Bitdeer Technologies Group is a Singapore-headquartered, Cayman Islands-incorporated technology company (Nasdaq: BTDR) operating a vertically integrated platform spanning bitcoin mining (self-mining, co-mining, hosting, cloud hash rate), mining hardware (SEALMINER ASICs), and AI/cloud infrastructure (AI Cloud, colocation), with a global power portfolio of ~2,980 MW (1,752 MW online, 1,228 MW pipeline) across the U.S., Norway, Bhutan, Ethiopia, Malaysia, and Canada. For Q2 2026, total revenue of $228.8M (+47% YoY from $155.6M) was driven by self-mining ($168.4M, +184% YoY, 69.5 EH/s avg hashrate), co-mining ($25.0M, new segment), AI Cloud ($14.0M, +977% YoY), and cloud hash rate ($3.7M, new), partially offset by SEALMINER sales collapse ($0.4M vs $69.5M) and general hosting decline ($2.8M vs $9.3M). Cost of revenue of $237.3M exceeded revenue, producing a gross loss of $(8.5)M (-3.7% margin vs +7.7% YoY). Net loss of $(92.3)M vs $(62.9)M, while Adjusted EBITDA improved to $31.1M from $4.6M. Cash of $496.3M, digital assets of $196.9M. The Tydal, Norway Phase 1 (66.5 MW, Q4'26 ready) secured a $4.7B, 16-year AI/HPC colocation lease with Volta (121 IT MW for NVIDIA GPUs, leading AI lab). The Company transitioned to U.S. GAAP effective January 1, 2026.
The investment thesis rests on three variables. The AI Cloud and colocation revenue ramp is the load-bearing growth variable, with Q2 AI Cloud revenue of $14.0M (up from $1.3M), the Tydal Phase 1 $4.7B/16-year Volta lease (121 IT MW, NVIDIA GPUs, leading AI lab), the Rockdale TX evaluation for AI transition, the Wenatchee WA redesign for latest NVIDIA GPUs, the Malaysia sites (Cyberjaya 9.5 MW Q4'26, Johor Bahru 21.7 MW Q1'27 for 128 GB300 NVL72 systems), and the strategic intent to convert the 1,752 MW online + 1,228 MW pipeline into contracted AI/colocation revenue. The self-mining hash rate scaling and SEALMINER deployment is the load-bearing mining variable, with self-mining hashrate of 69.5 EH/s (+389% YoY), 243,000 self-mining rigs (up from 114,000), 15.9 EH/s co-mining (new), 2,694 BTC mined (+377% YoY), SEALMINER fleet coming online, average miner efficiency of 15.8 J/TH (vs 25.7 YoY), and the strategic intent to continue scaling the proprietary hardware advantage. The power portfolio monetization and the GAAP transition is the load-bearing asset variable, with $496.3M cash, $196.9M digital assets, the Tydal $4.7B lease as proof-of-concept for power-to-colocation conversion, the Clarington OH 570 MW under contract (legal proceedings ongoing), the Weathersfield OH 300 MW grid-interconnected (Q4'28), the Fox Creek AB 101 MW gas plant (Q4'27), and the strategic intent to monetize the global power portfolio through long-term AI/HPC contracts.