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Wu Jihan (BTDR) reveals major indirect Class V and Class A stakes

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
3

Rhea-AI Filing Summary

Bitdeer Technologies Group director and CEO Wu Jihan filed an initial ownership report showing large indirect stakes in the company. The filing lists indirect holdings of 44,399,922 Class V Ordinary Shares, each convertible into one Class A Ordinary Share, and 2,946,206 Class A Ordinary Shares.

The shares are held through Victory Courage Limited, which is wholly owned through a British Virgin Islands structure by an irrevocable trust managed by VISTRA Trust (Hong Kong) Limited. Under the trust terms, Wu Jihan can direct the trustee on voting, disposal and other rights attached to the shares.

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Insider Wu Jihan
Role Chairman of the Board and CEO
Type Security Shares Price Value
holding Class V Ordinary Shares -- -- --
holding Class A Ordinary Shares -- -- --
Holdings After Transaction: Class V Ordinary Shares — 44,399,922 shares (Indirect, See footnote); Class A Ordinary Shares — 2,946,206 shares (Indirect, See footnote)
Footnotes (1)
  1. These shares are held by Victory Courage Limited ("Victory Courage"). Victory Courage is a British Virgin Islands company wholly owned by Cosmic Gains Global Limited, a company incorporated in the British Virgin Islands wholly owned and managed by VISTRA Trust (Hong Kong) Limited as trustee of an irrevocable trust, with the Reporting Person as the settlor and the Reporting Person and his family members as the beneficiaries. Under the terms of such trust, the Reporting Person has the power to direct the trustee with respect to the retention or disposal of, and the exercise of any voting and other rights attached to the shares held by Victory Courage in the Issuer. Each Class V Ordinary Share is convertible into one Class A Ordinary Share at any time at the option of the holder and has no expiration date.
Indirect Class V Ordinary Shares 44,399,922 shares Convertible into Class A Ordinary Shares, Form 3 initial ownership
Indirect Class A Ordinary Shares 2,946,206 shares Total shares following reporting, Form 3 initial ownership
Conversion ratio 1:1 Class V to Class A Each Class V Ordinary Share convertible into one Class A share
Class V Ordinary Shares financial
"These shares are held by Victory Courage Limited ("Victory Courage")."
Class A Ordinary Shares financial
"Each Class V Ordinary Share is convertible into one Class A Ordinary Share"
Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.
irrevocable trust financial
"as trustee of an irrevocable trust, with the Reporting Person as the settlor"
beneficiaries financial
"the Reporting Person and his family members as the beneficiaries."
Beneficiaries are the people or organizations designated to receive benefits, such as money or assets, from a financial arrangement like a trust, insurance policy, or retirement plan. They matter to investors because choosing the right beneficiaries ensures that assets are passed on according to their wishes, providing financial security or support to loved ones when needed. Think of beneficiaries as the intended recipients of a gift or inheritance.
convertible financial
"Each Class V Ordinary Share is convertible into one Class A Ordinary Share"
A convertible is a type of investment that starts as a loan or preferred stake (like a bond or preferred share) but can be exchanged for common shares of the company at a set price or under certain conditions. It matters to investors because it offers a mix of steady income and downside protection like a loan, plus the upside of stock ownership if the company does well—similar to holding a coupon that you can trade for a full ticket if the event becomes valuable.
Understanding Insider Trading Forms →
SEC Form 3
FORM 3UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0104
Estimated average burden
hours per response:0.5
1. Name and Address of Reporting Person*
Wu Jihan
(Last)(First)(Middle)
C/O BITDEER TECHNOLOGIES GROUP
08 KALLANG AVE, APERIA TOWER 1 #09-03/04
(Street)
SINGAPORE339509
(City)(State)(Zip)
SINGAPORE
(Country)		2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026		3. Issuer Name and Ticker or Trading Symbol
Bitdeer Technologies Group [ BTDR ]
3a. Foreign Trading Symbol
5. If Amendment, Date of Original Filed (Month/Day/Year)
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirectorX10% Owner
XOfficer (give title below)Other (specify below)
Chairman of the Board and CEO
6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Ordinary Shares2,946,206ISee footnote(1)
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and Expiration Date (Month/Day/Year)3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date ExercisableExpiration DateTitleAmount or Number of Shares
Class V Ordinary Shares (2) (2)Class A Ordinary Shares44,399,922(2)ISee footnote(1)
Explanation of Responses:
1. These shares are held by Victory Courage Limited ("Victory Courage"). Victory Courage is a British Virgin Islands company wholly owned by Cosmic Gains Global Limited, a company incorporated in the British Virgin Islands wholly owned and managed by VISTRA Trust (Hong Kong) Limited as trustee of an irrevocable trust, with the Reporting Person as the settlor and the Reporting Person and his family members as the beneficiaries. Under the terms of such trust, the Reporting Person has the power to direct the trustee with respect to the retention or disposal of, and the exercise of any voting and other rights attached to the shares held by Victory Courage in the Issuer.
2. Each Class V Ordinary Share is convertible into one Class A Ordinary Share at any time at the option of the holder and has no expiration date.
/s/ Jihan Wu03/31/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What does Wu Jihan’s Form 3 filing show for Bitdeer Technologies Group (BTDR)?

The Form 3 shows initial beneficial ownership for Wu Jihan in Bitdeer Technologies Group. It reports large indirect stakes in both Class V and Class A Ordinary Shares held through a trust and corporate structure rather than direct trading activity.

How many Class V Ordinary Shares linked to Bitdeer (BTDR) does Wu Jihan indirectly hold?

Wu Jihan is reported as indirectly associated with 44,399,922 Class V Ordinary Shares. Each Class V share is convertible into one Class A Ordinary Share, providing substantial potential voting and economic exposure to Bitdeer through the trust-owned holding company.

How many Bitdeer (BTDR) Class A Ordinary Shares are indirectly held for Wu Jihan?

The filing lists 2,946,206 Class A Ordinary Shares held indirectly. These shares are owned through entities and an irrevocable trust structure, rather than in Wu Jihan’s name directly, but the trust arrangement gives him directive power over voting and disposal rights.

Who legally holds the Bitdeer (BTDR) shares tied to Wu Jihan’s Form 3?

The shares are held by Victory Courage Limited, a British Virgin Islands company. Victory Courage is wholly owned through Cosmic Gains Global Limited and an irrevocable trust managed by VISTRA Trust (Hong Kong) Limited, with Wu Jihan as settlor and beneficiary.

Can Wu Jihan control how the Bitdeer (BTDR) shares in the trust are voted or sold?

Yes. The filing states that under the trust terms, Wu Jihan may direct the trustee regarding retention or disposal of the shares and the exercise of any voting and other rights attached to the Bitdeer shares held by Victory Courage Limited.

Are the Class V Ordinary Shares in Bitdeer (BTDR) convertible into Class A shares?

Each Class V Ordinary Share is convertible into one Class A Ordinary Share at any time at the holder’s option. The filing also notes that these Class V shares have no expiration date, making the conversion feature ongoing without a stated maturity.