Core Insights - Bitdeer Technologies Group has joined the Russell 2000® and 3000® Indexes as of June 30, 2025, marking a significant milestone for the company [1][5] - The company has increased its self-mining hashrate by 21% to 16.5 EH/s and aims to reach 40 EH/s by the end of October 2025 [1][3] - The SEALMINER A3 series is nearing mass production, with all machine level testing results meeting expectations [1][3] Operational Update - Self-mined Bitcoin increased to 203 Bitcoins in June 2025, a rise of approximately 4% from May 2025 [4] - Total hash rate under management reached 30.6 EH/s in June 2025, up from 27.4 EH/s in May 2025 [5] - The company has manufactured a total of 14.9 EH/s in mining rigs, with 5.3 EH/s shipped to external customers [4] Mining Rig Manufacturing and R&D - SEALMINER A1 has 3.9 EH/s energized, while SEALMINER A2 has 14.9 EH/s manufactured and 1.1 EH/s in final assembly [4] - SEALMINER A4 is on track to achieve an expected chip efficiency of approximately 5 J/TH [4] Infrastructure Update - Total electrical capacity across various sites is 1,098 MW, with several sites in progress and expected to be fully energized by Q3 2025 [7][9] - The company has ongoing discussions for HPC/AI projects with multiple development partners in the U.S. [4] Financial Update - Bitdeer successfully closed a total of US$375.0 million principal amount of 4.875% Convertible Senior Notes due 2031 through an oversubscribed private placement offering [4] - Bitcoin held by the company increased to 1,502 Bitcoins as of June 2025, compared to 1,351 in May 2025 [5]

Core Insights - Bitdeer AI has been awarded the MLOps Innovation Award by AI Breakthrough for its effective machine learning operations platform [1][2] - The platform enhances AI and ML training job management, enabling faster deployment and collaboration across various business sizes [2][3] Company Overview - Bitdeer AI is part of Bitdeer Technologies Group and focuses on providing AI and ML GPU cloud solutions [6][7] - The company offers a serverless GPU infrastructure, preconfigured MLOps pipelines, and integrated monitoring dashboards to streamline AI model development [3][4] Technology and Features - The platform supports high-performance GPUs, including NVIDIA H100, H200, and upcoming models, facilitating efficient scaling and reduced time to production [4] - Bitdeer AI's architecture allows organizations to experiment with large-scale models and manage version control without extensive DevOps resources [3][4] Future Plans - Bitdeer AI aims to evolve its platform into a next-generation cloud service that combines AI-driven automation with adaptive infrastructure [5] - The company is focused on lowering barriers for organizations to deploy AI solutions while ensuring robust security and compliance [5]

Financial Performance - Total revenue in Q1'25 was $70.1 million[9], a decrease compared to $119.5 million in Q1'24[9] - The company experienced a gross loss of $3.2 million in Q1'25[11] - Adjusted EBITDA showed a loss of $56.1 million in Q1'25[10] - Net income after tax was $409.5 million in Q1'25[11] - The company holds $215.6 million in cash and cash equivalents and $131.1 million in crypto holdings[11] Operational Highlights - Energized hashrate reached 3.7 EH/s, with the remaining 0.1 EH/s expected to be energized in Q2 2025[12] - Mass production of SEALMINER A2s reached 3.3 EH/s manufactured, with 1.2 EH/s being assembled as of April[12] - Approximately 1.3 EH/s of miners have been shipped to customers[12] - 0.5 EH/s have been deployed and energized at Bitdeer sites[12] ASIC Market Opportunity - Potential ASIC Revenue TAM could reach approximately $21.25 billion[15] - Potential SEALMINER revenue at a 30% market share is estimated at around $6.4 billion[17]

