Bitdeer Technologies Group (BTDR) H.C. Wainwright 28th Annual Global Investment Conference summary

Market overview and industry transformation

• AI infrastructure is a leading investment theme, with hyperscalers expected to spend over $1 trillion on AI in the coming year.

• Bitcoin miners are rapidly transitioning into AI data center developers, leveraging their access to scalable power and land.

• The scarcity of power and suitable sites is a key bottleneck for AI/HPC growth, positioning miners as critical enablers.

• Labor shortages and rising costs, especially for skilled electricians, are significant challenges in scaling data center builds.

• The economics of AI data centers differ sharply from Bitcoin mining, with costs per megawatt rising from $4.5M to $13M over recent years.

Business models and strategic approaches

• Two main monetization models are co-location and AI cloud services, with some firms pursuing both for diversification.

• Spinning off pure-play AI infrastructure businesses helps attract institutional investors and secure financing.

• Acquisitions of specialized teams and companies are key to bridging the skill gap between Bitcoin mining and AI data center operations.

• Some companies retrofit existing industrial facilities into AI campuses, accelerating deployment and reducing community pushback.

• Firms are cautious about locking up all power assets in long-term leases, balancing optionality with stable revenue.

Recent deals, contracts, and pipeline

• Multi-billion dollar, long-term leases have been secured, such as a $6.6B, 20-year triple net lease in Georgia.

• Exclusive agreements and options for hundreds of additional megawatts are in place, with strong community and political engagement.

• Recent deals include a 500 MW contract with AMD and pipeline commitments for up to 2,000 MW at multiple sites.

• Cloud service deals totaling $500M have been announced, with rapid expansion in both U.S. and Canadian facilities.

• Companies are leveraging customer prepayments and innovative financing structures to accelerate buildouts and reduce equity needs.