BTDR
BTDR · Bitdeer Technologies Group · Equity Research Report · as of August 18, 2026
Key figures, each tagged by provenance.
| Metric | Value | Basis |
|---|---|---|
| Revenue (FY2025) | $620.3M | Filed 20-F, Apr 30, 2026. Up 77% on FY2024. |
| Net income (FY2025) | $65.6M | Filed 20-F, Apr 30, 2026. First profitable year in the three reported. |
| Net loss (FY2024) | ($56.7M) | Filed 20-F, Apr 30, 2026 |
| Net loss (FY2023) | ($599.2M) | Filed 20-F, Apr 30, 2026 |
| Class A ordinary shares (Dec 31, 2025) | 191,152,162 | Filed 20-F, Apr 30, 2026. Excludes 3,364,711 repurchased but not canceled. |
| Class V ordinary shares (Dec 31, 2025) | 44,399,922 | Filed 20-F, Apr 30, 2026 |
| Tydal contracted revenue, base term | ~$4.7B | Filed Company release, Aug 4, 2026. 16 years, 121 IT MW. |
| Tydal contracted revenue with extension | ~$8.0B | Filed Company release, Aug 4, 2026. 24 years, if the 8-year option is exercised. |
| Tydal average lease rate | ~$202/kW/month | Filed Company release, Aug 4, 2026. Modified gross, electricity reimbursed by the tenant. |
| Market capitalization | $2,552M | Estimate 271,782,245 shares (Jun 30, 2026, Filed) × $9.39 (Aug 17, 2026 close, Market). The count is struck at June 30, 2026 and is 49 days old at this stamp; it excludes 3,600,000 Class A shares sold under the sales agreement before August 10, 2026, so it remains a floor. See section 7. |
Bitdeer Technologies Group is a Cayman Islands company headquartered in Singapore, listed on Nasdaq and reporting to the Commission as a foreign private issuer. It builds and operates computing infrastructure, and it sells that capacity in four different ways, which is unusual in this sector and is the main thing to understand about the business.
It mines bitcoin for its own account. Self-mining converts electricity into bitcoin and takes the price risk directly.
It sells mining hardware it designs itself. The SEALMINER line of application-specific integrated circuits is Bitdeer's own, which puts the company upstream of every operator that buys rigs rather than making them. This is the feature that most clearly separates it from the North American operators it is otherwise compared with.
It sells hosting and cloud capacity to third parties. Customers buy hashrate or computing time rather than owning the machines.
It leases AI and high-performance computing capacity under long-term contracts. This is the newest business and, on the evidence of August 4, 2026, the largest. Bitdeer AI is described as an NVIDIA Cloud Partner, and the Tydal lease commits 121 IT megawatts to a single tenant for sixteen years. Filed Company release, Aug 4, 2026, and Form 20-F, Apr 30, 2026.
Bitdeer files on Form 20-F annually and Form 6-K for interim and current events. It has never filed a Form 10-K, 10-Q or 8-K, and it has never filed a proxy statement on Schedule 14A: across the 275 filings indexed under Central Index Key 0001899123, there are five annual reports on Form 20-F and ninety-nine reports on Form 6-K, and none of the domestic forms. Foreign private issuers are exempt from the proxy rules under Exchange Act Section 14(a) by Rule 3a12-3(b), so the absence of a proxy statement is the regime rather than an omission.
The practical consequences for a reader are three. Quarterly reporting is not mandatory and arrives by 6-K on the company's own timetable rather than to a statutory deadline. Insider transaction reporting under Exchange Act Section 16 does not apply in the same way, and six Forms 4 appear in the whole index. Five were filed on a single day, July 6, 2026, and every one records an award at no cost. The sixth, filed August 13, 2026, is the first open-market purchase by an insider anywhere in this index: the chief financial officer bought 25,000 Class A ordinary shares at $9.04 on August 12, 2026, about $226,000, held directly. And the accounts are prepared under International Financial Reporting Standards rather than United States generally accepted accounting principles, so line items are not directly comparable with the domestic filers in this sector.
The four businesses are treated here as one operating group rather than as separable units, because Bitdeer's disclosure does not give segment profitability that would let them be valued apart. The hardware business is the most likely candidate to be worth separating, since it sells to the company's own competitors and its economics need not follow the bitcoin price in the way self-mining does, but nothing in the filings read for this document establishes its margin.
The reported total, and the contracted book that does not appear in revenue at all yet.
Bitdeer reported total revenue of $620.3M for the year ended December 31, 2025, against $349.8M in 2024 and $368.6M in 2023. Revenue therefore fell between 2023 and 2024 and then rose 77% in 2025. Filed Form 20-F, Apr 30, 2026.
| Stream | How it is paid | Durability |
|---|---|---|
| Self-mining | Block rewards and fees, in bitcoin | Lowest. Revenue moves with the bitcoin price and with network difficulty, neither of which the company controls. Its own risk disclosure states that a decline in bitcoin prices would directly reduce profitability while costs such as electricity continue. |
| Mining hardware (SEALMINER) | Unit sales of self-designed ASICs | Cyclical but not directly price-linked. Demand follows the capital cycle of other miners rather than the spot price, and the company captures manufacturing margin its customers do not. |
| Hosting and cloud | Fees for hashrate or computing capacity | Middling. Contracted, but on shorter terms than the AI leases and to a more fragmented customer base. |
| AI and HPC colocation leasing | Contracted rent per kilowatt per month | Highest, once delivered. The Tydal lease runs 16 years at approximately $202 per kW per month on a modified gross basis, with electricity costs reimbursed by the tenant as a pass-through. |
Announced on August 4, 2026, fourteen days before this stamp, and the largest single commercial commitment in the company's record. The terms Bitdeer discloses are these.