Core Viewpoint - Bitdeer Technologies Group has announced the pricing of US$330 million principal amount of 4.875% Convertible Senior Notes due 2031, increasing from a previously announced US$300 million offering, with the sale expected to close on June 23, 2025 [1][2]. Group 1: Offering Details - The notes will bear interest at a rate of 4.875% per year, payable semiannually starting January 1, 2026, and will mature on July 1, 2031 [2]. - The initial conversion rate is set at 62.9921 Class A ordinary shares per US$1,000 principal amount, equating to an initial conversion price of approximately US$15.88 per share, representing a 25% premium over the last reported sale price on June 17, 2025 [2]. Group 2: Redemption and Repurchase Conditions - The company may redeem the notes for cash starting July 6, 2028, if certain conditions regarding the stock price and liquidity are met, at a redemption price equal to 100% of the principal amount plus accrued interest [3]. - The company can also redeem all but not part of the notes if less than US$25 million remains outstanding, or in the event of certain tax law changes [4]. Group 3: Use of Proceeds - The estimated net proceeds from the offering are approximately US$319.6 million, intended for various purposes including datacenter expansion, ASIC-based mining rig development, and working capital [7]. - If the initial purchasers exercise their option to purchase additional notes, the proceeds will similarly be allocated for datacenter expansion and other corporate purposes [7]. Group 4: Zero-Strike Call Option Transaction - The company has entered into a zero-strike call option transaction, paying a premium of approximately US$129.6 million for the right to receive about 10.2 million Class A ordinary shares [8]. - This transaction is designed to facilitate derivative transactions related to the Class A ordinary shares, potentially impacting their market price [8][9]. Group 5: Concurrent Note Exchange Transaction - Concurrently with the offering, the company has engaged in transactions to exchange approximately US$36.1 million in cash and about 8.1 million Class A ordinary shares for US$75.7 million of its existing convertible senior notes due 2029 [11]. - This exchange is not contingent upon the offering of the new notes [11].

Core Viewpoint - Bitdeer Technologies Group plans to offer $300 million in Convertible Senior Notes due 2031, with an option for an additional $45 million, to qualified institutional buyers, subject to market conditions [1][2] Group 1: Offering Details - The notes will be general senior unsecured obligations of the Company, accruing interest payable semiannually [2] - Upon conversion, the Company will have the option to pay in cash, Class A ordinary shares, or a combination of both [2] - The interest rate and other terms will be determined at the time of pricing [2] Group 2: Use of Proceeds - Proceeds will be used for zero-strike call option transaction costs, cash consideration for concurrent note exchange transactions, datacenter expansion, ASIC mining rig development, and general corporate purposes [3] - If the additional notes are purchased, proceeds will similarly be allocated for datacenter expansion and other corporate purposes [3] Group 3: Zero-Strike Call Option Transaction - The Company plans to enter a zero-strike call option transaction with an initial purchaser, allowing it to receive a specified number of Class A ordinary shares at expiration [4] - This transaction aims to facilitate derivative transactions for investors, potentially impacting the market price of Class A ordinary shares and the notes [4][5] Group 4: Concurrent Note Exchange Transaction - The Company expects to negotiate privately to exchange certain August 2029 notes for cash and Class A ordinary shares [7] - The terms of these exchanges will vary and are not guaranteed [7] - Hedged holders of the August 2029 notes may unwind hedge positions, which could significantly affect the market price of Class A ordinary shares [8] Group 5: Company Overview - Bitdeer is a leading technology company in Bitcoin mining, providing comprehensive solutions including equipment procurement, datacenter design, and operations [11] - The Company is headquartered in Singapore and has datacenters in the United States, Norway, and Bhutan [11]

Core Insights - Bitdeer Technologies Group reported an increase in self-mining hashrate to 13.6 EH/s as of May 2025, with plans to exceed 40 EH/s by October 2025 [5][7] - The company sold and shipped 1.6 EH/s of SEALMINER A2s to external customers in May 2025 [5][7] - Self-mined Bitcoin production reached 196 Bitcoins in May 2025, marking an 18.1% increase from April 2025 [7] Operational Update - The deployment of SEALMINER mining rigs is ongoing in Texas, Norway, and Bhutan, contributing to the self-mining hashrate [5] - The SEALMINER A3 series is expected to be available for pre-order in June 2025 [7] - Client-hosted mining rigs increased by 5,000 units or 1.0 EH/s in May 2025 due to existing customers expanding their hosted mining rigs [7] Production and R&D - A total of 9.0 EH/s mining rigs have been manufactured, with 1.5 EH/s in final assembly as of the end of May 2025 [7] - The company is on track to achieve a chip efficiency of approximately 5 J/TH with the SEAL04 R&D project expected to tape-out in Q4 2025 [3] Financial Update - Tether exercised warrants in May 2025, resulting in the issuance of 5,186,627 ordinary shares and generating US$50 million in cash [7] - The total hash rate under management increased to 27.4 EH/s in May 2025, up from 25.1 EH/s in April 2025 [8] Infrastructure Development - Electrical equipment installation and hydro cooling systems in Tydal, Norway, are expected to be completed by the end of June 2025 [7][16] - Construction in Massillon, Ohio, is ongoing and expected to be completed in phases from Q3 to Q4 2025 [7][16] - The company has acquired a 50 MW Bitcoin mining project in Ethiopia for US$7.5 million, with expected energization in Q4 2025 [14][17]

