Here are 1-3 brief analogies to describe Bitdeer Technologies (BTDR):

• It's like ExxonMobil for digital currencies, mining cryptocurrencies for its own account instead of oil.
• It's like Amazon Web Services (AWS), but exclusively providing infrastructure and managed services for cryptocurrency mining operations.

• Proprietary Cryptocurrency Mining: The company mines various cryptocurrencies for its own account and strategic holdings.
• Cryptocurrency Mining Solutions: A comprehensive service for other cryptocurrency miners, including miner procurement, transport logistics, datacenter design and construction, mining machine management, and daily operations.

Bitdeer Technologies (BTDR) serves a diverse range of customers within the cryptocurrency mining community by offering various mining solutions and infrastructure services. Given the comprehensive nature of its services, which include miner procurement, datacenter design and construction, and machine management, its clientele primarily consists of professional entities and sophisticated investors rather than typical retail consumers. As the company does not publicly disclose specific major customer companies, its customer base can be described through the following categories:

1. Institutional and Enterprise Clients: This category includes businesses, investment funds, and other institutional entities that are looking to establish or expand large-scale cryptocurrency mining operations. These clients utilize Bitdeer's end-to-end solutions, from datacenter infrastructure design and construction to ongoing mining machine management and daily operations, allowing them to participate in mining without the burden of direct operational complexities.

2. Professional Miners and Large-Scale Individual Investors: This group consists of experienced cryptocurrency miners and high-net-worth individuals who own mining hardware but prefer to outsource the operational challenges. They typically leverage Bitdeer's miner hosting services, benefiting from its reliable power infrastructure, specialized technical support, and efficient operational management in its datacenters.

3. Cloud Mining Participants: This category encompasses individuals and smaller entities who wish to engage in cryptocurrency mining without the need to purchase, host, or manage physical mining equipment. They participate by purchasing cloud hashrate contracts from Bitdeer, effectively buying a share of the company's mining power and receiving proportional mining rewards.

• Bitmain Technologies Limited
• MicroBT

Jihan Wu, Founder, Chairman & Chief Executive Officer

Mr. Wu is a renowned thought leader and entrepreneur in the blockchain industry. He has served as the Chairman of Bitdeer since January 2021 and as Chief Executive Officer since March 2024. Mr. Wu first gained international recognition as the Co-Founder and CEO of Bitmain Technologies from 2013, where he led the company to become the world's largest designer and manufacturer of semiconductor chips and hardware for bitcoin mining. After leaving Bitmain in January 2021, he established Bitdeer with its global headquarters in Singapore. In addition to his role at Bitdeer, he also serves as Chairman of Matrixport. He obtained dual bachelor's degrees in both Economics and Psychology from Peking University in 2009.

Jianchun Liu, Chief Financial Officer

Mr. Liu previously served as the Chief Financial Officer of Bitmain from 2016 to 2021. He also previously served as a Director of Bitdeer, resigning from the board effective March 3, 2025.

Linghui Kong, Chief Business Officer

Mr. Kong currently serves as the Chief Business Officer and a Director of Bitdeer. Prior to this, he served as the Chief Executive Officer of Bitdeer from November 2020 to March 2024. Before joining Bitdeer, Mr. Kong was the General Manager of the Application Software Department at Bitmain Technologies from 2018 to 2020. He also served as a Senior Software Architect at Tencent Technology Beijing from 2011 to 2018, and held roles at Yahoo! and Baidu, Inc. He 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 & Director

Haris Basit, Chief Strategy Officer

1. Cryptocurrency Price Volatility and Market Conditions: Bitdeer Technologies' core business profitability, both from self-mining and providing mining solutions, is highly dependent on the volatile price fluctuations of cryptocurrencies, particularly Bitcoin. Significant drops in cryptocurrency prices can lead to negative margins and financial losses, directly impacting revenue and the value of its digital asset holdings.
2. High Energy Costs, Regulatory, and Environmental Scrutiny: Operating large-scale cryptocurrency mining datacenters, such as those Bitdeer has in the United States and Norway, consumes substantial amounts of electricity. Increases in energy prices can quickly make mining unprofitable. Furthermore, the cryptocurrency mining industry faces increasing public and governmental scrutiny regarding its environmental impact and energy consumption. Regulatory changes or stricter environmental policies could adversely affect Bitdeer's operations and financial condition.
3. Technological Obsolescence and Intense Competition: The cryptocurrency mining industry is characterized by rapid technological advancements and intense competition. Bitdeer's success relies on continuously innovating and providing efficient mining solutions, which includes miner procurement and managing mining machines. The need to constantly upgrade hardware to remain competitive, coupled with high capital expenditure, and the risk of existing mining equipment becoming obsolete, poses a significant ongoing challenge.