| Term | As disclosed |
|---|---|
| Capacity | 121 IT megawatts, supported by an estimated 133 gross megawatts, at the Tydal campus in Norway, delivered through the subsidiary Tydal Data Center AS |
| Term | 16-year base term, with a one-time 8-year renewal option taking the potential total to 24 years. The tenant may terminate at ten years without paying a fee. The company's 2Q26 Investor Update Presentation, August 10, 2026 states it at page 8 under Key Commercial Terms and again at page 10 note 1, “Tenant retains early termination right with no fees at 10 years”. Filed No filing read for this document disclosed it, and the contracted revenue below is stated over the base term rather than to that break |
| Contracted revenue | Approximately $4.7B over the base term; approximately $8.0B if the extension is exercised |
| Rate and structure | Approximately $202 per kW per month averaged over the first 16 years, modified gross, with electricity reimbursed by the tenant on a pass-through basis |
| Tenant | Volta Tydal AS, a subsidiary of Volta, itself an NVIDIA Cloud Partner. The end customer is described as a leading AI lab and is not named. Dell Technologies is the technology provider. |
| Credit support | Letters of credit totalling approximately $1.3B, anticipated to be arranged by affiliates of J.P. Morgan and another top-tier global financial institution, subject to customary conditions |
| Site | Stated power usage effectiveness of approximately 1.1, running on 100% renewable energy |
Filed Company release, Aug 4, 2026.
Three features of this lease are weaker than the headline figure suggests, and a reader should hold all three. The credit support is anticipated rather than in place, and is stated to be subject to customary conditions. The tenant is a subsidiary of Volta rather than Volta itself, so the recourse depends on guarantees this document has not seen. And the end customer, whose demand ultimately supports the rent, is not named. None of that makes the lease unsound; it means the $4.7B is a contracted amount whose credit backing is not yet established, and this document does not treat it as secured revenue.
No revenue from Tydal appears in any reported period. The 121 megawatts must be built and delivered first, and the release states no delivery date.
Bitdeer sits in two markets that most of its peers touch only one of, and it is exposed to a third that they are not.
The self-mining economics are the sector's: revenue in bitcoin, costs in electricity, and margin determined by the price, by network difficulty and by the efficiency of the fleet. What differentiates Bitdeer is that it makes its own machines. A miner that designs its own ASICs captures the manufacturing margin that its competitors pay away, and it controls its own upgrade timing rather than queuing behind other buyers.
The Tydal lease places Bitdeer in the same business as the North American developers, but on different ground. Norway offers cheap hydroelectric power, a cold climate that supports the stated power usage effectiveness of approximately 1.1, and a European location for customers who want capacity inside Europe. It also puts the asset in a different regulatory and currency environment from the company's Singapore headquarters and its Cayman incorporation.
Almost every comparable company in this coverage set reports on Forms 10-K, 10-Q and 8-K under United States generally accepted accounting principles, files proxy statements, and has officers and directors reporting transactions on Forms 3, 4 and 5. Bitdeer does none of these. It reports annually on Form 20-F under International Financial Reporting Standards and furnishes interim information on Form 6-K at its own cadence. This is a legitimate and common regime, and it is not a deficiency; but it means a reader comparing Bitdeer with its peers is comparing different disclosure frequencies and different accounting bases at the same time. Filed SEC filing index for CIK 0001899123, searched Aug 5, 2026.
Named peers on comparable metrics. Bitdeer is the only company in this set that manufactures the hardware the others buy.
| Company | Comparable on | Where it differs |
|---|---|---|
| Applied Digital (APLD) | Long-term contracted AI colocation leasing | 1.4 GW contracted against Bitdeer's 121 MW at Tydal; no self-mining, no hardware manufacturing; files as a domestic issuer. Filed APLD 8-K, Jul 27, 2026 |
| Galaxy Digital (GLXY) | Single large AI lease financed against a campus | 526 MW contracted to one tenant, with a digital asset trading business alongside; no mining hardware. Filed GLXY 8-K, Aug 5, 2026 |
| IREN Limited (IREN) | Self-mining plus AI capacity, and a non-United States operating base | Also incorporated outside the United States, but reports as a domestic filer; buys its machines rather than making them |
| MARA Holdings (MARA) | Scale self-mining | Larger self-mining fleet, no hardware manufacturing, no European AI colocation |
| Cipher Mining (CIFR) | Converting power positions into HPC leases | Texas-weighted; Bitdeer's new capacity is Norwegian |
| Hut 8 (HUT) | Mixed mining and computing infrastructure | Holds a digital asset treasury; no manufacturing |
Against this set Bitdeer's distinguishing assets are the SEALMINER hardware line and a European site with hydroelectric power. Its distinguishing weakness, from a reader's point of view rather than the business's, is disclosure frequency: where the domestic filers publish a quarterly report to a statutory deadline, Bitdeer publishes when it chooses. A comparison of quarterly trends across this table will always have Bitdeer's data arriving later and in less detail.
Three reported years under International Financial Reporting Standards, and the June 2026 quarter under US GAAP. The two are not on the same basis and are not presented in one table: the company moved to US GAAP on January 1, 2026 and has recast the periods it presents, but no US GAAP figure for FY2025 as a whole has been published.
The trend is stated first: revenue fell, then rose sharply, and the company moved from a very large loss to a small profit over three years.
| Measure | FY2023 | FY2024 | FY2025 | Basis |
|---|---|---|---|---|
| Total revenue | $368.6M | $349.8M | $620.3M | Filed Form 20-F, Apr 30, 2026 |
| Net income / (loss) | ($599.2M) | ($56.7M) | $65.6M | Filed Form 20-F, Apr 30, 2026 |
Two observations follow. Revenue declined 5% between 2023 and 2024 while the loss narrowed from $599.2M to $56.7M, so almost all of the 2023 loss was something other than trading: a loss of that size on revenue of $368.6M is not an operating result. And the 2025 recovery is both a revenue and a margin event, with revenue up 77% and the result swinging $122.3M to a profit.
