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• A Newmont Mining or Barrick Gold, but for digital gold (Bitcoin).
• An AWS or Microsoft Azure for crypto mining and high-performance computing.

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• Self-mining: Bitdeer operates its own fleet of cryptocurrency mining rigs to generate digital assets directly.
• Cloud Mining: This service allows users to rent hashing power from Bitdeer's data centers, enabling them to mine cryptocurrencies without owning or managing physical hardware.
• Hosting Services: Bitdeer provides comprehensive infrastructure, power, and maintenance for clients' cryptocurrency mining machines within its secure data centers.

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Major Customer Categories:

1. Institutional Digital Asset Mining Companies: These are other cryptocurrency mining enterprises, often large-scale operations, that utilize Bitdeer's comprehensive hosting solutions. Bitdeer provides the infrastructure, power management, and operational services for these companies' mining rigs.
2. Enterprises and Research Institutions for AI/High-Performance Computing (HPC): With the launch of Bitdeer AI Cloud, the company serves businesses, academic institutions, and other organizations that require significant GPU-accelerated computing power for AI model training, large language model development, scientific simulations, and other data-intensive applications.
3. Smaller Businesses and Individuals (Hashrate Sharing): Bitdeer also offers cloud hashrate solutions, allowing users to purchase computational power for digital asset mining without owning or managing physical hardware. While accessible to individuals, this category can also include smaller corporate entities or professional miners seeking flexible access to hashrate.

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• Bitmain Technologies Limited
• MicroBT

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Jihan Wu, Chairman of the Board and Chief Executive Officer

Jihan Wu is a prominent entrepreneur and thought leader in the blockchain industry. He has served as Chairman of Bitdeer since January 2021 and assumed the role of Chief Executive Officer in March 2024. Prior to Bitdeer, Mr. Wu co-founded and served as CEO of Bitmain Technologies starting in 2013, where he was instrumental in building the company into the world's largest designer and manufacturer of semiconductor chips and hardware for Bitcoin mining. He departed from Bitmain in January 2021 and subsequently established Bitdeer, headquartered in Singapore. Mr. Wu is also the Chairman of Matrixport, a financial services platform for cryptocurrencies. His early involvement in crypto includes being the first to translate the Bitcoin white paper into Chinese in 2011 and co-founding Babite, China's first Bitcoin community site. He holds dual bachelor's degrees in Economics and Psychology from Peking University, earned in 2009.

Jianchun Liu, Chief Financial Officer, Business Operations

Jianchun Liu holds the position of Chief Financial Officer, Business Operations at Bitdeer Technologies. He remained in this role as of May 2023 when a separate Chief Financial Officer for Capital Market resigned. Mr. Liu resigned as a member of the Board of Directors effective March 3, 2025.

Linghui Kong, Chief Business Officer

Linghui Kong currently serves as the Chief Business Officer of Bitdeer, transitioning into this role on March 1, 2024, after serving as the company's Chief Executive Officer since November 1, 2020. His background includes significant experience in the technology sector, having been the Head of the Application Software Department at BitMain Technologies from 2018 to 2020, where he oversaw IT and Security. Before that, he was a Senior Software Architect at Tencent Technology Beijing from 2011 to 2018, contributing to the design and development of backend services for WeChat. He also held roles at Yahoo! and Baidu, Inc. Mr. Kong earned both a Bachelor's and a Master's degree in Telecommunication and Information System from Beijing University of Posts and Telecommunications.

Chao Suo, Chief Operating Officer

Chao Suo was appointed as the Chief Operating Officer of Bitdeer Technologies Group, effective September 3, 2024. She also serves as a director on the Board and as the HR Director. Ms. Suo brings over ten years of experience in human resources, with expertise in HR strategy, recruitment, performance management, and compensation & benefit. Prior to joining Bitdeer as HR Director in March 2021, she was the HR Director of BitMain Technologies Holding Company from 2015 to 2021. Ms. Suo holds a master's degree in Corporate Management from Communication University of China and a bachelor's degree in Business Administration from Beijing Forestry University.

Haris Basit, Chief Strategy Officer

Haris Basit serves as the Chief Strategy Officer for Bitdeer Technologies Group. He is mentioned as a key participant in the company's earnings calls, providing overviews of results and strategic updates.

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The key risks to Bitdeer Technologies' business (BTDR) are primarily linked to the volatile nature of the cryptocurrency industry, significant financial health challenges, and critical execution issues related to its core technology and legal repercussions.