Bitdeer Technologies (BTDR) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and expansions. Key drivers include significant increases in its self-mining capacity, a strategic pivot and expansion into high-performance computing (HPC) and artificial intelligence (AI) cloud services, the development and deployment of proprietary mining rigs and chips, and substantial investments in expanding its global power capacity and infrastructure.

Here are 3-5 expected drivers of future revenue growth:

1. Expansion of Self-Mining Capacity: Bitdeer is aggressively expanding its self-mining operations and hashrate. The company aims to scale its mining capacity to 40 exahashes per second (EH/s) by October 2025 and further to 60 EH/s by the end of 2025. This reflects a strategic shift from selling mining rigs to prioritizing its own self-mining activities, which has already resulted in significant year-over-year growth in its self-mining hashrate. By 2026, Bitdeer Technologies Group became the largest public Bitcoin miner by self-mining hashrate.
2. Strategic Expansion into High-Performance Computing (HPC) and Artificial Intelligence (AI) Cloud Services: Bitdeer is making a significant pivot towards the HPC/AI data center market. The company is actively designing and planning new data centers, such as its Clarington, Ohio site, which is intended to transition from Bitcoin mining to AI data center operations with 570 MW of confirmed electrical capacity by Q3 2026. Additionally, Bitdeer plans to convert its Tydal, Norway Phase 2 site into an AI data center by Q4 2026, supporting 164 MW of IT load. This expansion includes building out GPU-as-a-service and AI colocation offerings, with an optimistic outlook that dedicating 200 MW to AI cloud services could generate over $2 billion in annual revenue by the end of 2026. The company's executives have noted the persistent supply-demand imbalance in AI compute, expected to continue through 2027, positioning Bitdeer to capitalize on this growing demand.
3. Development and Deployment of Proprietary Mining Rigs and Chips: Bitdeer's vertical integration strategy, including the development of its own hardware, is a key driver for efficiency and competitiveness. The company's proprietary SEALMINER rigs, such as the A2 and upcoming A3 series, are central to its growth. Furthermore, Bitdeer has completed the first tape-out of its SEAL04 chips, which have demonstrated promising power efficiency improvements, with mass production of mining rigs based on these chips slated to begin in Q1 2026. These technological advancements are crucial for maintaining a competitive edge through improved efficiency and performance.
4. Increase in Power Capacity and Global Infrastructure Development: To support its expanding mining and AI initiatives, Bitdeer is significantly increasing its global power capacity and developing its infrastructure. The company expects to secure up to 570 MW of additional power capacity by leasing an industrial park in Ohio, with a portion becoming available in the second half of 2025, which will increase its total global power capacity to 2.5 GW. Bitdeer's total global power pipeline has expanded to 3 gigawatts (GW) across sites in the United States, Norway, Bhutan, Canada, and Ethiopia. These infrastructure investments are fundamental to enabling the growth of both its self-mining hashrate and its new HPC/AI cloud services.

Share Repurchases

• Bitdeer completed a share repurchase of approximately US$9.0 million on February 27, 2025, fully utilizing a US$10,000,000 share repurchase program approved in September 2024.
• On February 28, 2025, the company's board approved a new share repurchase program to buy back up to an additional US$20,000,000 worth of its Class A ordinary shares, effective through February 28, 2026.
• On May 30, 2025, Bitdeer Technologies Group announced a share repurchase program to repurchase up to US$40 million worth of its Class A ordinary shares, valid until May 29, 2026.

Share Issuance

• In the third quarter of 2025, Bitdeer generated US$91.4 million in proceeds from shares sold under an At-The-Market (ATM) program.
• On February 20, 2026, Bitdeer announced the pricing of a registered direct offering of 5,503,030 Class A Ordinary Shares.

Inbound Investments

• Net cash generated from financing activities in the fourth quarter of 2024 was US$522.8 million, primarily driven by proceeds from convertible note issuance in November and an ATM program.
• In the third quarter of 2025, net cash generated from financing activities was primarily driven by approximately US$320.0 million of borrowings from a related party.
• On February 20, 2026, Bitdeer announced the pricing of an upsized US$325.0 million convertible senior notes offering.

Capital Expenditures

• Capital expenditures for infrastructure construction and mining rigs totaled US$48.4 million in the fourth quarter of 2024.
• In the third quarter of 2025, capital expenditures amounted to US$59.7 million, with US$31.6 million specifically allocated to data center infrastructure and related construction.
• Bitdeer has provided 2026 infrastructure CapEx guidance of US$180 million to US$200 million for crypto mining data center construction, excluding SEALMINERS, GPUs, and AI cloud/colocation. A specific project in February 2025 involved an estimated US$90 million for a gas-fired power plant and an additional US$30 million for electrical and data center infrastructure.