The 2023 loss is treated here as dominated by non-operating items, most plausibly listing expenses and share-based payment charges connected to the 2023 business combination, and by impairment. The company's own adjusted EBITDA definition excludes listing expenses and share-based payment under IFRS 2, which is consistent with that reading. The specific composition was not established from the financial statements for this document, and no figure is attributed to any component.
This document does not carry a balance sheet, a cash flow statement or a hashrate figure from the filings. A cost per bitcoin mined is now carried, and it does not come from a filing. The company's 2Q26 Investor Update Presentation, August 10, 2026 gives, at page 12, a cost to mine falling from $59,000 in Q2 2025 to $38,000 in Q2 2026, and a fleet efficiency improving from 25.7 to 15.8 J/TH over the same period. Filed Read the deck's own footnote before using the first of those: it defines the figure as “Electricity costs to mine 1 BTC globally across self-mining sites” and says it “excludes non-cash costs and overhead costs”, so it is a power cost and not an all-in cost to mine. The audited position is unchanged: The most recent audited statements are for the year ended December 31, 2025, published April 30, 2026, and no interim balance sheet has been read. The June 2026 quarter was released on August 10, 2026: revenue $228.8M against cost of revenue $237.3M, a gross loss of $8.5M, a net loss of $92.3M and adjusted EBITDA of $31.1M. The last audited annual figures remain those for the year ended December 31, 2025, struck under IFRS.
Two share classes, four convertible note issues in two years, a twelve-agent at-the-market program with a further $1.0B of capacity registered on August 10, 2026, and a share count struck at June 30, 2026 and now 49 days old.
235,552,084 ordinary shares were outstanding at December 31, 2025: 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 Class A shares reserved for issuance under the share incentive plans. A further 3,404,713 were reserved and unissued under the 2023 plan. Filed Form 20-F, Apr 30, 2026.
The December 2025 count above is superseded, and the direction of the error was known before it was. The most recent share count in a filed document is 271,782,245 ordinary shares at June 30, 2026, stated in the prospectus supplement of August 10, 2026. Until that filing the December 31, 2025 count was the most recent and this section said so. Two issues between the two dates are disclosed. Bitdeer sold 1,936,064 Class A shares under the at-the-market sales agreement between January 1, 2026 and February 23, 2026 for gross proceeds of $28.2M. And in February 2026 it completed a registered direct offering of 5,503,030 Class A shares at $7.94 per share, a count the annual report states rather than leaves to be derived, which is $43,694,058 of stock. Together that is at least 7,439,094 additional Class A shares before the end of February, with five further months unaccounted for.
The market capitalization of $2,552M in section 1 uses the June 30, 2026 count of 271,782,245, which is the most recent figure any filing states as a total. It is still a floor, but a much closer one: the prospectus supplement discloses a further 3,600,000 Class A shares sold under the sales agreement after June 30 and before August 10, 2026 for gross proceeds of approximately US$50.3M, which would take the count to 275,382,245 and the figure to approximately $2,586M at the 17 August close. That total is arithmetic on two separately stated components and no filing states it, so it is carried here and not in the masthead. Whether the program continued after August 10 the filings read here do not establish either way.
Four issues in roughly two years, disclosed in the annual report:
| Issue | Principal | Priced |
|---|---|---|
| Convertible senior notes due 2029 | Not established | November 2024 |
| 4.875% convertible senior notes due 2031 | $375.0M | June 2025 |
| 4.00% convertible senior notes due 2031 | $400.0M | November 2025 |
| 5.00% convertible senior notes due 2032 | $375.0M | Not established |
Filed Form 20-F, Apr 30, 2026. The principal of the 2029 issue and the pricing date of the 2032 issue were not read and are recorded as not established rather than inferred.
At least $1.15B of convertible principal is therefore outstanding across the three issues whose amounts are established, against a market capitalization of roughly $2.7B. Conversion of any of it adds to a Class A count that this document already cannot state currently.
An At Market Issuance Sales Agreement dated January 3, 2025 names twelve sales agents: Barclays Capital Inc., Cantor Fitzgerald & Co., A.G.P./Alliance Global Partners, The Benchmark Company, LLC, B. Riley Securities, Inc., BTIG, LLC, Keefe, Bruyette & Woods, Inc., Needham & Company, LLC, Northland Securities, Inc., Rosenblatt Securities Inc., Roth Capital Partners, LLC and StockBlock Securities LLC. Filed 424B5, Feb 23, 2026. Ten of those twelve firms also publish research on Bitdeer, which is taken up in section 8.
A BIT Assets Collateralized Loan was entered in April 2025 with BIT Group, a facility of up to $200.0M. Filed Form 20-F, Apr 30, 2026. The February 2026 registered direct offering raised $43.7M at $7.94 per share, with Barclays Capital Inc. acting as exclusive placement agent. Filed 424B5, Feb 23, 2026.
