Bitdeer Technologies Group Stock Price, News & Analysis

Bitdeer Technologies Group (NASDAQ: BTDR) has successfully tested its latest Bitcoin mining chip, SEAL02, achieving an exceptional power efficiency ratio of 13.5 J/TH in low voltage, ultra power-saving mode. This milestone aligns with the SEALMINER technology roadmap announced in June 2024. The SEAL02 chip, developed in partnership with TSMC, uses one of the most advanced process nodes.

Key points:

• SEAL02 will be integrated into upcoming SEALMINER A2 mining machines
• Mass production is scheduled to begin in November 2024
• R&D work on SEAL03 chip is ongoing and on track
• Bitdeer has a dedicated team of engineers for R&D in ASIC design, algorithm development, and more

The company aims to set new benchmarks for efficiency and transparency in the mining ecosystem while contributing to the security of the Bitcoin decentralized network.

Bitdeer Technologies Group (NASDAQ: BTDR) has released its unaudited mining and operations update for August 2024. Key highlights include:

- Self-mined 166 Bitcoins
- Hosted mining machines decreased by 45,000 units
- SEALMINER A1 mass production on track for Q4 2024
- TSMC's delivery of SEAL02 initial tape-out wafers expected by mid-September 2024
- AI cloud services maintained near 100% utilization
- Construction of global mining datacenters progressing
- Successfully completed offering of US$172.5 million convertible senior notes

The company's total hash rate under management decreased to 16.8 EH/s, with proprietary hash rate at 8.6 EH/s. Bitdeer continues to focus on vertical integration and expansion of its ASICs market presence with proprietary chip technology.

Bitdeer Technologies Group (Nasdaq: BTDR) has announced the pricing of its public offering of US$150 million in 8.50% convertible senior notes due 2029. The notes will mature on August 15, 2029, with an initial conversion rate of 117.0207 shares per US$1,000 principal amount, equivalent to a conversion price of approximately US$8.55 per Class A ordinary share. This represents a 35% premium over the last reported share price of US$6.33.

The company expects to raise approximately US$144.5 million in net proceeds, which will be used for datacenter expansion, ASIC-based mining rig development, and general corporate purposes. The offering is expected to close on August 20, 2024, subject to customary conditions. BTIG is acting as the sole book-running manager for the offering.

Bitdeer Technologies Group (Nasdaq: BTDR), a leading blockchain and high-performance computing company, has announced a proposed public offering of US$150 million in convertible senior notes due 2029. The company may grant underwriters a 30-day option to purchase an additional US$22.5 million in notes. These unsecured notes will mature on August 15, 2029, unless converted, redeemed, or repurchased earlier.

Holders can convert notes to cash, Class A ordinary shares, or a combination, at Bitdeer's discretion. The company plans to use the proceeds for datacenter expansion, ASIC-based mining rig development, working capital, and general corporate purposes. BTIG is the book-running manager, with A.G.P./Alliance Global Partners as co-manager. The offering will be made through an effective shelf registration statement filed with the SEC.

Bitdeer AI, part of Bitdeer Technologies Group (NASDAQ: BTDR), has launched an advanced AI Training Platform with serverless GPU infrastructure for scalable AI/ML inference. As one of the first NVIDIA Cloud Service Providers in Asia offering both cloud service and an AI training platform, Bitdeer AI enables users to build, train, and fine-tune AI models at scale.

The platform provides access to high-performance AI infrastructure including NVIDIA DGX SuperPOD with H100 GPUs, DDN Storage, and InfiniBand Networks. It offers a pay-as-you-go model, simplifies complex GPU infrastructure setups, and ensures reproducibility and environment consistency. Bitdeer AI plans to collaborate with NVIDIA to integrate NVIDIA AI Enterprise cloud services, enhancing the platform's capabilities for businesses to customize, test, and scale AI agents efficiently.

Bitdeer Technologies Group (NASDAQ: BTDR) reported strong Q2 2024 financial results, with revenue of $99.2 million, up 5.8% YoY, and gross profit of $24.4 million, up 50.6% YoY. The company's Adjusted EBITDA reached $24.9 million, a 33.2% YoY increase. Bitdeer made significant progress in its SEALMINER ASIC roadmap, energizing the first batch of A1 chips and advancing the SEAL02 chip production. The company expanded its global power capacity to 2.5 GW, including a new 570 MW lease in Ohio. Bitdeer's self-mining hash rate increased to 7.3 EH/s, contributing to improved financial performance despite the April 2024 halving. The company ended Q2 with a strong financial position, holding $228.8 million in cash and cryptocurrencies.

Bitdeer Technologies Group (NASDAQ: BTDR) announced its July 2024 production and operations update. Key highlights include:

- Mined 181 Bitcoins through self-mining
- On track for mass production of SEAL01 chips and SEALMINER A1 series mining rigs
- TSMC to deliver SEAL02 initial tape-out wafers in late September 2024
- AI cloud services powered by NVIDIA DGX SuperPOD reached 100% utilization
- Engaged TLM Group to advise on broader datacenter strategy
- Tydal, Norway expansion progressing; 40 MW energization expected in Q4 2024
- Planning to deploy 3.4 EH/s of SEALMINERs in Q4 2024, bringing total proprietary hashrate to 11.8 EH/s
- Infrastructure updates for Rockdale, Texas; Massillon, Ohio; and Jigmeling, Bhutan sites

Bitdeer Technologies Group (NASDAQ: BTDR) has announced its June 2024 unaudited mining and operations updates. Key highlights include a significant increase in global contracted power capacity to 2.5 GW, driven by a 30-year, 570 MW lease agreement with the Monroe County Port Authority in Ohio. The company mined 179 Bitcoin in June, and its datacenter in Rockdale, Texas, will convert 100 MW to hydro-cooling by Q4 2024. Bitdeer has advanced its ASIC development, with the SEAL02 chip achieving a tape-out targeting 14 J/TH efficiency. The company aims to deploy 3.4 EH/s of its Sealminer ASICs by Q4 2024, increasing its total proprietary hash rate to 11.8 EH/s by year-end. Additionally, its HPC and AI cloud services realized strong demand, with utilization rates surpassing 75%.

Bitdeer Technologies Group (Nasdaq: BTDR) has announced a strategic partnership with the Monroe County Port Authority (MCPA) to lease land at Hannibal Industrial Park in Clarington, Ohio, increasing its power capacity pipeline by 570 MW. This deal raises Bitdeer's total global capacity to 2.5 GW, supporting their Bitcoin mining, high-performance computing, and AI operations. The site, a former aluminum processing facility, offers ready-to-use power infrastructure. The initial 266 MW will be available by Q3 2025, with the remaining 304 MW under review. Bitdeer emphasizes its commitment to expanding operational capabilities to better serve its customers and stakeholders.