Bitdeer Technologies Group (BTDR) Registration Filing summary

Company overview and business model

• Operates as a global technology leader in blockchain and high-performance computing, providing comprehensive computing solutions including equipment procurement, logistics, datacenter design, and daily operations.

• Runs six mining datacenters across the US, Norway, and Bhutan with a total electrical capacity of 895 MW as of November 30, 2024.

• Manages 20.7 EH/s of hash rate, split between proprietary and hosting, and plans further expansion through conversion of hosting capacity and new projects.

• Main business lines include self-mining, hash rate sharing (Cloud Hash Rate and Hash Rate Marketplace), and hosting services, all supported by proprietary Minerplus software.

• Developing new business lines in ASIC mining rigs and cloud HPC/AI, including Asia’s first AI cloud service platform powered by NVIDIA DGX SuperPOD H100.

Risk factors and disclosures

• Business is highly sensitive to Bitcoin price fluctuations and the limited supply of mineable Bitcoins.

• Faces risks from delays or cost overruns in datacenter expansion, capital intensity, and potential inability to maintain competitive hash rate.

• Regulatory uncertainty, evolving accounting standards, and exposure to hacking, fraud, and custodial risks in cryptocurrency holdings.

• Additional risks include tax complexities, potential for being classified as a PFIC, and challenges from operating as a foreign private issuer and controlled company.

• Controlled by a single majority shareholder, allowing exemption from certain Nasdaq corporate governance requirements.

Market opportunity and competitive landscape

• Positioned as a leading provider in blockchain and high-performance computing, with a focus on expanding global datacenter capacity and AI cloud services.

• Maintains robust relationships with mining rig suppliers, ensuring access to the latest, energy-efficient equipment.

• Faces competition from other cryptocurrency miners and technology providers, with success dependent on continued innovation and cost control.