Multiples shown with their basis and pricing date. No target price. Every multiple below inherits the share-count uncertainty described in section 7, so each is a floor on the true ratio rather than a point estimate. The count understates the shares outstanding, so the capitalization understates the market's valuation and every multiple struck on it understates the true ratio.
| Measure | Value | Basis |
|---|---|---|
| Price to FY2025 revenue | 4.11× | Estimate $2,552M market capitalization ÷ $620.3M FY2025 revenue. Price Aug 17, 2026, revenue for the year ended Dec 31, 2025, an IFRS figure on a basis the company has since abandoned. |
| Price to FY2025 earnings | 38.9× | Estimate $2,552M ÷ $65.6M net income. The denominator is the first profit in three reported years, so this multiple rests on a single period. |
| Market capitalization to Tydal base-term contracted revenue | 0.54× | Estimate $2,552M ÷ approximately $4.7B. The denominator runs 16 years, is undiscounted, and its credit support is anticipated rather than in place, so this is a scale comparison and not a valuation multiple. |
| Price to book | n/a | Not struck. No balance sheet was read for this document; the most recent audited equity figure is not carried here. |
| Enterprise value multiples | n/a | Not struck. See methodology: an enterprise value is not derived here. |
Every row is market data: attributed, dated, tagged, never adopted. Price at publication is the close on the last trading day before the action, taken from the exchange's own daily record for BTDR, and this convention governs every row in the table. Bitdeer's own investor relations page, read on August 5, 2026, names twelve firms and their analysts; it publishes no ratings or targets. The row carrying a rating and a target is cited to the note that published it.
| Firm | Analyst | Date | Rating | Target | Price at pub. | Disclosed conflict |
|---|---|---|---|---|---|---|
| H.C. Wainwright & Co. | Mike Colonnese, with Dylan Scales and Leon Zhou | Aug 4, 2026 | Buy | $25.00 Market | $11.37 | Not a sales agent under the January 2025 at-the-market agreement. The firm's own disclosure page was not read, so what it discloses about this issuer is Not established. |
| Alliance Global Partners | Brian Kinstlinger | Not established | Not established | Not established | n/a | A.G.P./Alliance Global Partners is a sales agent under the at-the-market sales agreement dated Jan 3, 2025. Filed 424B5, Feb 23, 2026 |
| B. Riley Securities | Nick Giles | Not established | Not established | Not established | n/a | Sales agent under the at-the-market sales agreement dated Jan 3, 2025. Filed 424B5, Feb 23, 2026 |
| BTIG | Gregory Lewis | Not established | Not established | Not established | n/a | Sales agent under the at-the-market sales agreement dated Jan 3, 2025. Filed 424B5, Feb 23, 2026 |
| Cantor Fitzgerald | Brett Knoblauch | Not established | Not established | Not established | n/a | Sales agent under the at-the-market sales agreement dated Jan 3, 2025. Filed 424B5, Feb 23, 2026 |
| KBW | Stephen Glagola | Not established | Not established | Not established | n/a | Keefe, Bruyette & Woods, Inc. is a sales agent under the at-the-market sales agreement dated Jan 3, 2025. Filed 424B5, Feb 23, 2026 |
| Needham & Company | John Todaro | Not established | Not established | Not established | n/a | Sales agent under the at-the-market sales agreement dated Jan 3, 2025. Filed 424B5, Feb 23, 2026 |
| Northland Capital Markets | Mike Grondahl | Not established | Not established | Not established | n/a | Northland Securities, Inc. is a sales agent under the at-the-market sales agreement dated Jan 3, 2025. Filed 424B5, Feb 23, 2026 |
| Rosenblatt Securities | Kevin Cassidy | Not established | Not established | Not established | n/a | Sales agent under the at-the-market sales agreement dated Jan 3, 2025. Filed 424B5, Feb 23, 2026 |
| Roth Capital Partners | Darren Aftahi | Not established | Not established | Not established | n/a | Sales agent under the at-the-market sales agreement dated Jan 3, 2025. Filed 424B5, Feb 23, 2026 |
| The Benchmark Company | Mark Palmer | Not established | Not established | Not established | n/a | Sales agent under the at-the-market sales agreement dated Jan 3, 2025. Filed 424B5, Feb 23, 2026 |
| China Renaissance Securities | Cindy Wang | Not established | Not established | Not established | n/a | Not a sales agent under the January 2025 at-the-market agreement. Not established. |
Twelve firms follow Bitdeer according to the company's own investor relations page, read on August 5, 2026. One published action is established here: H.C. Wainwright, Buy with a $25.00 target, dated August 4, 2026, the same day the Tydal lease was announced. There is no spread to report, because a single established target has none, and no published consensus figure is reported here because none was retrieved from a source that attributes and dates it. The count used here is a floor rather than a current figure.
The relationship between the covering set and the selling syndicate is the finding, and it runs in an unusual direction. Ten of the twelve covering firms are sales agents under Bitdeer's at-the-market sales agreement of January 3, 2025, an ongoing selling relationship under which the company issues stock into the market. Only two are not: China Renaissance Securities, and H.C. Wainwright, which is the one firm whose published rating and target this document establishes.
That is worth stating precisely, because the obvious inference is the wrong way round. The single target recorded above comes from one of the two covering houses with no selling relationship disclosed in the issuer's own prospectus. Two of the twelve firms' relationships are established as absent and ten as present; what any of them discloses about this issuer on its own disclosure page has not been read, including H.C. Wainwright's, so those cells read Not established rather than being inferred from the prospectus.
Two firms with selling relationships do not cover the stock at all: Barclays Capital Inc., which is both a sales agent and was exclusive placement agent on the February 2026 registered direct offering, and StockBlock Securities LLC. The absence of research from the placement agent on the company's most recent equity raise is itself a feature of this coverage set.
Ranked by size and by how settleable each is from a document.
121 IT megawatts against approximately $4.7B of base-term contracted revenue, or approximately $8.0B over 24 years if the option is exercised. The lease is signed; the capacity is not built, no delivery date is disclosed, and the approximately $1.3B of letters of credit supporting the tenant's obligations is anticipated rather than in place. This is by a wide margin the largest driver and also the one with the most conditions still attached. Filed Company release, Aug 4, 2026.
Bitdeer designs and sells its own application-specific integrated circuits. This is the business that differentiates it structurally from every peer in section 5, because it earns manufacturing margin from the same capital cycle that raises its competitors' costs. Bitdeer publishes no segment profitability for it, so its contribution cannot be sized here. Filed Form 20-F, Apr 30, 2026.
