BTDR Filings — Bitdeer Technologies Group - FilingSpy
BTDR
Bitdeer Technologies Group
A Singapore-based technology company that runs Bitcoin mining data centers and offers cloud mining services, letting people join in mining without owning the hardware. It also provides hosting and AI cloud infrastructure. Founded by Jihan Wu, co-founder of mining-hardware giant Bitmain, Bitdeer was spun off as its own company in 2021. Its name blends "bit" from Bitcoin with "deer," chosen to evoke speed and agility.
20-F · Fiscal year ended Dec 31, 2024 · SEC filing ↗
Bitdeer's net loss widened to $599.2M in 2024, driven by a $498.2M non-cash charge on derivative liabilities, even as self-mining revenue rose 46%.
A non-cash loss on convertible notes pushed Bitdeer deep into the red. fell 5% to $349.8M as a 46% increase in self-mining revenue was offset by declines across all hosting and cloud segments, while a $498.2M fair-value loss on drove a net loss of $599.2M. The company ended the year with $476.3M in cash after raising over $1B from note and share issuances, but its core mining economics face pressure from the recent Bitcoin halving.
Key takeaways
Net loss widened to $599.2M from $56.7M, almost entirely due to a $498.2M non-cash loss from changes in the fair value of tied to convertible notes and warrants issued during the year.
Self-mining rose 46% to $163.1M, driven by a higher average Bitcoin price and an increase in proprietary to 7.5 EH/s on average, partially offset by lower Bitcoin production following the April 2024 halving.
Total fell 5.1% to $349.8M as the self-mining gains were more than offset by a 41% drop in Cloud revenue, a 31% drop in General Hosting, and a 20% drop in Membership Hosting.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
Primary market risks are cryptocurrency price volatility and interest rate changes; the company does not use derivatives to hedge crypto exposure.
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A 10% change in Bitcoin's average price would directly move self-mining by 10%, with less linear impacts on Cloud Hash Rate, General Hosting, and Cloud Hosting revenue.
Cryptocurrencies represented 5.0% of total assets as of December 31, 2024, and a 10% price swing would change the crypto balance by approximately $7.8 million.
A hypothetical 1% change in interest rates would have decreased pre-tax profit by $0.2 million for the year ended December 31, 2024, compared to a $1.3 million impact in 2023.
R&D expenses rose 161% to $76.9M, primarily due to a $29.0M one-off chip development expense and increased staffing for the proprietary SEALMINER ASIC mining rig roadmap.
Cash and equivalents rose 229% to $476.3M at year-end, driven by $554.2M in net proceeds from convertible notes and $485.1M from share issuances, partially offset by a $160.0M zero-strike call option purchase.
A in internal controls over financial reporting was identified for 2024, involving insufficient review of , convertible note valuations, and external data reliability.
What changed
The 2024 Bitcoin halving, flagged as a key risk in the prior year, occurred in April and contributed to lower Bitcoin production, partially offsetting the benefit of higher Bitcoin prices on self-mining .
The shift toward hosting flagged in 2023 did not materialize as expected; instead, hosting declined across all segments—General Hosting down 31%, Membership Hosting down 20%—while self-mining became the growth driver.
The NVIDIA DGX SuperPOD H100 AI cloud service, noted as a development to watch, is now operational but was not reported as a material contributor in 2024.
The in internal controls, flagged for remediation across multiple prior periods, was not remediated and a new material weakness was identified for 2024 related to , convertible note valuations, and external data.
What to watch
Whether the $476.3M cash balance is deployed to scale proprietary or to fund the SEALMINER ASIC business, and at what rate it is consumed given negative of $622.1M in 2024.
The trajectory of self-mining per EH/s following the halving, as a direct measure of whether higher Bitcoin prices can offset the reduced block reward.
Progress on the 1,794 MW datacenter pipeline and whether new hosting contracts can absorb the $179.8M electricity cost base.
