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Bitdeer Technologies Group Class A Ordinary Shares (BTDR) Stock

Bitdeer Technologies Group Class A Ordinary Shares Stock Details, Movements and Public Alerts

Bitdeer Technologies (BTDR): The $2B Bitcoin Miner Building the Industry's Largest Self-Mining Fleet

Since going public via SPAC in 2023, CEO Jihan Wu has transformed Bitdeer from a cloud mining platform into a vertically integrated Bitcoin infrastructure company. Wu, co-founder of Bitmain (world's largest ASIC manufacturer), brings deep semiconductor and mining expertise. Bitdeer now operates 775 MW of mining capacity across the U.S., Norway, and Bhutan, while developing proprietary SEAL mining chips competitive with industry leaders. The company's unique self-mining plus equipment sales model provides diversified revenue streams—mining profits during bull markets, equipment sales during buildouts. With Bitcoin approaching new all-time highs post-halving and institutional adoption accelerating, Bitdeer's 2.2 EH/s hashrate (expandable to 10+ EH/s) positions it among the top 5 global miners. Recent partnerships with Tether and Bhutanese government validate the business model while securing low-cost power critical for profitability.

52-Week Range

$27.80 - $6.84

-30.47% from high · +182.60% from low

Avg Daily Volume

8,179,793

20-day average

100-day avg: 5,806,197

Fundamentals

Valuation Metrics

P/E Ratio (TTM)

N/A

Forward P/E

19.57

Price to Book

5.33

EV/EBITDA

181.50

EPS (TTM)

-$4.80

Price to Sales

13.51

Beta

2.25

More volatile than market

How is BTDR valued relative to its earnings and growth?
Valuation data is not available for this stock.
What is BTDR's risk profile compared to the market?
With a beta of 2.25, Bitdeer Technologies Group Class A Ordinary Shares is significantly more volatile than the market. For every 10% market move, this stock tends to move 23% in the same direction. Higher beta stocks offer greater potential returns but with increased risk. The price-to-book ratio of 5.33 shows investors value the company above its book value, which often reflects intangible assets or growth prospects.

Performance & Growth

Profit Margin

-89.80%

Operating Margin

-48.90%

EBITDA

$-156,834,000

Return on Equity

-54.00%

Return on Assets

-10.50%

Revenue Growth (YoY)

56.80%

Earnings Growth (YoY)

0.00%

How profitable and efficient is BTDR's business model?
Bitdeer Technologies Group Class A Ordinary Shares achieves a profit margin of -89.80%, meaning it retains $-89.80 from every $100 in revenue after all expenses. This relatively low margin suggests the company operates in a competitive environment or high-cost industry where profitability is challenging. The operating margin of -48.90% reveals how efficiently the company runs its core business operations before interest and taxes. With ROE at -54.00% and ROA at -10.50%, the company achieves moderate returns on invested capital.
What are BTDR's recent growth trends?
Bitdeer Technologies Group Class A Ordinary Shares's revenue grew by 56.80% year-over-year, representing robust expansion that significantly outpaces typical market growth rates. This strong top-line performance suggests the company is successfully capturing market share or benefiting from favorable industry trends.0 These growth metrics should be evaluated against SOFTWARE - APPLICATION industry averages for proper context.

Company Size & Market

Market Cap

$4.8B

Revenue (TTM)

$356.76M

Revenue/Share (TTM)

$2.06

Shares Outstanding

169.48M

Book Value/Share

$3.34

Asset Type

Common Stock

What is BTDR's market capitalization and position?
Bitdeer Technologies Group Class A Ordinary Shares has a market capitalization of $4.8B, classifying it as a mid-cap stock ($2B-$10B). Mid-caps often represent companies in their growth phase, offering higher growth potential than large-caps but with more stability than small-caps. They can be attractive takeover targets and may become tomorrow's large-caps. With 169.48M shares outstanding, the company's ownership is relatively concentrated. As a participant in the SOFTWARE - APPLICATION industry, it competes with other firms in this sector.
How does BTDR's price compare to its book value?
Bitdeer Technologies Group Class A Ordinary Shares's book value per share is $3.34, while the current stock price is $19.33, resulting in a price-to-book (P/B) ratio of 5.79. This high P/B ratio indicates significant intangible assets, strong brand value, or high growth expectations. Technology and consumer brand companies often trade at elevated P/B ratios due to intellectual property and competitive advantages not reflected on the balance sheet. As a common stock, this represents equity ownership with voting rights.

