Production Growth - Bitdeer mined 526 bitcoin in November 2025, a 251% increase compared to the same period last year [1] - The production growth is attributed to the deployment of proprietary SEALMINER rigs, with a self-mining hashrate of 45.7 EH/s [1] Future Projections - The company expects to surpass 50 EH/s by the end of the year, joining other public miners with similar capacity [2] - Currently, Bitdeer has 34.3 EH/s of SEALMINER A2 model deployed and 3.3 EH/s in transit, along with 0.6 EH/s of the new A3 model deployed and 2.9 EH/s in transit [2] ASIC Chip Development - Bitdeer's SEAL04-1 chip demonstrated power efficiency of approximately 6-7 J/TH, with mass production targeted for Q1 2026 [3] - The SEAL04 chip's production was delayed, leading to a split in design and rollout into two batches: SEAL04-1 and SEAL-02 [3] High-Performance Computing Division - The high-performance computing division is on track to earn approximately $10 million in annual recurring revenue as of November, up from $8 million in October [4] - Expansion of AI infrastructure includes a new 2 megawatt data center in Malaysia, expected to launch by the end of 2025 [4] Data Center Expansion - The company is evaluating leasing opportunities for data centers in the U.S., including a 13 megawatt site in Wenatchee, Washington, and a 35 megawatt project in Knoxville, Tennessee [5] Setbacks - A localized setback occurred at Bitdeer's site in Massillon, Ohio, due to a fire, postponing the energization of approximately 26 megawatts [6] - The remaining 174 megawatts at the location are scheduled to come online in Q2 2026 [6]

Investment Rating - The report maintains an "Accumulate" rating for the industry [6] Core Insights - In recent years, several Bitcoin mining companies have partnered with AI cloud providers, utilizing part of their electricity for GPU hosting and developing AIDC (AI Data Center) businesses, with contracts totaling $53.6 billion and involving 1.959 GW of power [1][11] - The market perceives that Bitcoin mining companies primarily have an advantage in electricity resources compared to other AIDC competitors, but many have prior experience in self-operated cloud services [4][10] - The report suggests that companies with more AI electricity capacity tend to have higher market valuations, with average valuations of $4.73 million/MW for total electricity, $12.26 million/MW for mining electricity, and $144 million/MW for AI electricity [4][55] Summary by Sections 1. Current Status of Bitcoin Mining Transformation to AIDC - As of November 3, 2025, six Bitcoin mining companies have signed contracts with at least five cloud providers, totaling $53.6 billion and involving 1.959 GW of power [1][11] - Over 50% of the AI cloud providers that signed contracts with Bitcoin mining companies are emerging firms, with Coreweave being the largest [2][13] - The average contract duration for AIDC projects is 14 years, with a minimum of 5 years and a maximum of 25 years [3][24] - The average price for key IT load contracts is $1.73 million/MW/year, indicating a consistent pricing structure across projects [3][27] 2. Reasons and Models for Transformation - The transition to AIDC is driven by the uncertainty in revenue and profitability from Bitcoin mining, which faces challenges such as fluctuating prices and increasing competition [33][35] - AIDC offers higher gross margins compared to Bitcoin mining, with various projects reporting net operating income margins between 80% and 88% [40][39] 3. Self-Operated Cloud Services by Mining Companies - Companies like Iris Energy, Hive Digital, and Bitdeer are actively developing self-operated AI cloud services, with Iris Energy expected to operate 140,000 GPUs by the end of 2026 [43][47] - Bitdeer plans to operate 1,160 GPUs by the end of 2025, while Hive Digital aims to exceed 11,000 GPUs by the end of 2026 [44][51] 4. Future Outlook for AIDC Transformation - The report anticipates an acceleration in the transformation of Bitcoin mining companies to AIDC, as companies with more AI electricity capacity are valued higher in the market [55] - The report highlights the importance of companies having substantial electricity reserves and experience in AI cloud services for future investment opportunities [4][55]

