Bitdeer Technologies Group
Market Thesis
Bitdeer is a vertically integrated Bitcoin-mining + AI infrastructure operator that owns ~3.0 GW of global electrical capacity (crypto datacenters across the US, Norway, Bhutan, Ethiopia, Canada and Malaysia) and is converting owned, low-cost megawatts into AI/HPC colocation and GPU cloud. The power angle: its edge is turning energized, owned crypto capacity into long-duration contracted AI revenue, but as of the May 2026 update no colocation lease is signed (Tydal, Norway only "in advanced negotiations") and delivered AI capacity is still tiny (4,248 GPUs, ~$69M ARR).
Power Position
Operational power is energized and earning today. Contracted is signed but not yet drawing load. Announced is pipeline — grid agreements and stated intent. The gap between them is where the risk, and the re-rating, live.