Bitdeer Technologies Group (BTDR) Is Down 15.4% After Exiting Bitcoin Treasury To Fund AI Expansion - Has The Bull Case Changed?

• Earlier in February 2026, Bitdeer Technologies Group announced an upsized US$325 million private placement of 5.00% convertible senior notes due 2032 and a registered direct offering of 5,503,030 Class A shares, alongside fully liquidating its remaining 943 Bitcoin, around US$62 million, to fund datacenter expansion, AI/HPC infrastructure and repurchases of 2029 notes.
• This marks a clear shift away from relying on a corporate Bitcoin treasury toward funding growth through capital markets and reallocating resources into higher-compute businesses like AI cloud and high-performance computing.
• Next, we will assess how Bitdeer’s wholesale Bitcoin treasury exit and AI/HPC expansion funding reshape its previously self-mining focused investment narrative.

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Bitdeer Technologies Group Investment Narrative Recap

To own Bitdeer, you now have to believe it can successfully pivot from a self mining centric story toward a capital intensive AI and high performance computing platform, while still running a competitive Bitcoin operation. The latest US$325 million convertible notes and equity raise, plus the full Bitcoin treasury sale, directly affect the key near term catalyst execution of AI or HPC buildout and sharpen the biggest risk balance sheet strain and dilution as expansion ramps.

The February 2026 financing moves sit against a very different earnings backdrop from a year earlier. In Q4 2025, Bitdeer reported sales of US$224.84 million and net income of US$70.54 million, a sharp reversal from the prior year’s loss. That improvement, alongside January 2026 Bitcoin production of 668 BTC, frames the AI and datacenter push as an expansion on top of a now profitable base rather than a turnaround from weakness.

Yet despite this progress, investors should still weigh how higher leverage and potential dilution could affect returns if AI and HPC ramp more slowly than expected...

Read the full narrative on Bitdeer Technologies Group (it's free!)

Bitdeer Technologies Group's narrative projects $1.8 billion revenue and $343.9 million earnings by 2028. This requires 71.6% yearly revenue growth and a $664.2 million earnings increase from $-320.3 million.

Uncover how Bitdeer Technologies Group's forecasts yield a $28.92 fair value, a 261% upside to its current price.

Exploring Other Perspectives

Before this news, the most pessimistic analysts already worried that heavy borrowings and AI data center build outs could keep losses high even as they penciled in roughly US$2.7 billion of revenue by 2028, so you should treat today’s funding and Bitcoin sale as a fresh input that might push their already cautious view even further.

Explore 7 other fair value estimates on Bitdeer Technologies Group - why the stock might be worth just $21.11!

The Verdict Is Yours

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your Bitdeer Technologies Group research is our analysis highlighting 3 key rewards and 5 important warning signs that could impact your investment decision.
• Our free Bitdeer Technologies Group research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Bitdeer Technologies Group's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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