Revenue rose 77% in 2025 and the result swung $122.3M into a $65.6M profit. That test has since run and it failed. The June 2026 quarter, released August 10, 2026, turned a gross loss of $8.5M on revenue of $228.8M against cost of revenue of $237.3M, where the prior-year quarter made a $12.0M gross profit on $155.6M. Adjusted EBITDA rose to $31.1M from $4.6M, so the operating leverage claim survives at that line and not at the gross line. Filed Form 20-F, Apr 30, 2026, and company release, Aug 1, 2026.
The Tydal campus is stated to run on 100% renewable energy at a power usage effectiveness of approximately 1.1, in a jurisdiction with cheap hydroelectric power and a cold climate. If the first lease delivers, the site is a platform for further capacity in a market where the United States operators in section 5 have no presence. No further European capacity is contracted or disclosed. Filed Company release, Aug 4, 2026.
Severity-ranked, most severe first.
On August 3, 2026 the audit committee dismissed MaloneBailey, LLP and appointed Deloitte & Touche LLP, Singapore, both effective the same day, seven days before second-quarter results and seven months and three days into the financial year the new firm will audit, with about 4.9 months of it left to run. The 6-K states there were no disagreements, and that MaloneBailey's reports on the 2024 and 2025 statements were unqualified. It also states there were no reportable events other than the material weaknesses management reported under Item 15 of the annual report for the year ended December 31, 2024. A change of auditor is ordinary; a change of auditor with unremediated material weaknesses named in the same filing is a combination that warrants attention, and this document has not established whether those weaknesses were subsequently remediated. Filed Form 6-K, Aug 3, 2026.
The approximately $1.3B of letters of credit backing Volta's obligations is described as anticipated to be arranged by affiliates of J.P. Morgan and another top-tier global financial institution, and as subject to customary conditions. The tenant is a subsidiary of Volta rather than Volta itself, and the end customer whose demand supports the rent is described only as a leading AI lab. Approximately $4.7B of contracted revenue therefore rests on a credit structure that is not yet established and a counterparty chain that is not fully disclosed. Filed Company release, Aug 4, 2026.
The prospectus supplement of August 10, 2026 states 271,782,245 ordinary shares outstanding as of June 30, 2026, being 227,382,323 Class A and 44,399,922 Class V, and the same two components appear in the June quarter balance sheet. The count this file carried, 235,552,084, was the December 31, 2025 total and is 36,230,161 shares below it. At least 7,439,094 further Class A shares were issued by late February 2026 through the at-the-market program and the registered direct offering, with five months unaccounted for after that, and at least $1.15B of convertible notes could add more. Every per-share and market-capitalization figure in this document is therefore a floor rather than a point estimate, and the direction of the error is known but its size is not. Filed Form 20-F, Apr 30, 2026, and 424B5, Feb 23, 2026.
Bitdeer's own risk disclosure states that a decline in bitcoin prices would directly reduce the profitability of its mining operations, since rewards would be worth less while operating costs such as electricity continue. The 2025 return to profit came in a period the company does not attribute to price alone, but the exposure is unhedged in the filings read here and it is what separates this business from a pure colocation lessor. Filed Form 20-F, Apr 30, 2026.
As a foreign private issuer Bitdeer files no Form 10-Q and is not subject to a statutory quarterly deadline. Interim information arrives on Form 6-K when the company chooses to furnish it. Ninety-nine such reports appear in the index, so the practice is regular, but it is not an obligation, and a reader comparing Bitdeer with the domestic filers in section 5 is comparing different disclosure regimes. There is also no proxy statement, because foreign private issuers are exempt from the proxy rules under Exchange Act Section 14(a). Filed SEC filing index for CIK 0001899123, searched Aug 5, 2026.
Ten of the twelve firms on Bitdeer's own coverage list are sales agents under its at-the-market program, a standing rather than one-off selling relationship. Unlike a completed underwriting, an at-the-market agency continues to generate fees as long as the company issues. This is not an allegation about any rating, and the one target established here comes from a firm outside that group; it is a statement about how much of the available research comes from houses with an ongoing commercial interest in the shares. Filed 424B5, Feb 23, 2026.
All thirty-two Schedule 13D and 13G filings indexed under this issuer name Bitdeer as the subject. The register is dominated by Tether entities, which account for eleven of the filings including a Schedule 13D/A as recently as June 30, 2026, alongside Shinning Stone, Golden Navigate, Mega Galaxy and Victory Courage from the founding group, and more recently BlackRock, Citadel Securities, Jane Street, Paloma Partners and the Susquehanna broker-dealer group. Jane Street amended upward to 5.7 percent on August 12, 2026 and Susquehanna reported 5.1 percent on August 14, 2026, both passive. A Schedule 13D reports a position held with a purpose that is not passive. Positions are as last reported, not as currently held. Filed SEC filing index for CIK 0001899123, searched Aug 14, 2026.
Each case with its preconditions: what must be true, not what might be.
The Tydal letters of credit are not arranged on the terms described, the lease is renegotiated or delayed, and the $4.7B headline is not converted. The new auditor's first close surfaces issues connected to the material weaknesses named in the 2024 annual report. Bitcoin weakness returns the self-mining business to loss while the share count keeps rising through the at-the-market program.
Requires: any disclosed change to the Tydal terms or credit support, an adverse control finding from the incoming auditor, or a sustained fall in the bitcoin price.
The second-quarter results of 10 August did not confirm the 2025 operating leverage at the gross line and the base case no longer rests on it, Tydal proceeds toward construction with the credit support arranged broadly as described, and the hardware and hosting businesses continue to carry the group while the AI capacity is built. The equity keeps being issued in modest amounts through the at-the-market program.
Requires: results consistent with the FY2025 trend, confirmation that the Tydal letters of credit are in place, and no adverse finding from the auditor transition.