Group 1 - Bitdeer (NASDAQ: BTDR) is recognized as a prominent player in the Bitcoin mining sector, particularly noted for its performance in the last Bitcoin market cycle [1] - Coverage on Bitdeer was initiated around June 2024, coinciding with the release of the previous year's Q1 earnings [1] Group 2 - The article highlights the author's background as a cryptocurrency enthusiast and trader since 2017, with expertise in coding, writing about cryptocurrencies, and investment strategies [1] - The author possesses a deep understanding of distributed ledger technology, the Web3 technology stack, and crypto investing [1]

Financial Data and Key Metrics Changes - For Q1 2025, total revenue was $70.1 million, down from $119.5 million in Q1 2024, primarily due to the impact of the 2024 halving and increased global network hash rate [7][20] - Gross profit was negative $3.2 million compared to positive $34.1 million, resulting in a gross margin of negative 4.6% versus 28.6% [22] - Adjusted EBITDA was negative $56.1 million compared to positive $27.3 million in the previous year [22] - Net cash used for operating activities was $284 million, driven mainly by supply chain and manufacturing costs [23] Business Line Data and Key Metrics Changes - Self-mining revenue decreased by 23.1% to $37.2 million, impacted by the halving event and increased global hash rate [20] - Cloud hash rate revenue fell to $100,000 from $18.1 million due to the expiration of long-term contracts [21] - General hosting revenue dropped to $9.6 million from $29 million, while membership hosting revenue decreased to $16.3 million from $19.5 million [21] Market Data and Key Metrics Changes - The company is focusing on geographic diversification, with over half of its new power capacity located in Norway and Bhutan [8] - The company expects to reach a self-mining hash rate of 40 exahash per second by October 2025, driven by new power capacity and ASIC production [14][68] Company Strategy and Development Direction - The company is prioritizing the development of its own ASIC technology, which is expected to provide long-term advantages and cost efficiencies [7] - Plans to migrate a portion of manufacturing to the U.S. in the second half of 2025 are underway, aiming to capitalize on favorable tariff policies [10] - The company is also exploring opportunities in high-performance computing (HPC) and AI, with ongoing discussions for potential partnerships [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for Bitcoin mining rigs, anticipating continued growth in the market [10] - The company is optimistic about the impact of recent trade negotiations on U.S. manufacturing for Bitcoin mining [9] - Management acknowledged uncertainties in capacity availability due to market dynamics but remains confident in their partnerships with TSMC [32] Other Important Information - The company signed a 50-megawatt mining data center agreement in Ethiopia, targeting energization by Q4 2025 [16] - The total available power capacity is expected to reach over 1.8 gigawatts by the end of 2025, including new projects in Ohio and Ethiopia [17] Q&A Session Summary Question: Interest in A2 and chip demand changes - Management noted increased interest in purchasing mining ASICs following recent market developments, but self-mining remains a priority [31] Question: 40 exahash target considerations - Management indicated that the target is influenced by machine availability and power capacity, with confidence in meeting the goal [32] Question: Demand for Clarington site and customer interest - The focus is on securing a development partner for the Clarington site, with inbound interest from potential end users [36] Question: Recent loan agreement rationale - The company is cautious about dilution and sees responsible debt as a viable option for financing chip purchases [37] Question: Strategy for Seal A4 ASIC - The company plans to transition to external sales as internal capacity fills up, with expectations for significant external sales once production ramps up [41] Question: Power cost trends - Q1 typically sees higher power prices, but management expects lower costs in Q2 and Q3 due to improved power supply strategies [46] Question: ASIC machine performance tracking - Customers can expect to test the efficiency of the new ASIC machines starting in October [50] Question: Average fleet efficiency targets - Management anticipates average efficiency to improve as newer rigs are deployed, with expectations for lower energy consumption in the future [55] Question: Tariff impact on external sales strategy - Management believes tariffs will not significantly hinder operations, with plans to adapt manufacturing strategies accordingly [78] Question: Customer interest trends and global sales composition - U.S.-based miners continue to dominate the market, but there is potential for increased international sales as the market evolves [86]

