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Bitdeer Technologies Group

Bitdeer Technologies Group

BTDR
$10.74USD↓-4.41%-0.49 today

MARKET CAP

2.6B

P/E (TTM)

—

FWD P/E

—

DAY RANGE

$10 – $11

52W RANGE

$7
$28

AI Summary

Stalk
TrimMedium

BTDR is in a Stage 4 decline with a medium-term bearish bias reinforced by active lower highs and lower lows. Price remains below the 9 and 21 EMAs amid persistent selling pressure in an extreme oversold environment. Short-term timing is neutral, so execution should be deferred. Preferred entry is on a rally into the 9/21 EMA zone or nearby resistance, with rejection there signaling a sell. A sustained hold and close above the EMAs would invalidate the bearish posture.

  • ↑Q1 2026 revenue $188.9m, +170% YoY driven by 500% bitcoin output growth
  • ↑AI cloud annual run rate hit $43m after 105% month-on-month surge
  • ↓Q1 gross margin was -20.7%, pressured by low Bitcoin prices and depreciation
Full analysis →

The case for & against

Bull & Bear analysis

Bearish

Bitdeer Technologies Group (NASDAQ: BTDR) is an emerging player in the cryptocurrency mining sector, strategically transitioning to an integrated model that captures the growing demand for AI-driven solutions alongside traditional Bitcoin mining. This dual focus positions the company favorably within the evolving landscape of digital assets and AI technologies. Operating as a vertically integrated provider, Bitdeer leverages its extensive operational capabilities and innovative technologies to optimize its position in an increasingly competitive market.

Bull says

  • ↑Q1 2026 revenue $188.9m, +170% YoY driven by 500% bitcoin output growth
  • ↑AI cloud annual run rate hit $43m after 105% month-on-month surge
  • ↑Seal Miner A4 deployment boosts energy efficiency, aiding margin recovery
  • ↑Converting TETL Norway into one of Europe’s largest AI data centers
  • ↑Strong price momentum and 4.14% short interest signal short-covering upside
  • ↑Positive liquidity and interest-rate sensitivity support debt-financed expansion

Bear says

  • ↓Q1 gross margin was -20.7%, pressured by low Bitcoin prices and depreciation
  • ↓Leverage at $824m and negative $346.9m operating cash flow strain finances
  • ↓High Bitcoin volatility threatens mining economics and operational margins
  • ↓Clarington litigation risks delay AI and mining infrastructure rollouts
  • ↓Negative profitability metrics question capital-intensive growth sustainability
  • ↓Elevated leverage risk and high short interest reflect bearish investor sentiment

Investment themes with BTDR

Bitcoin Miners↑ +1.23%

Companies mining bitcoin using specialized hardware

IREN · WULF · CIFR
Most Shorted Stocks↑ +0.54%

Stocks with highest short interest

LITE · FSLY · SPHR

Earnings Call · Q1 2026 · Mgmt. Guidance

Updated 05-14-2026neutral

Transcript signals

Bull points

  • First quarter consolidated revenue was 188.9 million, an increase of approximately 119 million year-over-year, driven primarily by the significant expansion of our mining hash rate and associated Bitcoin production, reflecting the continued seal miner deployment throughout 2025 and into 2026.
  • Adjusted EBITDA was 14.4 million for the quarter, an increase of approximately 60 million year on year.
  • Net cash used in operating activities was 346.9 million, a 42% reduction versus the Q4 net cash used in operations of 594.7 million.

Bear points

  • Total gross profit was negative 39 million, reflecting a gross margin of negative 20.7%.
  • First, Bitcoin prices remain under pressure throughout the quarter.
  • Second, our mining fleet carries substantial non-cash depreciation expense amounting to 70 million given our rapid expansion.
Read full transcript analysis ›