Any disclosure on the remediation status of the 2024 in internal controls, which now spans valuation, convertible note accounting, and external data reliability.
The company limits cryptocurrency risk through a flexible strategy of converting crypto to fiat currency for operations or holding it for potential appreciation, without using derivative hedges.
Credit risk from cryptocurrency custody is concentrated with a related party, Matrixport Group, and the company acknowledges potential total loss from security breaches or cyberattacks.
Liquidity risk is managed by monitoring cash flow and debt maturities, supported by $172.5 million and $400.0 million in issued in 2024.
Bitcoin price swings, rising network hash rate, and power constraints are the dominant risks to mining profitability and growth.
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Bitcoin price volatility directly impacts self-mining and demand for mining rigs, with some customers already delaying payments for SEALMINER A2s due to lower prices.
Rising global network and the April 2024 to 3.125 BTC per block compress mining economics and may reduce incentives for miners.
The business is capital intensive and generated negative of $622.1M in 2024; reliance on a single third-party for chips creates supply risk.
Expansion to ~2,689MW is threatened by power availability, potential U.S. excise taxes on mining electricity, and reliance on single electricity suppliers at key datacenters.
A in internal controls over financial reporting was identified for 2024, involving insufficient review of , convertible note valuations, and external data reliability.
Regulatory and legal risks include evolving U.S. crypto oversight, potential classification of cryptocurrencies as securities, and sanctions compliance due to pseudonymous blockchain transactions.
Bitdeer provides blockchain and high-performance computing solutions through self-mining, hash rate sharing, hosting, and developing ASIC and AI cloud businesses.
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The company operates three primary business lines: self-mining (generating $163.1M in 2024), sharing (Cloud Hash Rate and Hash Rate Marketplace), and hosting (Cloud, General, and Membership Hosting).
Bitdeer is developing an and mining rig business under the SEALMINER brand, with chips like SEAL03 achieving 9.7 J/TH, and an HPC and AI cloud business offering NVIDIA DGX SuperPOD H100 services.
It manages 24.2 EH/s of total (12.1 EH/s proprietary and 12.1 EH/s hosting) across six datacenters in the US, Norway, and Bhutan with 895 MW of operational capacity as of March 31, 2025.
The company has a pipeline of 1,794 MW of additional datacenter capacity under construction or negotiation across the US, Norway, Bhutan, Canada, and Ethiopia.
Bitdeer's self-mining is heavily dependent on Bitcoin, which accounted for 97.8% of self-mining revenue in 2024, and the company held $77.5 million in cryptocurrencies as of year-end 2024.
The company faces intense competition from other global cryptocurrency miners and service providers, and its operations are subject to evolving and uncertain government regulation of digital assets.
Revenue fell 5% to $349.8M in 2024 as hosting declines offset self-mining growth; net loss widened to $599.2M on derivative liabilities.
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Total decreased 5.1% to $349.8M, as a 46% increase in self-mining revenue ($163.1M) was more than offset by declines in Cloud (down 41%), General Hosting (down 31%), and Membership Hosting (down 20%).
Self-mining growth was driven by a higher average Bitcoin price and increased proprietary (7.5 EH/s average), partially offset by lower Bitcoin production following the April 2024 .
Cost of decreased slightly to $283.4M, with lower mining rig and share-based payments offsetting higher datacenter depreciation and staff costs; electricity costs remained the largest expense at $179.8M.
R&D expenses surged 161% to $76.9M, primarily due to a $29.0M one-off chip development expense and increased staffing for the proprietary ASIC and SEALMINER mining rig roadmap.
Net loss widened to $599.2M from $56.7M, mainly due to a $498.2M non-cash loss from changes in fair value of related to convertible notes and warrants.
Cash and equivalents rose to $476.3M at year-end, driven by $554.2M in net proceeds from convertible notes and $485.1M from share issuances, partially offset by a $160.0M zero-strike call option purchase.