Core Insights - Multiple Bitcoin mining stocks are experiencing gains as network difficulty decreases and Bitcoin prices improve, leading to better mining revenues [1] - Year-to-date performance shows significant gains for several companies, with IREN leading at 357% [3] Company Performance - MARA gained 11.97% this week, followed by CleanSpark at 11.75%, Core Scientific at 5.56%, and Hut 8 at 1.04% [2] - American Bitcoin saw a significant drop of 42.38% due to an investor unlock, while IREN fell by 4.13% after a convertible note announcement [2] - Year-to-date, IREN has a 357% gain, Terawulf at 154%, and Hut 8 at 104%, while MARA is down 28% for the year [3] Mining Economics - Hashprice has dropped below $40 per petahash per day, indicating that operator revenues are at a new low despite the decrease in mining difficulty [3] - The average machine operates at 32 joules per terahash, with a break-even hashcost of approximately $38.40 per petahash per day at a power cost of $0.05 per kilowatt-hour [4] - Many miners are close to or below profitability, potentially needing to rely on cash reserves or reduce operations to manage costs [4] Monthly Mining Reports - Riot and CleanSpark reported 428 and 587 Bitcoin mined in November, respectively, while Cango mined 546 Bitcoin, slightly lower than the previous month [5] - Bitdeer, a Bitcoin miner and ASIC manufacturer, is facing a lawsuit regarding alleged miscommunications about its new unit's performance and production timelines [5]

Core Viewpoint - A class action lawsuit has been filed against Bitdeer Technologies Group, alleging that the company misled investors regarding the development and timeline of its SEAL04 Bitcoin mining ASIC chip, which is crucial for its SEALMINER A4 mining computer [1][2]. Group 1: Allegations and Lawsuit Details - The lawsuit, filed in the Southern District of New York, claims that Bitdeer executives made false statements about the chip's energy efficiency and production schedule, leading to a significant drop in stock price following the announcement of production delays [2][4]. - The lawsuit seeks damages for investors who purchased Bitdeer securities between June 6, 2024, and November 10, 2025, during which time the stock price fell by 41% [5]. - The corrective disclosure occurred on November 10, 2025, when Bitdeer reported a net loss of $266.7 million and acknowledged significant delays in the SEAL04 chip's production [6]. Group 2: Product Development Timeline - Bitdeer initially announced the SEAL04 ASIC chip in June 2024, promoting an energy efficiency of "as low as" 5 J/TH, with expectations for availability in Q2 2025 [3]. - Despite claims of being on track for mass production, the lawsuit argues that design issues led to delays, forcing the company to adopt a dual-track approach with two independent designs for the SEAL04 chip [4][7]. - Management later revised the timeline, targeting Q3 2025 for the first tape out of the SEAL04, which was subsequently pushed to Q4 2025, with mass production now expected in Q1 2026 [8].

As filed with the U.S. Securities and Exchange Commission on December 4, 2025 under the Securities Act of 1933, as amended. Registration No. 333-290905 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 To Form S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 White Pearl Acquisition Corp. (Exact name of registrant as specified in its charter) British Virgin Islands 6770 N/A (State or other jurisdiction of incorporation or organization) (Primary Standard Indust ...

Bitcoin (BTC) mining profitability declined for the fourth month in a row in November, according to a Monday report by JPMorgan (JPM). Daily block reward gross profit also slumped 26% from the month previous, analysts Reginald Smith and Charles Pearce wrote. The Bitcoin network hashrate dropped 1% to an average of 1,074 exahashes per second (EH/s) in November, the report said, after hitting a record high in October. "Bitcoin miners earned an average of $41,400 per EH/s in daily block reward revenue in N ...

Market Overview - U.S. stock futures are lower, with Dow futures dropping approximately 200 points on Monday [1] - Shares of CleanSpark Inc (NASDAQ: CLSK) fell sharply in pre-market trading, down 7.7% to $13.93 [1] Crypto-Linked Stocks - Crypto-linked stocks experienced declines following Bitcoin's drop below $86,000 [1][3] - Notable declines include: - Bitfarms Ltd (NASDAQ: BITF) down 8.9% to $3.17 [3] - Cipher Mining Inc (NASDAQ: CIFR) down 7.7% to $18.79 [3] - Bitdeer Technologies Group (NASDAQ: BTDR) down 7.3% to $12.40 [3] Other Notable Stocks - Columbus Circle Capital I Corp (NASDAQ: BRR) decreased 19.2% to $8.20 [3] - Vaxcyte Inc (NASDAQ: PCVX) fell 11.6% to $43.87 [3] - Jiayin Group Inc – ADR (NASDAQ: JFIN) dropped 10.8% to $6.36 [3] - CEA Industries Inc (NASDAQ: BNC) declined 9.2% to $6.54 after a previous gain of over 20% [3] - TryHard Holdings Ltd (NASDAQ: THH) fell 9.1% to $12.53 after a 10% gain on Friday [3] - Coupang Inc (NYSE: CPNG) shares decreased 8.7% to $25.71 [3] - Pegasystems Inc (NASDAQ: PEGA) declined 8.1% to $50.36 [3]