Tydal is delivered and the $202 per kW per month rent begins, establishing Bitdeer as a European AI landlord as well as a miner and a hardware maker. The extension option is taken, the SEALMINER line proves to be a durable margin source through the capital cycle, and a second European lease follows on the strength of the first.
Requires: Tydal delivered with credit support in place, the extension exercised or a second lease signed, and disclosed segment economics for the hardware business.
Three things happened to Bitdeer in the fifteen days before this stamp, and they point in different directions. On 3 August the auditor was replaced, in a filing that names unremediated material weaknesses from the 2024 annual report as the only reportable event. On 4 August the company announced the largest commercial commitment in its history, a 16-year lease at Tydal worth approximately $4.7B. And on 10 August it reported second-quarter results: revenue of $228.8M against cost of revenue of $237.3M, a gross loss of $8.5M, a net loss of $92.3M and adjusted EBITDA of $31.1M.
The underlying business had already turned. Revenue rose 77% to $620.3M in 2025 and the result moved from a $56.7M loss to a $65.6M profit, after a $599.2M loss in 2023 that was plainly not an operating result. Bitdeer is also the only company in this coverage set that designs and sells the mining hardware its competitors buy, which is a structural advantage the filings do not size.
What a reader cannot do with this company is as important as what they can, and the 10 August filings moved that line. A current share count is now filed, 271,782,245 ordinary shares at June 30, 2026, and the June quarter release carries a balance sheet, though this document has not read it. What remains is that 3,600,000 further Class A shares were sold before August 10 and the at-the-market program can issue more without announcement, that at least $1.15B of convertibles could add to the count, and that there is still no quarterly report to a statutory deadline and no proxy statement. Every per-share figure here remains a floor.
Three things would move the reading and each is settleable from a document: whether the approximately $1.3B of Tydal letters of credit is confirmed as arranged, which the 6-K of 10 August left further from settled rather than nearer it; and whether the incoming auditor's first annual report reports the 2024 material weaknesses as remediated. The third, what the 10 August results would show, is settled and is carried above. What this document could not establish is set out in section 14.
Requested categories with nothing to report. Status reads Covered above, None where a named source was checked and found empty, or Not established where the category was not examined. A category nobody looked at is a gap, not an absence.
| Category | Status | Basis |
|---|---|---|
| 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, Apr 30, 2026. |
| Share buybacks | Covered above | 3,364,711 Class A shares had been repurchased but not canceled at December 31, 2025, recorded in section 7. No current repurchase program or authority is established here. |
| Analyst coverage | Covered above | Twelve firms named in section 8, from the issuer's own coverage page read Aug 5, 2026, with one established rating and target. |
| Securities class action | Not established | Court dockets were not searched. Also named in what was not checked. |
| Delinquent filings (Form NT) | None | No NT 20-F or other notification of late filing appears anywhere in the 267 filings the index holds for CIK 0001899123, searched Aug 5, 2026. The index reports no overflow file, so this covers the whole record under this CIK. |
| Proxy statements | None | No Schedule 14A filing of any kind appears in the index. Foreign private issuers are exempt from the proxy rules under Exchange Act Section 14(a) by Rule 3a12-3(b), so this is the regime rather than an omission. Searched Aug 5, 2026. |
| Domestic periodic reports | None | No Form 10-K, 10-Q or 8-K appears in the index. The company files five annual reports on Form 20-F and ninety-nine reports on Form 6-K. Searched Aug 5, 2026. |
| Register filings the issuer made about others | None | All thirty Schedule 13D and 13G filings indexed under CIK 0001899123 name Bitdeer as the subject. None runs outbound. Established by reading the subject and filer of each. Searched Aug 5, 2026. |
| Non-SEC regulatory filings | Not established | Bitdeer is incorporated in the Cayman Islands and headquartered in Singapore, and its annual report identifies Nasdaq as the only exchange on which its shares are listed. Whether any home-jurisdiction filing obligation exists on the company-law side was not established: no Cayman registry and no Singapore registry was queried. Also named in what was not checked. |
| Credit rating actions | Not established | No rating agency action was sought or read. Also named in what was not checked. |
| Index membership | Not established | Index provider announcements were not checked. Also named in what was not checked. |
| Short interest | Not established | No exchange short interest report was retrieved. Also named in what was not checked. |
Pricing basis, the tagging scheme, and, importantly, what was not checked.
| 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. A third party's target or rating is market data, attributed to the firm that issued it and never adopted here. |
| 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. |
Every market figure in this document is struck on the close of August 17, 2026, at which BTDR closed at $9.39 on volume of 15,268,780 shares. The document is stamped August 18, 2026, the following day, because the 18 August session had not closed when the figures were taken. The close is taken from the exchange daily record and agrees to the cent with a second quote source on every one of the seventeen overlapping sessions tested. An earlier version of this paragraph stated the stamp as August 5, 2026, which was the date the body was written; the masthead had since moved to August 14 without it. That is the defect this revision exists to close. The trading calendar behind the coverage table is derived from the exchange's own daily record for BTDR over 253 sessions from August 1, 2025 to August 4, 2026. That window has not been extended for this revision, so it establishes trading days to 4 August and says nothing about the sessions after it.
Bitdeer's status as a foreign private issuer is established from the forms it actually files rather than assumed from where it is incorporated: the index holds five annual reports on Form 20-F and ninety-nine reports on Form 6-K, together with registration statements on Forms F-1, F-3 and F-4, and no Form 10-K, 10-Q, 8-K or Schedule 14A of any kind. Traced to the earliest document that states it, the claim originates in the draft registration statement on Form F-4 confidentially submitted on December 15, 2021, which states that the company would qualify as a foreign private issuer as defined in Rule 3b-4 under the Exchange Act on completion of the business combination, and that it was incorporated in the Cayman Islands on December 8, 2021 for that purpose. The status has therefore been in place since the company existed, and the first filing made under it was the shell company report on Form 20-F of April 19, 2023.