Analyst Ratings

Analyst Target Price

$32.67

69.01% upside potential

Analyst Recommendations

Strong Buy

2

Buy

9

Hold

0

Sell

0

Strong Sell

0

How reliable are analyst predictions for BTDR?
11 analysts cover BTDR with 100% recommending buy/strong buy ratings. Analyst predictions have mixed reliability - studies show consensus rarely beats market returns consistently. The strong bullish consensus may already be priced in. The consensus target of $32.67 implies 69.0% upside, but targets are often adjusted to follow price moves rather than predict them.
What is the Wall Street consensus on BTDR?
Current analyst recommendations:2 Strong Buy, 9 Buy, 000The bullish tilt suggests optimism about future prospects, though investors should conduct independent research.Remember that analyst opinions often lag price movements and can be influenced by investment banking relationships.

Fundamentals last updated: Nov 1, 2025, 02:06 AM

Technical Indicators

RSI (14-day)

52.11

Neutral

50-Day Moving Average

$19.02

1.63% above MA-50

200-Day Moving Average

$14.16

36.51% above MA-200

MACD Line

0.72

MACD Signal

1.18

MACD Histogram

-0.46

Bearish

What does BTDR's RSI value tell investors?
The RSI (Relative Strength Index) for BTDR is currently 52.11, indicating the stock is in neutral territory (40-60 range). Neither buyers nor sellers have clear control, suggesting consolidation or balanced market forces. Combined with the price being above the 50-day moving average, this confirms bullish conditions.
How should traders interpret BTDR's MACD and moving average crossovers?
MACD analysis shows the MACD line at 0.72 below the signal line at 1.18, with histogram at -0.46. This bearish crossover indicates downward pressure. The 50-day MA ($19.02) is above the 200-day MA ($14.16), forming a golden cross pattern that typically signals a long-term uptrend. Price is currently above both MAs, confirming strength.

Indicators last updated: Nov 10, 2025, 02:56 PM

Active Alerts

No active alerts for this stock.

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Bitdeer Technologies (BTDR) Stock Analysis 2025: Complete Investment Guide

The Miner That Builds Its Own Shovels

Jihan Wu's vision for Bitdeer mirrors his success at Bitmain: control the picks and shovels, then mine with them. Unlike pure-play miners dependent on external equipment suppliers, Bitdeer designs its own SEAL-series ASIC chips—competing with Bitmain's Antminer and MicroBT's Whatsminer. This vertical integration delivers 20-30% cost advantages: SEAL chips cost $15/TH to produce vs. $20-25/TH market prices. Bitdeer mines with these chips at scale, then sells excess production to competitors, generating equipment revenue regardless of Bitcoin price.

Business Model & Competitive Moat

Bitdeer operates two complementary businesses: (1) Self-mining with 2.2 EH/s generating Bitcoin based on network difficulty and BTC price, and (2) Equipment manufacturing selling SEAL miners at 15-20% margins. The moat lies in chip design expertise (Wu's team built Bitmain's market-leading Antminers), access to low-cost power (Norway's hydro at 3¢/kWh, Bhutan's renewables at 4¢/kWh), and partnerships providing growth capital (Tether's $100M investment). Most miners must choose mining OR equipment sales; Bitdeer profitably does both.

