# Bitdeer Technologies Group Class A Ordinary Shares (BTDR.US)

Canonical: https://gigainvestors.com/s/BTDR

Analysis as of: 2026-10-16T07:27:07.478Z. 

Listing currency: USD. Reporting currency: USD.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $8.40 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

- [Stephen Mandel](https://gigainvestors.com/LPC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 62% since Oct 2025 · "Bitdeer Sells Entire Bitcoin Stash as Mining Profits Near Record Lows" (finance.yahoo.com, Feb 2026)

Story as of 2026-10-16T09:58:26.191Z; price observation 2026-10-15.

- 2025-06-19: Bitdeer Technologies (BTDR) Falls 7% After $330-Million Debt Offer ([finance.yahoo.com](https://finance.yahoo.com/news/bitdeer-technologies-btdr-falls-7-180346776.html))

- 2025-10-15: Bitdeer Jumps 30% to All-Time High on AI Expansion ([finance.yahoo.com](https://finance.yahoo.com/news/bitdeer-jumps-30-time-high-234000203.html))

- 2026-01-15: Bitdeer (BTDR) Soars 15.6% on Nvidia GB200 Adoption ([finance.yahoo.com](https://finance.yahoo.com/news/bitdeer-btdr-soars-15-6-101036390.html))

- 2026-02-22: Bitdeer Sells Entire Bitcoin Stash as Mining Profits Near Record Lows ([finance.yahoo.com](https://finance.yahoo.com/news/bitdeer-sells-entire-bitcoin-stash-135554538.html))

- 2026-03-18: Bitdeer Technologies (BTDR) Soars on 541% Jump in Bitcoins Mined ([finance.yahoo.com](https://finance.yahoo.com/news/bitdeer-technologies-btdr-soars-541-071031583.html))

- 2026-08-04: Bitdeer Lands $4.7B AI Data Center Deal, Expands Beyond Bitcoin Mining ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/bitdeer-lands-4-7b-ai-150445005.html))

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software application; annual sales are USD 620.3 million.

- Source: https://www.sec.gov/Archives/edgar/data/1899123/000121390026049770/ea0282628-20f_bitdeer.htm (filed 2026-04-30); FY2025: revenue 620253000; grossProfit 60992000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); BTDR.US: Bitdeer Technologies Group operates as a technology company for blockchain and high-performance computing (HPC) in Singapore, the United States, Bhutan, Norway, Finland, Ethiopia, Canada, and internationally. The company offers hash rate sharing solutions, including cloud hash rate and hash-rate subscription plans; and a one-stop mining rig hosting solution comprising deployment, maintenance, and management services for cryptocurrency mining; as well as mining cryptocurrencies for its own account. It also operates mining datacenters to generate hash rates; handles various processes involved in computing, such as equipment procurement, transport logistics, datacenter design and construction, equipment management, and daily operations; and sells mining rigs. In addition, the company offers Minerplus, a software platform that offers software support to reduce time needed for daily maintenance and mining rig upgrade; AI infrastructure and AI cloud business to offer advanced AI cloud capabilities, HPC services and colocation services; and mining solutions under the SEALMINER brand. The company is headquartered in Singapore.

### Why customers stay

Margins ranged from 9.8% to 21.1% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2023: grossProfit / revenue = 21.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2024: grossProfit / revenue = 19%.

- Source: https://www.sec.gov/Archives/edgar/data/1899123/000121390026049770/ea0282628-20f_bitdeer.htm (filed 2026-04-30); FY2025: grossProfit / revenue = 9.8%.

### Where the cash goes

Paid no dividends in 5 years; bought back USD 65 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2021: growth capex 0; upkeep 89493000; owner earnings 56205000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1899123/000121390026049770/ea0282628-20f_bitdeer.htm (filed 2026-04-30); FY2025: growth capex 99564000; upkeep 168119000; owner earnings 65597000. Growth capex / owner earnings = 1.517813314633291.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); Dividend observations: [[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1899123/000121390026049770/ea0282628-20f_bitdeer.htm (filed 2026-04-30); FY2025: cash repurchases 65010000 USD.

### Are managers owners

Insiders own 28.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); BTDR.US SharesStats.PercentInsiders = 28.746 percentage points; cache date 2026-10-15.

### What the price says

The price is 3.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); Closing price 8.395 USD; reporting-to-trading FX 1; FY2025 annual sales per share 2.647045267349212; price multiple 3.1714606862038552. FY2025 cash earnings/share 0.2799474221040547. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-07: $9.71 per share

- 2021-08: $9.87 per share

- 2021-09: $9.90 per share

- 2021-10: $9.92 per share

- 2021-11: $10.24 per share

- 2021-12: $9.96 per share

- 2022-01: $9.96 per share

- 2022-02: $10.01 per share

- 2022-03: $10.06 per share

- 2022-04: $10.08 per share

- 2022-05: $10.10 per share

- 2022-06: $10.11 per share

- 2022-07: $10.16 per share

- 2022-08: $10.22 per share

- 2022-09: $10.27 per share

- 2022-10: $10.29 per share

- 2022-11: $10.34 per share

- 2022-12: $10.42 per share

- 2023-01: $10.53 per share

- 2023-02: $10.65 per share

- 2023-03: $10.85 per share

- 2023-04: $7.50 per share

- 2023-05: $4.92 per share

- 2023-06: $11.20 per share

- 2023-07: $10.42 per share

- 2023-08: $13.55 per share

- 2023-09: $9.64 per share

- 2023-10: $3.74 per share

- 2023-11: $4.50 per share

- 2023-12: $9.86 per share

- 2024-01: $8.19 per share

- 2024-02: $6.62 per share

- 2024-03: $7.02 per share

- 2024-04: $5.49 per share

- 2024-05: $6.13 per share

- 2024-06: $10.26 per share

- 2024-07: $9.08 per share

- 2024-08: $6.54 per share

- 2024-09: $7.83 per share

- 2024-10: $7.79 per share

- 2024-11: $14.27 per share

- 2024-12: $21.67 per share

- 2025-01: $18.52 per share

- 2025-02: $12.31 per share

- 2025-03: $8.83 per share

- 2025-04: $9.57 per share

- 2025-05: $12.86 per share

- 2025-06: $11.48 per share

- 2025-07: $12.89 per share

- 2025-08: $14.29 per share

- 2025-09: $17.09 per share

- 2025-10: $22.20 per share

- 2025-11: $13.41 per share

- 2025-12: $11.21 per share

- 2026-01: $13.04 per share

- 2026-02: $7.70 per share

- 2026-03: $8.65 per share

- 2026-04: $11.29 per share

- 2026-05: $17.49 per share

- 2026-06: $15.87 per share

- 2026-07: $10.52 per share

- 2026-08: $10.85 per share

- 2026-09: $10.49 per share

- 2026-10: $8.40 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1899123/000121390026049770/ea0282628-20f_bitdeer.htm); period 2025-12-31, filed 2026-04-30.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.