statements argued from an absence the same release had already filled. The letters-of-credit card justified its own band with "Bitdeer has disclosed no delivery date for Tydal"; the company disclosed two target dates in the release that card cites as its source. Its band now follows the Phase 1 target and its confidence stays Low, because no date is announced for the credit arrangement itself. And the beyond-12 band said the lease "runs 16 years from a commencement date the company has not disclosed"; a target commencement for each hall is disclosed, though the start of the 16-year term still is not, and the two are now distinguished. Neither was found by an instrument. Both were found by reading the cards against the filing they cite.
What these cards do not say. The release gives target commencement and nothing about revenue: no in-service date, no first-revenue quarter, no recognition treatment, and no penalty or remedy attaching to either target. Its own words are that the contract values reflect contracted payment streams and do not represent GAAP revenue. Both items are banded on the dates and nothing is modelled from them, and both carry Medium confidence rather than High because a target is a plan.
The deck was struck at a vantage this file no longer holds, and its companion report said so in its own words. The report carried the sentence "The document is stamped August 5, 2026" under an August 14 masthead. This calendar carried the same vantage in its headline: "Five days to results" for results the second-quarter card (R5) records as resolved on August 10, and "an auditor of two days' standing" for Deloitte, which took office on August 3 and has stood fifteen days at this stamp. Both clauses now read from this date.
Three statements contradicted other statements in this same file. The Tydal card said in the present tense that the most recent Form 6-K in the index was that of August 3, 2026, while the second-quarter card four cards later cites the Form 6-K of August 10, 2026 by accession number. The dilution overlay said the prospectus supplement "closes that gap to 41 days at this stamp" and then opened the next paragraph "The last stated count is seven months old"; both cannot hold, the last stated count being 271,782,245 at June 30, 2026. And 41 was never an age at any stamp this file carried: it is the age of that count at the August 10 filing which stated it. At this stamp it is 49 days. Filed
The Basis block said only one item here has a company-announced date, and the company has announced two more. The Tydal release of August 4, 2026 states "Phase 1 target commencement December 31, 2026; Phase 2 target commencement March 31, 2027". Both fall inside this horizon, Phase 1 at about 4.4 months and Phase 2 at about 7.4 months. They are named and they are NOT added as dated catalysts here. Correcting a false statement belongs in a revision; deciding what this calendar tracks does not, and adding them would fill a band the file currently declares empty and move every dated identifier. The gap is stated rather than closed. Filed
Repriced to the 17 August close. The pricing basis moves Aug 4 → Aug 17, 2026 and the close $11.38 → $9.39. This calendar carries no price or capitalization in its masthead, so the only figure that moves in the body is the February placement discount: $7.94 against $11.38 was roughly 30 percent below the market, and against $9.39 it is roughly 15 percent. The companion report moves price, capitalization, share count and two multiples, and its own entry sets those out.
No catalyst moved and no identifier changed. Both dated items remain open: the first Deloitte-audited annual report is unaffected by anything filed this month, and the 6-K of August 10, 2026 moved the Tydal credit arrangement further from settlement rather than nearer it, hardening the language to whether the arrangements are entered into on the terms currently anticipated, or at all. The resolved sequence stays at six, gapless and each with a stated outcome.
The register grew by two filings and the count inside a standing condition was stale. A concentrated register led by Tether entities (S5) said thirty Schedule 13D and 13G filings; the index now holds thirty-two. Jane Street amended upward to 12,933,431 Class A ordinary shares, 5.7 percent, on August 12, 2026, and the Susquehanna broker-dealer group filed a new passive report at 11,506,100 shares, 5.1 percent, on August 14, 2026. Both are passive, neither is a Schedule 13D, and the Tether position is unchanged, so the card's reading is unaltered and only its count moved.
No catalyst resolved and none was added. The chief financial officer's open-market purchase of August 12, 2026 is recorded in the research report rather than here, being a completed transaction rather than a forthcoming event. The dated, standing and resolved counts are unchanged, and the price is not restruck.
Second-quarter 2026 results were released and two items resolved. Revenue of $228.8M against cost of revenue of $237.3M produced a gross loss of $8.5M, the net loss widened to $92.3M, and adjusted EBITDA was positive at $31.1M. Total hash rate under management reached 86.1 EH/s and bitcoin held fell to 150 from 1,502.
The comparative basis moved. Effective January 1, 2026 the company reports under US GAAP and has recast prior periods. The $65.6M FY2025 profit this calendar previously cited was struck under IFRS; the release restates the June 2025 quarter as a $62.9M net loss and does not restate FY2025 as a whole, so no US GAAP figure for that year is established here.
