What’s Next For Bitdeer Technologies Stock?

October 16th, 2025 by Trefis Team
BTDR: Bitdeer Technologies logo
BTDR
Bitdeer Technologies

Bitdeer Technologies stock (NASDAQ: BTDR) surged 29% on October 15 following the announcement of its expansion into data center operation and provisioning. This strategic move extends beyond the company’s traditional Bitcoin mining and advanced rig sales.

This pivot reflects a growing trend among Bitcoin miners. Amid the AI boom, there’s a massive demand for data centers. Miners are uniquely positioned to meet this need for AI high-performance computing (HPC) by leveraging their existing infrastructure, technical expertise, and power access. By supporting AI, miners can secure a more stable revenue stream and potentially achieve higher margins than traditional mining. This shift benefits the miners, providing a more valuable business model, and the AI industry, which gains much-needed compute capacity.

Given the recent development and stock reaction, the crucial question is whether BTDR stock is a buy above $26. While the current valuation appears quite high, we believe the potential for strong growth is significant. We’ll discuss this further, along with the company’s operational and financial performance, in the following sections.

That being said, if you seek an upside with less volatility than holding an individual stock like BTDR, consider the High Quality Portfolio. It has comfortably outperformed its benchmark—a combination of the S&P 500, Russell, and S&P MidCap indexes—and has achieved returns exceeding 105% since its inception. Why is that? As a group, HQ Portfolio stocks provided better returns with less risk versus the benchmark index; less of a roller-coaster ride, as evident in HQ Portfolio performance metrics.

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Image by Ivan Kot from Pixabay

How Does Bitdeer Technologies’ Valuation Look vs. The S&P 500?

Going by what you pay per dollar of sales or profit, BTDR stock looks very expensive compared to the broader market.

How Have Bitdeer Technologies’ Revenues Grown Over Recent Years?

Bitdeer Technologies’ Revenues have grown marginally over recent years.

  • Bitdeer Technologies has seen its top line grow at an average rate of 8.1% over the last 3 years (vs. increase of 5.4% for S&P 500)
  • Its revenues have shrunk 15.2% from $421 Mil to $357 Mil in the last 12 months (vs. growth of 5.2% for S&P 500)
  • Also, its quarterly revenues grew 56.8% to $156 Mil in the most recent quarter from $99 Mil a year ago (vs. 6.2% improvement for S&P 500)

How Profitable Is Bitdeer Technologies?

Bitdeer Technologies’ profit margins are considerably worse than most companies in the Trefis coverage universe.

  • Bitdeer Technologies’ Operating Income over the last four quarters was $-200 Mil, which represents a very poor Operating Margin of -56.0% (vs. 18.6% for S&P 500)
  • BTDR Operating Cash Flow (OCF) over this period was $-1.0 Bil, pointing to a very poor OCF Margin of -290.0% (vs. 20.3% for S&P 500)
  • For the last four-quarter period, BTDR Net Income was $-320 Mil – indicating a very poor Net Income Margin of -89.8% (vs. 12.7% for S&P 500)

Does Bitdeer Technologies Look Financially Stable?

Bitdeer Technologies’ balance sheet looks very strong.

  • Bitdeer Technologies’ Debt figure was $626 Mil at the end of the most recent quarter, while its market capitalization is $5.0 Bil (as of 10/15/2025). This implies a very strong Debt-to-Equity Ratio of 12.3% (vs. 21.3% for S&P 500). [Note: A low Debt-to-Equity Ratio is desirable]
  • Cash (including cash equivalents) makes up $474 Mil of the $2.0 Bil in Total Assets for Bitdeer Technologies.  This yields a strong Cash-to-Assets Ratio of 23.2% (vs. 7.0% for S&P 500)

How Resilient Is BTDR Stock During A Downturn?

BTDR stock has fared worse than the benchmark S&P 500 index during some of the recent downturns. While investors have their fingers crossed for a soft landing by the U.S. economy, how bad can things get if there is another recession? Our dashboard How Low Can Stocks Go During A Market Crash captures how key stocks fared during and after the last six market crashes.

Inflation Shock (2022)

  • BTDR stock fell 79.5% from a high of $14.31 on 16 August 2023 to $2.93 on 23 October 2023, vs. a peak-to-trough decline of 25.4% for the S&P 500
  • The stock fully recovered to its pre-Crisis peak by 3 December 2024
  • Since then, the stock has increased to a high of $26.10 on 5 January 2025 and currently trades at around $26

Putting All The Pieces Together: What It Means For BTDR Stock

In summary, Bitdeer Technologies’ performance across the parameters detailed above are as follows:

• Growth: Inconsistent
• Profitability: Very Weak
• Financial Stability: Very Strong
• Downturn Resilience: Weak
• Overall: Weak

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The Verdict

On the surface, Bitdeer Technologies’ stock may seem unattractive, given the company’s historically weak performance in key financial parameters and its currently very high valuation. However, a deeper look reveals a compelling growth story.

First, revenue growth is accelerating significantly. Consensus estimates project revenue to surge 65% in 2025 and an impressive 89% in 2026. When you factor in these forward revenue projections, the current Price-to-Sales (P/S) ratio becomes much more reasonable.

Second, the core mining business is improving. Last month, the company mined 452 Bitcoins, up from 375 in August. With Bitcoin prices rising, this not only boosts mining revenue but also increases the value of the company’s overall holdings. Furthermore, profitability remains stable, with the adjusted EBITDA margin holding at 11% in both 2024 and Q2 of 2025.

In short, there’s more to Bitdeer than meets the eye. Despite its recent stock rise, we believe it remains a good investment. While our assessment could be incorrect, and investors must carefully weigh all risks—especially considering the stock’s history of significant downturns—we think BTDR has the potential to offer robust returns for an investor with a 3-5 year horizon.

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