Financial Data and Key Metrics Changes - For Q1 2025, total revenue was $70.1 million, a decrease from $119.5 million in Q1 2024, primarily due to the impact of the 2024 halving and increased global network hash rate [6][19] - Gross profit was negative $3.2 million compared to positive $34.1 million in the previous year, resulting in a gross margin of negative 4.6% versus 28.6% [21] - Adjusted EBITDA was negative $56.1 million, down from positive $27.3 million in Q1 2024 [21] - Net cash used for operating activities was $284 million, driven mainly by supply chain and manufacturing costs [22] Business Line Data and Key Metrics Changes - Self-mining revenue was $37.2 million, down 23.1% year-over-year, influenced by the halving event and increased global hash rate [19] - Cloud hash rate revenue fell to $100,000 from $18.1 million due to the expiration of long-term contracts [20] - General hosting revenue decreased to $9.6 million from $29 million, while membership hosting revenue dropped to $16.3 million from $19.5 million [20] Market Data and Key Metrics Changes - The company is focusing on geographic diversification, with over half of its new self-mining power capacity located in Norway and Bhutan [7] - The company anticipates a self-mining hash rate of 40 exahash per second by October 2025, supported by new power capacity coming online [13] Company Strategy and Development Direction - The company is prioritizing the development of its own ASIC technology, which is expected to provide long-term advantages and cost efficiencies [6][12] - Plans to migrate a portion of manufacturing to the U.S. in the second half of 2025 are underway, aiming to capitalize on favorable tariff policies [9] - The company is also exploring opportunities in high-performance computing (HPC) and AI, with ongoing discussions for development partnerships [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for Bitcoin mining rigs, anticipating continued growth in the market [9][12] - The company is optimistic about the impact of recent trade negotiations on tariffs, which may encourage more Bitcoin mining-related manufacturing in the U.S. [8] - Management acknowledged the uncertainty in capacity availability due to market dynamics but remains confident in their partnerships with technology providers [31] Other Important Information - The company signed a 50-megawatt mining data center agreement in Ethiopia, targeting energization by Q4 2025 [14] - A loan agreement for up to $200 million was established to finance chip purchases, secured by the miners themselves [26][72] Q&A Session Summary Question: Interest in ASIC chips and demand changes - Management noted increased interest in purchasing mining ASICs following recent market developments, but self-mining remains the priority [30] Question: Clarington site development and customer demand - The focus is on securing a development partner for the Clarington site, with inbound interest from potential end users [35] Question: Capital structure and loan agreement rationale - The decision to enter a loan agreement was influenced by market conditions, with a focus on minimizing dilution while financing growth [36] Question: ASIC sales strategy and external sales capacity - The company plans to transition to more external sales as internal capacity fills up, with expectations for significant external sales of the A4 ASICs [40] Question: Power costs and future trends - Q1 typically sees higher power prices, but management expects lower costs in Q2 and Q3 due to improved power supply strategies [46] Question: Customer interest and tariff impacts - Management believes that U.S. miners will continue to expand operations despite potential tariff challenges, with a strong capital market supporting growth [86]

Core Viewpoint - Bitdeer Technologies Group reported a significant decline in revenue and gross profit for Q1 2025 compared to Q1 2024, while achieving a net income of $409.5 million primarily due to non-cash gains from derivative liabilities [4][16]. Financial Highlights - Total revenue for Q1 2025 was $70.1 million, down from $119.5 million in Q1 2024 [4][12]. - Cost of revenue decreased to $73.4 million from $85.4 million, leading to a gross loss of $3.2 million compared to a gross profit of $34.1 million in the previous year [4][10]. - Self-mining revenue was $37.2 million, down from $48.4 million, attributed to the April 2024 halving and increased global network hashrate [12]. - Adjusted EBITDA was negative $56.1 million, a decline from positive $27.3 million in Q1 2024 [4][18]. Operational Summary - The total hash rate under management increased to 24.2 EH/s from 22.5 EH/s year-over-year, with self-mining hash rate rising to 11.5 EH/s from 6.7 EH/s [2]. - The company aims to reach a self-mining hashrate of 40 EH/s by October 2025 [2]. - Bitcoin mined through self-mining was 350 BTC, down from 911 BTC in Q1 2024 [4]. Power Infrastructure - As of April 30, 2025, Bitdeer has a total electrical capacity of 1,098 MW, with plans to reach nearly 1.6 GW by the end of Q2 2025 [5]. - The company is engaged in developing HPC/AI data center strategies, with discussions ongoing for large-scale sites in the U.S. [2]. Balance Sheet and Cash Flow - Cash and cash equivalents stood at $215.6 million as of March 31, 2025, down from $476.3 million at the end of 2024 [4][21]. - The company reported net cash used in operating activities of $284.0 million, primarily due to working capital payments for SEALMINER production [21]. - Total assets increased to $1.6 billion, with total liabilities at $804.0 million [28]. Research and Development - R&D expenses surged to $59.0 million from $21.2 million, driven by costs related to the SEAL03 chip development and higher engineering costs [14]. Market Position - Bitdeer is positioned as a leading supplier of energy-efficient mining rigs, with ongoing efforts to enhance chip efficiency through the SEALMINER A4 project [2].