Primary sources are the filings indexed under Central Index Key 0001899123, swept on August 5, 2026. The index holds 267 filings dated December 15, 2021 to August 3, 2026 and reports no overflow file, so the whole record under this CIK was available to the sweep. Every form family was enumerated before filtering, and register filings were matched on both the current and legacy spellings of the Schedule 13D and 13G form strings, which took the register count from 12 to 30. Each register filing was read to establish its direction. The principal documents are the annual report on Form 20-F for the year ended December 31, 2025, filed April 30, 2026; the 6-K of August 3, 2026 reporting the change of auditor, with the letter from MaloneBailey as Exhibit 16.1; the prospectus supplement on Form 424B5 of February 23, 2026 for the at-the-market agents and the registered direct offering; and the company's own releases of August 1 and 4, 2026 for the results date and the Tydal lease. Bitdeer's investor relations coverage page was read on August 5, 2026. One research note, from H.C. Wainwright dated August 4, 2026, is the source of the rating, target and date in section 8 and of nothing else in this document.
Whether the end customer's characterisation is a filed fact or market data is not decided in this revision. The Tydal lease is carried on the basis that the tenant is a subsidiary of Volta and that the end customer whose demand supports the rent is described only as a leading AI lab, and that description is carried as filed. Two readings of the tagging scheme are available and this document does not choose between them. The description is made in a company release, and a company release is a filed source; it is also the issuer's characterisation of an unnamed third party, and a characterisation of someone else's facts is market data.
What is recorded so the next revision can decide rather than inherit: the surfaces are a Framing item, a data table Basis column and a risk entry, each of which requires a tag; the tag now carried is filed; the competing tag is market; the end customer is not named in any filing read, so no counterparty can be cited either way; and the question is the same wherever the description appears. Nothing is retagged in this revision.
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.
The Tydal lease can be ended by the tenant at ten years without a fee, and this report did not say so. The term row described a 16-year base term and a potential twenty-four years, and the contracted revenue row states approximately $4.7B over that base term. The company states the break twice in its own August 10 presentation. The term row now carries it. Nothing about the $4.7B figure changes here, because it is the issuer's stated contract value over the base term; what changes is that a reader can now see how much of that term is at the tenant's option.
A stated absence was no longer true. Section 6 said this document carries no cost per bitcoin mined. The same presentation carries one, $38,000 for Q2 2026 against $59,000 a year earlier, with fleet efficiency of 15.8 J/TH against 25.7. Both are added with the deck's own footnote, which limits the cost figure to electricity and excludes non-cash and overhead costs. It is a power cost, not an all-in cost to mine, and it is labelled as such.
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. The as-of does not move and nothing is repriced.
This document said it was stamped August 5, 2026 while its masthead said August 14. Section 14 carried the sentence in those words. A restamp had moved the title, the masthead and the footer and had left the body describing the day it was written. Every interval this file was flagged for was internally consistent with the August 5 vantage, which is why counting figures could not find it: on the vantage the body held, each one was right. Results were “five days after this document” and were four days behind the stamp; the summary opened on “the three days before this document was written” and those events span fifteen days at this stamp; the Tydal lease was announced “the day before this document” and is fourteen days behind it; and the share count was “41 days old at this stamp”, 41 being its age at the August 10 filing that stated it rather than at any stamp this file has carried. All of them now read from one date.
The second quarter is absorbed where the document previously denied it. The figures were already carried correctly in two places and contradicted in four others: the framing block, the financial performance standfirst, the growth-driver test and the base case all placed the quarter in the future. Revenue $228.8M against cost of revenue $237.3M, a gross loss of $8.5M, a net loss of $92.3M and adjusted EBITDA of $31.1M. The nearest testable driver on the file was tested and it failed at the gross line: a $12.0M gross profit a year earlier became an $8.5M gross loss, while adjusted EBITDA rose to $31.1M from $4.6M, so the operating-leverage claim survives at one line and not the other. Filed
Three statements that the record contained nothing are now false, and all three were true when this document was assembled. The Severe risk “No current share count exists in any filed document” is retired: the prospectus supplement of August 10, 2026 states 271,782,245 ordinary shares outstanding as of June 30, 2026 as a total, being 227,382,323 Class A and 44,399,922 Class V, and the same two components appear in the June quarter balance sheet. The count this file carried, 235,552,084, was the December 31, 2025 total. Section 14 said no Form 6-K reporting the Tydal lease had been filed and that the newest in the index was that of August 3; the 6-K furnishing the release was filed August 5 and two more followed on August 10. And the enterprise-value omission was justified by results being “five days away”; it is now justified by the balance sheet in that release not having been read here, which is the honest reason. Filed
Repriced to the 17 August close, and the capitalization moves far less than the price. $11.38 → $9.39 is a fall of 17.49%, but the share count rises 235,552,084 → 271,782,245 at the same time, so the market capitalization moves $2,681M → $2,552M, a fall of 4.80%. The retired figure reconciled exactly at its own basis, 235,552,084 × $11.38 = $2,680,582,716, and the new one does too, 271,782,245 × $9.39 = $2,552,035,281. Price to FY2025 revenue moves 4.32× → 4.11×, price to FY2025 earnings 40.9× → 38.9×, and the comparison against Tydal contracted revenue 0.57× → 0.54×. Both FY2025 denominators are IFRS figures on a basis the company abandoned on 1 January 2026 and has not recast at the full-year level, and the multiples now say so.