Financial Performance

  • •Revenue: $234M TTM with 65% from mining, 35% from equipment/hosting
  • •Gross Margin: 18% mining margin at $60K BTC price, 15% equipment margin
  • •Operating Loss: -$89M as company invests heavily in chip development and capacity expansion
  • •Cash Position: $167M cash + 3,000 BTC ($180M at $60K) providing 18-month runway
  • •Hashrate Growth: 130% YoY hashrate expansion from 950 PH/s to 2.2 EH/s

Growth Catalysts

  • •Bitcoin Bull Market: Each $10K increase in BTC price adds $40M annual mining revenue at current hashrate
  • •SEAL Chip Ramp: In-house chip production scaling to 10 EH/s by 2026, reducing equipment costs 40%
  • •Bhutan Expansion: 600 MW facility with Bhutan's government securing sovereign-backed renewable power at sub-4¢/kWh
  • •Institutional Demand: Bitcoin ETF inflows and corporate adoption (MicroStrategy, Tesla) tightening supply, boosting prices
  • •Halving Impact: April 2024 halving reduced new Bitcoin issuance 50%, historically precursor to 12-18 month bull runs

Risks & Challenges

  • •Bitcoin Price Volatility: 70% revenue tied to BTC price—50% correction would slash mining profitability to breakeven
  • •Regulatory Uncertainty: China banned mining in 2021; similar bans in Norway or U.S. states could force costly relocations
  • •Hashrate Competition: Marathon Digital, Riot Platforms, CleanSpark expanding aggressively, increasing network difficulty
  • •Chip Development Risk: SEAL chips untested at scale; production delays or efficiency shortfalls vs. Bitmain/MicroBT would eliminate cost advantage
  • •Dilution Risk: Company raised $360M via equity in 2023-2024; future fundraising likely, diluting existing shareholders

Competitive Landscape

Bitdeer competes with Marathon Digital (10 EH/s, largest U.S. miner), Riot Platforms (12 EH/s, vertically integrated with chip manufacturing aspirations), CleanSpark (8 EH/s, aggressive acquirer), and Core Scientific (emerging from bankruptcy with 9 EH/s). Bitdeer's differentiation: Wu's chip design pedigree, global footprint (U.S. + Norway + Bhutan vs. competitors' U.S.-only), and Tether partnership providing capital and credibility. However, Bitdeer's 2.2 EH/s ranks 8th globally—scale disadvantage vs. top 3.

Who Is This Stock Suitable For?

Perfect For

  • ✓Bitcoin bulls seeking leveraged BTC exposure (3-5x price sensitivity)
  • ✓High-risk growth investors comfortable with 60%+ volatility
  • ✓Crypto enthusiasts believing in long-term Bitcoin adoption
  • ✓Investors with 3-5 year horizon willing to ride boom-bust cycles

Less Suitable For

  • ✗Income investors (no dividend, likely never will pay)
  • ✗Risk-averse portfolios (stock can drop 70% in bear markets)
  • ✗ESG-focused funds (energy-intensive despite renewable power)
  • ✗Short-term traders (illiquid, wide bid-ask spreads)

Investment Thesis

Bitdeer offers leveraged Bitcoin exposure for investors unable or unwilling to hold BTC directly. The stock typically moves 3-5x Bitcoin's percentage changes—if BTC rises 50%, BTDR may gain 150-250%. This leverage works both ways, making BTDR unsuitable for conservative accounts. However, for risk-tolerant investors bullish on Bitcoin's long-term trajectory, BTDR provides advantages over holding BTC: exposure to mining efficiency gains, equipment sales revenue smoothing volatility, and potential institutional acceptance (easier to own equities than crypto for some funds).

The bear case centers on execution risk—can Bitdeer successfully scale SEAL chip production, or will it remain dependent on Bitmain/MicroBT? And can Wu's team profitably operate at 10 EH/s in 2026's competitive environment? At $8/share ($2B market cap), BTDR trades at 1x estimated 2025 revenue if Bitcoin averages $70K—reasonable for a high-growth mining play. For conviction Bitcoin bulls, BTDR belongs in speculative portfolios sized at 2-5% maximum.

Conclusion

BTDR is SPECULATIVE BUY for high-risk portfolios. Appropriate only for investors with conviction in Bitcoin's long-term value and ability to withstand 60-80% drawdowns. Position size 2-5% maximum. Not suitable for retirement accounts or conservative investors.
Bull Case
$18 (125% upside) - BTC reaches $100K, SEAL chips gain 20% market share
Base Case
$11 (38% upside) - BTC stabilizes $60-70K, hashrate reaches 6 EH/s by 2026
Bear Case
$4 (50% downside) - BTC falls to $35K, chip development delays force continued Bitmain reliance

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