1. Cryptocurrency Market Volatility and Regulatory Environment: Bitdeer Technologies operates in the highly volatile cryptocurrency mining industry, making its financial health and operational efficiency susceptible to rapid fluctuations in cryptocurrency prices, particularly Bitcoin. The regulatory landscape surrounding cryptocurrency is also in constant flux, with potential new measures and international clampdowns posing significant risks to the company's operations and profitability. This unpredictability makes it difficult to evaluate the business and its future prospects based on historical performance alone.
2. Financial Health and Profitability Challenges: Bitdeer faces significant financial challenges, including ongoing operating losses, negative cash flows, and weak gross profit margins. The company has been noted for its poor financial strength, high leverage, and liquidity issues, with a low Altman Z-Score indicating potential financial distress. High electricity costs, a major operational expense in cryptocurrency mining, further impact profit margins. In the third quarter of 2025, the company reported a net loss of $266.7 million, contributing to a sharp decline in its stock price.
3. Execution Risk and Technology Development Issues with Legal Implications: The company has encountered substantial execution risks, particularly concerning the development and deployment of its next-generation ASIC chips. Delays and alleged misleading statements about the SEAL04 chip's timeline and efficiency have led to class-action lawsuits and significant stock price declines. These legal challenges accuse Bitdeer of failing to disclose material adverse facts about its business and operations, indicating a failure to meet investor expectations and incurring potential financial and reputational damage. The company's aggressive pivot to high-performance computing (HPC)/AI and scaling of SEALMINER deployment also carries increased execution risk.

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The following are clear emerging threats for Bitdeer Technologies (BTDR):

• The Upcoming Bitcoin Halving: A fundamental, scheduled event, the Bitcoin halving (expected in April 2024) will reduce the block reward for miners by 50%. This directly cuts the primary revenue stream for Bitdeer and all Bitcoin miners, posing an imminent and clear threat to profitability unless offset by a significant increase in Bitcoin price, substantial improvements in operational efficiency, or the acquisition of a much larger share of the network hash rate. This is not speculative but a guaranteed economic shift.

• Intensifying Regulatory Scrutiny on Energy Consumption and Environmental Impact: Governments and environmental organizations worldwide are increasingly scrutinizing the energy demands and carbon footprint of cryptocurrency mining. This poses a clear emerging threat of new regulations, higher energy tariffs, increased taxes, or even outright bans in certain jurisdictions where Bitdeer operates or plans to expand. Such measures could significantly increase operational costs, limit growth, or force costly relocations, akin to how new environmental regulations could impact traditional energy-intensive industries.

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Bitdeer Technologies (BTDR) operates in several key markets related to digital asset mining and high-performance computing. The addressable markets for their main products and services are sized as follows:

• Proprietary Mining and Mining Machine Hosting:

  These services fall under the broader cryptocurrency mining market and specifically the Bitcoin miner market (for hardware and services). The global cryptocurrency mining market was valued at USD 1.55 billion in 2024 and is expected to reach USD 2.83 billion by 2032, growing at a CAGR of 7.8% from 2025 to 2032. Another estimate indicates the global cryptocurrency mining market is projected to grow from USD 4.66 billion in 2024 to USD 14.09 billion by 2035, representing a CAGR of 10.57%. The Bitcoin segment is expected to hold a significant market share within this, at 56.45% by 2035.

  The global Bitcoin miner market size was USD 11.19 billion in 2024 and is projected to reach USD 14.17 billion in 2025, potentially growing to USD 94.14 billion by 2033, exhibiting a CAGR of 26.7% during this period. North America leads the Bitcoin miner market with 33% of the share, and the U.S. alone contributes over 50% of global annual hardware installations.

• Cloud Hash Rate Sharing (Cloud Mining):

  The global cloud mining market is a segment within the larger cryptocurrency mining market. Cloud mining platforms are projected to surpass USD 110 million in annual revenue in 2025, with a projected CAGR of 5% to reach USD 147.75 million by 2031. Within the global cryptocurrency mining market, cloud mining services are anticipated to hold the largest market share, exceeding 60.56% within the next decade.

• High-Performance Computing (HPC) and AI Training Platform:

  Bitdeer also offers high-performance computing services, including an AI Training Platform. The global high-performance computing market was estimated at USD 57.00 billion in 2024 and is projected to reach USD 87.31 billion by 2030, with a CAGR of 7.2% from 2025 to 2030. Other reports indicate the global HPC market was valued at USD 54.64 billion in 2023 and is poised to grow to USD 106.53 billion by 2032, at a CAGR of 7.7% during the forecast period (2025-2032). Another source projects the global HPC market to grow from USD 60.2 billion in 2025 to USD 124.2 billion by 2035, at a CAGR of 7.5%.

  Geographically, North America dominated the global HPC market, accounting for a revenue share of 41.6% in 2024. The Asia Pacific region is expected to be the fastest-growing, with a CAGR of 8.6% from 2025 to 2030.

