Tearsheet

Bitdeer Technologies (BTDR)


Market Price (10/31/2025): $22.97 | Market Cap: $4.5 Bil
Sector: Information Technology | Industry: Application Software

Bitdeer Technologies (BTDR)


Market Price (10/31/2025): $22.97
Market Cap: $4.5 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -39%
Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%
Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -200 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -56%
1   Stock price has recently run up significantly
6M Rtn6 month market price return is 121%, 12M Rtn12 month market price return is 160%
2   Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -15%
3   Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -290%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -362%
4   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12%
5   High stock price volatility
Vol 12M is 119%
0 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -39%
1 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -200 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -56%
3 Stock price has recently run up significantly
6M Rtn6 month market price return is 121%, 12M Rtn12 month market price return is 160%
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -15%
5 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -290%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -362%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12%
7 High stock price volatility
Vol 12M is 119%

Market Valuation & Key Metrics

BTDR Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
BTDR Return--5%-5%120%4%133%
Peers Return13%-2%-7%6%52%-19%35%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
BTDR Win Rate-80%92%58%50%56% 
Peers Win Rate13%10%5%21%33%48% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
BTDR Max Drawdown---0%-72%-45%-67% 
Peers Max Drawdown-5%-4%-8%-1%-4%-34% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: ADSK, HIT, BIYA, BLIV, BMR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/30/2025 (YTD)

How Low Can It Go

Unique KeyEventBTDRS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-79.5%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven388.4%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven407 days464 days

Compare to ADSK, HIT, BIYA, BLIV, BMR


In The Past

Bitdeer Technologies's stock fell -79.5% during the 2022 Inflation Shock from a high on 8/16/2023. A -79.5% loss requires a 388.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Bitdeer Technologies (BTDR)

Better Bets than Bitdeer Technologies (BTDR)

Trade Ideas

Select past ideas related to BTDR. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADBE_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025ADBEAdobeMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-4.2%-4.2%-6.7%
CRM_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025CRMSalesforceMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
6.1%6.1%-0.6%
MPWR_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025MPWRMonolithic Power SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
18.8%18.8%-1.8%
POWI_9262025_Dip_Buyer_High_CFO_Margins_ExInd_DE09262025POWIPower IntegrationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
3.7%3.7%-13.4%
ROP_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025ROPRoper TechnologiesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-10.5%-10.5%-10.5%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADBE_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025ADBEAdobeMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-4.2%-4.2%-6.7%
CRM_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025CRMSalesforceMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
6.1%6.1%-0.6%
MPWR_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025MPWRMonolithic Power SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
18.8%18.8%-1.8%
POWI_9262025_Dip_Buyer_High_CFO_Margins_ExInd_DE09262025POWIPower IntegrationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
3.7%3.7%-13.4%
ROP_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025ROPRoper TechnologiesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-10.5%-10.5%-10.5%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Bitdeer Technologies

Financials

BTDRADSKHITBIYABLIVBMRMedian
NameBitdeer .Autodesk Health I.Baiya In.BeLive Beamr Im. 
Mkt Price22.53300.772.610.303.602.593.10
Mkt Cap4.464.10.1---4.4
Rev LTM3576,60527---357
Op Inc LTM-2001,5151---1
FCF LTM-1,2921,8471---1
FCF 3Y Avg-1,704----1,704
CFO LTM-1,0351,9254---4
CFO 3Y Avg-1,775----1,775

Growth & Margins

BTDRADSKHITBIYABLIVBMRMedian
NameBitdeer .Autodesk Health I.Baiya In.BeLive Beamr Im. 
Rev Chg LTM-15.2%13.8%29.7%---13.8%
Rev Chg 3Y Avg-11.7%----11.7%
Rev Chg Q56.8%17.1%86.2%---56.8%
QoQ Delta Rev Chg LTM18.8%4.1%19.3%---18.8%
Op Mgn LTM-56.0%22.9%5.0%---5.0%
Op Mgn 3Y Avg-29.3%21.5%-----3.9%
QoQ Delta Op Mgn LTM2.0%0.8%-0.1%---0.8%
CFO/Rev LTM-290.0%29.1%13.5%---13.5%
CFO/Rev 3Y Avg-30.7%----30.7%
FCF/Rev LTM-362.2%28.0%4.9%---4.9%
FCF/Rev 3Y Avg-29.5%----29.5%

Valuation

BTDRADSKHITBIYABLIVBMRMedian
NameBitdeer .Autodesk Health I.Baiya In.BeLive Beamr Im. 
Mkt Cap4.464.10.1---4.4
P/S12.29.75.4---9.7
P/EBIT-6.345.373.1---45.3
P/E-13.661.4106.2---61.4
P/CFO-4.233.340.2---33.3
Total Yield-7.3%1.6%0.9%---0.9%
Dividend Yield0.0%0.0%0.0%---0.0%
FCF Yield 3Y Avg-3.3%----3.3%
D/E0.10.00.0---0.0
Net D/E0.00.0-0.1---0.0

Returns

BTDRADSKHITBIYABLIVBMRMedian
NameBitdeer .Autodesk Health I.Baiya In.BeLive Beamr Im. 
1M Rtn31.8%-5.3%-18.7%-48.0%-1.1%-15.4%-10.3%
3M Rtn74.8%-0.8%26.1%-56.5%36.4%-14.8%12.7%
6M Rtn121.3%10.0%328.6%-93.3%-18.0%5.3%7.6%
12M Rtn159.6%4.1%----20.2%4.1%
3Y Rtn119.0%40.3%----79.7%
1M Excs Rtn23.5%-6.4%-21.8%-50.8%-4.9%-16.7%-11.6%
3M Excs Rtn76.7%-8.1%21.1%-65.8%43.8%-23.6%6.5%
6M Excs Rtn99.6%-11.8%306.8%-115.1%-39.7%-16.5%-14.1%
12M Excs Rtn123.3%-12.2%----41.0%-12.2%
3Y Excs Rtn42.4%-37.4%----2.5%

Financials

Price Behavior

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity23,529,124
Short Interest: % Change Since 93020258.0%
Average Daily Volume10,704,891
Days-to-Cover Short Interest2.20
Basic Shares Quantity193,970,000
Short % of Basic Shares12.1%

SEC Filings

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Report DateFiling DateFiling
630202581920256-K 6/30/2025
331202551520256-K 3/31/2025
12312024421202520-F 12/31/2024
9302024111820246-K 9/30/2024
630202492320246-K 6/30/2024
331202451420246-K 3/31/2024
12312023328202420-F 12/31/2023
9302023111420236-K 9/30/2023
630202381120236-K 6/30/2023
331202351520236-K 3/31/2023
12312022428202320-F 12/31/2022
123120213082023F-4 12/31/2021

Insider Activity

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