Core Insights - Tether has acquired an additional 1.89 million shares in Bitdeer through open-market purchases between November 17 and November 21 [1] - Bitdeer's stock has significantly declined following its Q3 earnings call, which revealed a net loss of $266.7 million and a fire at its Ohio facility [2] - The company announced indefinite delays in the production schedule of its SEAL04 miner due to technical complexities and design changes [3] - Tether previously reduced its Bitdeer stake by approximately 7.7 million shares for $166 million since its peak holding in April [4] - The broader bitcoin mining market has lost $32 billion in market capitalization since October, with bitcoin's hashprice dropping to an all-time low below $35 per petahash per second [5] Company Developments - Tether's recent acquisition of shares indicates continued investment interest despite Bitdeer's challenges [1] - Bitdeer's operational setbacks, including a significant quarterly loss and production delays, raise concerns about its future performance [2][3] - The company is currently reviewing the SEAL miner timeline, with engineering teams addressing necessary design adjustments before mass production [4] - The overall decline in the bitcoin mining sector reflects broader economic pressures affecting profitability and operational viability [5] Market Context - The bitcoin mining public market has experienced a substantial decrease in market capitalization, highlighting the industry's struggles [5] - The decline in bitcoin's hashprice is attributed to lower bitcoin prices and high network difficulty, impacting mining economics [5]

Core Insights - Bitdeer reported a significant revenue increase of 173% year over year, reaching $169.7 million, and turned adjusted EBITDA from negative $7.9 million to positive $43 million [1][3] - The company doubled its self-mined Bitcoin output to 1,109 BTC and achieved a hashrate of 41.2 exahash as of October, marking over a 4x increase in self-mining capacity in the last ten months [2][3] - Bitdeer is shifting its strategy from hosting and cloud-mining to internal deployment of its own hardware, which has contributed to the revenue surge [3] Financial Performance - The company reported a net loss of $207 million this quarter, primarily due to non-cash changes related to convertible notes [4] - Bitdeer is implementing a strategy to retire existing convertible notes and issue new ones, alongside an 11 million-share private placement to noteholders [4] Product Development - Mass production of the SEAL Miner A3 ASIC has commenced, while the A4 chip is undergoing in-house testing with efficiency levels of 6–7 J/TH at the chip level [5] - The company is facing delays in the A4 chip development due to the need to rewrite parts of the internal design software [5][6] AI and HPC Expansion - Bitdeer plans a 40MW AI cloud buildout across Singapore, Malaysia, Washington, and Tennessee, with a larger 175MW facility planned for Norway in 2026 [7] - The company is pursuing large-scale AI co-location at its 570MW Clarion site in Ohio, where demand from potential customers is reportedly strong [7]

Core Insights - Bitcoin is currently facing pressure below the $90,000 mark, leading to a decline in momentum for several Bitcoin-linked stocks [1] Company Performance - **Bitcoin Depot Inc. (NASDAQ:BTM)**: The momentum score has dropped significantly from 75.33 percentile to 8.88, a decline of 66.45 percentile points. The stock is down 47.90% over the last month, 6.88% year-to-date, and 24.75% annually, indicating a weaker price trend across all time frames [2][7] - **Bakkt Holdings Inc. (NYSE:BKKT)**: The momentum score fell from 91.42 to 22.56, reflecting a decline of 68.86 points. The stock has tumbled 51.56% over the month, 45.09% year-to-date, and 50.12% over the year, showing a significant pullback in investor enthusiasm [2][7] - **Bitdeer Technologies Group (NASDAQ:BTDR)**: The momentum ranking decreased from 64.77 to 17.50, a decline of 47.27 points. The stock is down 55.72% over the month, 55.01% year-to-date, and 16.55% annually, indicating a weaker short-term price trend but a strong medium to long-term outlook [2][7] Market Context - Bitcoin is trading approximately 31.95% lower from its all-time high on October 7, with current prices at $85,891.30 per coin, reflecting ongoing volatility in the cryptocurrency market [6][8]