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Bitdeer Technologies (BTDR) is poised for future revenue growth over the next 2-3 years, driven by several key strategic initiatives:

1. Expansion of Self-Mining Hashrate and Data Center Capacity: Bitdeer is significantly increasing its self-mining operational capacity. The company aims to achieve a self-mining hashrate of 40 Exahashes per second (EH/s) by the end of October 2025. This expansion is supported by the energization of new data centers and infrastructure projects in various locations, including Rockdale, Texas, Tydal, Norway, Jigmeling, Bhutan, and sites in Ohio (Massillon and Clarington). Bitdeer targets a total global electrical capacity of 2,690 MW, with 1,257 MW currently operational and 1,433 MW under development.
2. Development and Commercialization of Proprietary SEALMINER ASIC Rigs: Bitdeer's in-house development and manufacturing of SEALMINER Application-Specific Integrated Circuit (ASIC) mining rigs, including the A1, A2, and A3 series, are crucial for its growth. The SEALMINER A3 is preparing for mass production, and the next-generation SEALMINER A4 is targeting breakthrough efficiency. This proprietary technology allows for rapid hashrate deployment, a lower cost structure, enhanced capital efficiency, and a more robust supply chain, while also diversifying revenue through sales to external customers.
3. Diversification and Expansion into High-Performance Computing (HPC) and Artificial Intelligence (AI) Data Centers: Bitdeer is strategically pivoting and expanding into the HPC and AI data center market. The company reports strong utilization of its NVIDIA DGX SuperPOD services and is developing a 570-megawatt campus in Clarington, Ohio, expected to have utility power available by late 2026, ahead of schedule, for AI workloads. Furthermore, Bitdeer plans to convert its 175-megawatt Tydal Phase 2 site in Norway into an AI data center, aiming to deliver approximately 200 MW of dedicated AI capacity by the end of 2026. Its AI cloud business, Bitdeer.AI, reached an annualized revenue run-rate (ARR) of US$8 million in September 2025, with significant growth anticipated.
4. Strategic Vertical Integration: Bitdeer's vertically integrated business model, which encompasses AI data center construction, Bitcoin mining operations, and proprietary mining rig manufacturing, provides a significant competitive advantage. This approach is expected to improve margins and accelerate the transition from infrastructure buildout to active revenue generation, positioning the company favorably against peers.

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Share Repurchases

• Bitdeer authorized a new share repurchase program of up to $40 million, effective from May 30, 2025, to May 29, 2026. This followed the completion of a previous $20 million program that had been approved in February 2025.
• On February 27, 2025, Bitdeer repurchased approximately $9 million in shares, fully utilizing its prior $10 million share repurchase program which was approved in September 2024.
• In October 2023, the company approved a share repurchase program to buy back up to $2 million worth of Class A ordinary shares, effective through April 17, 2024.

Share Issuance

• Bitdeer entered into an At Market Issuance Sales Agreement on January 3, 2025, to issue and sell up to $1 billion worth of Class A ordinary shares to strengthen financial standing, expand data centers, and develop ASIC-based mining rigs.
• In May 2024, the company secured $100 million in gross proceeds from a private placement of 18,587,360 Class A ordinary shares to Tether International Limited, with a warrant to purchase up to an additional 5,000,000 shares for $50 million.
• Bitdeer priced an underwritten public offering of $150 million aggregate principal amount of 8.50% convertible senior notes due 2029 in August 2024, with net proceeds intended for datacenter expansion, ASIC mining rig development, and general corporate purposes. The company later announced a proposed private placement of $300 million of convertible senior notes due 2031 in June 2025, with an additional $45 million option, for similar purposes.

Inbound Investments

• In May 2024, Tether International Limited made a $100 million investment in Bitdeer through a private placement of Class A ordinary shares, with an option to invest an additional $50 million through warrants.
• Bitdeer completed its business combination with Blue Safari Group Acquisition Corp., a special purpose acquisition company (SPAC), on April 13, 2023, valuing Bitdeer at an implied equity value of $1.18 billion.
• At the time of its merger completion in April 2023, Blue Safari Group's trust had approximately $18.15 million remaining after redemptions from its initial $50 million IPO in June 2021.

Capital Expenditures

• Bitdeer's capital expenditures for infrastructure construction and mining rigs were $45.7 million in Q1 2025 and $48.4 million in Q4 2024.
• For fiscal year 2025, Bitdeer anticipates power and datacenter infrastructure capital expenditures to be in the range of $260 million to $290 million, a revision from previous guidance, primarily due to pausing Bitcoin mining infrastructure construction at its Clarington, Ohio site to explore HPC/AI opportunities.
• Total capital expenditures were $119 million for fiscal year 2024 and $63 million for fiscal year 2023. These expenditures primarily focused on datacenter expansion, ASIC-based mining rig development, and a strategic shift towards AI/HPC data centers.