A $1.0B at-the-market capacity was registered the same day, by prospectus supplement on Form 424B5 under a new automatic shelf, on the sales agreement of January 3, 2025. The share count gap closed at 271,782,245 ordinary shares as of June 30, 2026.
The pricing basis is unchanged at the Aug 4, 2026 close and is now six days behind this stamp. No later close was sourced in this revision, and it is recorded rather than silently carried.
Identifiers moved. Two catalysts resolved, so the dated and standing sequences close up. Anchors are title slugs and did not change.
| Was | Now | Item |
|---|---|---|
| D1 | R5 | Second-quarter 2026 results |
| D2 | D1 | FY2026 annual report on Form 20-F |
| D3 | D2 | Arrangement of the Tydal letters of credit |
| S3 | R6 | No current share count in any filed document |
| S4 | S3 | Continuous issuance under the at-the-market program |
| S5 | S4 | Bitcoin price exposure through self-mining |
| S6 | S5 | A concentrated register led by Tether entities |
The February 2026 share count was derived when the annual report states it, and the derivation was wrong. The Form 20-F for the year ended December 31, 2025 states 5,503,030 Class A ordinary shares at US$7.94 per share. 5,502,400 → 5,503,030, the subtotal of additional shares 7,438,464 → 7,439,094, and the floor on the count 242,990,548 → 242,991,178. The capitalization that floor produces is approximately $2,765M before and after, so the falsification threshold of 275,000,000 shares is unaffected.
The auditor change was described as four months into the audit year, and it is seven. Deloitte was appointed for the year ending December 31, 2026 and the change took effect on August 3, 2026, which is seven months and three days elapsed with about 4.9 months remaining. The adjacent statement that the change came seven days before results is correct against the August 10, 2026 results date and is unchanged.
Original build. Built from the Form 6-K of August 3, 2026 reporting the change of auditor, with the letter from MaloneBailey, LLP as Exhibit 16.1; from the company's releases of August 4, 2026 announcing the Tydal colocation lease and August 1, 2026 announcing the results date; from the annual report on Form 20-F for the year ended December 31, 2025, filed April 30, 2026; from the prospectus supplement on Form 424B5 of February 23, 2026; from the complete filing index for Central Index Key 0001899123, 267 filings from December 15, 2021 to August 3, 2026 with no overflow file, with each of the thirty register filings read to establish whether it runs inbound or outbound; and from Bitdeer's own investor relations coverage and event pages read on August 5, 2026.
Pricing basis fixed at the August 4, 2026 close of $11.38. The document is stamped 5 August because the 5 August session had not settled: Nasdaq reported the market pre-open with 4 August as the previous trading date, so the previous close remains the basis.
Conventions fixed at construction: filing status is established from the forms actually filed rather than from the place of incorporation, and this calendar carries fewer scheduled items than a domestic filer's because a foreign private issuer files no quarterly report to a statutory deadline and no proxy statement; dated catalysts are banded 0 to 3, 3 to 6 and 6 to 12 months from the as-of date, and those boundaries are a choice about where this document divides near from far rather than a measurement; resolved items are ordered by the date they completed, earliest first; and every catalyst is named by title in prose with its identifier in parentheses.
Two placements are judgments rather than company statements and are marked as such on the cards. The arrangement of the Tydal letters of credit is treated as dated and banded at 6 to 12 months on the reasoning that credit support is customarily settled before a facility of that size is energised, with confidence marked Low because the date rests on that reasoning and not on a document. And the 3 to 6 month band is deliberately empty, with a note saying why, rather than being filled by moving an item into it.
The null table carries seventeen rows rather than eleven. Six were added because this issuer is larger and differently shaped than the categories assume: financings and capital structure, mergers and acquisitions, auditor and internal control, analyst coverage and short interest, credit rating actions, index membership, and segment reporting. The auditor row exists because the most consequential governance sequence on this file has no home among the standard eleven. Product launches was read differently too: unlike most issuers in this sector Bitdeer does sell a product, the SEALMINER hardware line, so the row records a checked absence rather than an inapplicable category.
Known gaps at this version: the Tydal lease document was not read and no 6-K reporting it had been filed; whether the 2024 material weaknesses have been remediated was not established; the financial statements were not read line by line, so no balance sheet or cash flow statement is carried; Norwegian permitting and grid records, court dockets in three jurisdictions, and every non-SEC registry including the Cayman and Singapore registries were not reached; and macro calendars, credit rating actions, index membership, short interest and the segment note were not checked. No item is deferred as a defect in the analysis.