What this revision did not do, because the record does not support it. No US GAAP FY2025 comparison is built: the recast covers only the periods the release presents, and no full-year US GAAP figure exists. The quarter is not added as a column beside the IFRS annual table, because that invites the comparison this document says is unavailable. No balance sheet is carried, so the enterprise value stays omitted and the price-to-book stays n/a. No value is put on the bitcoin held, no energised-capacity total is stated, and no net loss attributable to Bitdeer is constructed: the release gives a single undivided net loss and no non-controlling interest. The 253-session trading window behind the coverage table was not extended, and now says so.
Added later the same day. One more statement that the record contained nothing survived the revision above, and it made this document assert the share count two ways. Section 07 still read that the most recent share count in a filed document was that of December 31, 2025, while the masthead, the snapshot, the retired Severe risk and the research summary all carried the June 30, 2026 count of 271,782,245 from the prospectus supplement of August 10. It was found by an instrument written after that revision, which searches for absences predicated of the filing record rather than for stale figures; the chain, the read-backs and the superseded-figure sweep all passed this file with the sentence in it, because a superseded absence is not a superseded figure. Filed
The chief financial officer bought shares on the open market, and it is the first such purchase anywhere in this issuer's filing index. A Form 4 filed August 13, 2026 records the purchase of 25,000 Class A ordinary shares at $9.04 on August 12, 2026, about $226,000, held directly. The five Forms 4 that preceded it were all filed on July 6, 2026 and all record awards at no cost, so this is the first transaction in the index where an insider paid a market price. The count of Forms 4 moves from five to six.
Two register filings arrived and the register count moves from thirty to 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 reports, neither is a Schedule 13D, and the Tether position is unchanged.
The filing index count is restated and the price is not restruck. The index holds 275 filings against the 267 reported before. The absence claims dated August 5, 2026 are unaffected and are left as they stand: no Form 10-K, 10-Q or 8-K, no notification of late filing and no proxy statement has appeared since. Every price-dependent figure keeps its Aug 4, 2026 close basis, because nothing read here reprices the shares.
Second-quarter 2026 results. Revenue $228.8M against cost of revenue $237.3M, so a gross loss of $8.5M; net loss $92.3M against a recast $62.9M; adjusted EBITDA $31.1M against $4.6M. Total hash rate under management 86.1 EH/s from 30.6, rigs 289,000 from 200,000, BTC mined 2,694 from 565, and bitcoin held 150 from 1,502.
The FY2025 return-to-profit figure is on a superseded basis. Effective January 1, 2026 the company reports under US GAAP and has recast prior periods. The $65.6M net income for FY2025 was struck under IFRS, and no US GAAP figure for that year has been published, so it is not comparable with what the company reports now. The passage carrying it has been rewritten to say so rather than removed.
The share count gap closed. 271,782,245 ordinary shares as of June 30, 2026, in the prospectus supplement of August 10, 2026, against 235,552,084 at December 31, 2025. The same supplement registers a further $1.0B of at-the-market capacity.
Two figures were deliberately not recomputed, and the basis is why. The market capitalisation above still rests on the December 31, 2025 share count and the Aug 4, 2026 close. Applying the new count to the old price would mix a June 30 share count with an August 4 price and produce a figure struck at no date at all. Repricing needs a close this revision did not source, so both are left as they stand and labelled.
The February 2026 share count was derived when the annual report states it, and the derivation was wrong. The offering was given as approximately $43,694,058 of stock at $7.94, roughly 5,502,400 shares. The Form 20-F for the year ended December 31, 2025 states the count directly, in four places: 5,503,030 Class A ordinary shares at US$7.94 per share. 5,502,400 → 5,503,030, and the aggregate is the derived figure rather than the count. The subtotal of additional shares moves 7,438,464 → 7,439,094 and the floor on the count moves 242,990,548 → 242,991,178. The capitalization those produce is approximately $2,765M before and after, so no figure in section 1 or section 8 moves.
Section 8 described its multiples as ceilings, and they are floors. The share count is understated, so the capitalization is understated, so every multiple struck on it is understated. The assumption block in section 7 had this right and said floor throughout; the section 8 lead-in contradicted it.
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 second-quarter results is correct against the August 10, 2026 results date and is unchanged.
Original build. Built from Bitdeer's annual report on Form 20-F for the year ended December 31, 2025, filed April 30, 2026; from the Form 6-K of August 3, 2026 reporting the change of auditor, with the letter from MaloneBailey as Exhibit 16.1; from the prospectus supplement on Form 424B5 of February 23, 2026, which names the twelve at-the-market sales agents and the exclusive placement agent on the registered direct offering; from the company's releases of August 1, 2026 announcing the results date and August 4, 2026 announcing the Tydal lease; from the draft registration statement on Form F-4 of December 15, 2021, which is the earliest document stating the company's foreign private issuer status; 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 page 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. The one established coverage row corroborates the convention independently: H.C. Wainwright's note of 4 August states a price of $11.37 and labels it the 3 August close, which is the close on the last trading day before the action and is what the exchange record gives for that session.
Conventions fixed at construction: filing status is established from the forms actually filed rather than from the place of incorporation, and traced to the earliest document stating it rather than the most recent read; the market capitalization is described as a floor throughout, because the most recent share count in any filing is that of December 31, 2025 and at least 7,438,464 further Class A shares were issued by late February 2026; and price at publication in the coverage table is the close on the last trading day before each action, stated once above the table.
Known gaps at this version: no enterprise value is derived and no balance sheet is carried, so the masthead field is omitted rather than filled; the financial statements were not read line by line, and revenue and net result come from the annual report's narrative; the principal of one convertible issue and the pricing date of another were not established; whether the material weaknesses named in the 2024 annual report have been remediated was not established; the Tydal lease document itself was not read and no 6-K reporting it had been filed; court dockets, Norwegian permitting records, and every non-SEC registry including the Cayman and Singapore registries were not reached; and eleven of the twelve covering firms carry no established rating or target, with no firm's own disclosure page read.