Stock Price Hits Record High: Is BitDeer the Wealth Code of This Cycle?

By Leek, Foresight News

Besides MicroStrategy, one blockchain stock has recently drawn notable attention.

On December 10, BTDR, a U.S.-listed company also known as Bitdeer (ticker: BTDR), closed at $20.60, briefly surpassing $22 during trading hours—reaching an all-time high.

In May this year, Bitdeer’s share price had dropped to around $5, falling over 50% from its initial listing price. However, with the arrival of the crypto bull market, its stock has steadily rebounded, rising by as much as 300% since November alone. Given that cryptocurrency-related stocks are relatively niche, Bitdeer's performance stands out as exceptional.

According to Bitdeer’s latest financial report released in August, the company achieved revenue of $99.2 million in Q2 2024, representing a 5.8% year-on-year increase. Gross profit for Q2 was $24.4 million, although the company remained unprofitable, narrowing its net loss to $17.7 million. Cloud mining services saw a 32.2% decline in revenue year-over-year. As of June 30, 2024, Bitdeer held $203.9 million in cash and cash equivalents.

Notably, for companies like Bitdeer operating in the Bitcoin mining sector, a key industry event this year was the April 2024 Bitcoin halving, which reduced block rewards to 3.125 BTC per block.

Founded in 2021 by Wu Jihan, co-founder of Bitmain, Bitdeer specializes in cryptocurrency mining farms and cloud-based hashpower services, with headquarters in Singapore. It went public on Nasdaq in 2023 via a SPAC merger, opening at around $10 per share.

Behind its strong stock performance, three strategic moves by Bitdeer in recent years are particularly worth noting:

Expansion into the Mining Hardware Market

This year, Bitdeer has significantly ramped up investment in mining hardware R&D. In March, it launched the SEALMINER A1 model, followed by the second-generation A2 series in October.

The SEALMINER A2 lineup includes both air-cooled (A2) and liquid-cooled (A2 Hyd) versions, both powered by Bitdeer’s self-developed SEAL02 chip. The air-cooled version is designed for well-ventilated mining facilities, while the liquid-cooled variant offers superior thermal management and noise reduction, making it ideal for high-density or noise-sensitive environments.

In terms of specifications, the SEALMINER A2 delivers a theoretical energy efficiency of 16.5J/TH with a hashrate of 226 TH/s. The A2 Hyd matches the same efficiency level but achieves a higher hashrate of 446 TH/s.

These figures place the devices among the top-tier products in the market. Real-world testing videos indicate that both models actually exceed their theoretical performance metrics.

According to its product roadmap, Bitdeer plans to complete four generations of product iteration within five quarters, aiming to reduce the SEAL chip's energy consumption from 18.1 J/TH down to 5 J/TH—a highly ambitious target that also brings challenges related to production capacity, market competition, and user feedback. Currently, pre-orders for SEALMINER units have reached 1.38 million units, according to the company's official website.

Tether Becomes a Major Shareholder

In June, Bitdeer announced a private placement raising up to $150 million, selling $100 million worth of shares to stablecoin issuer Tether. Additionally, Tether received warrants allowing it to purchase another $50 million within 12 months. With approximately 118 million outstanding shares, the private placement involved 18,587,360 Class A ordinary shares, accounting for 15% of Bitdeer’s total shares, making Tether its largest shareholder. Tether CEO Paolo Ardoino stated that Tether is pleased to collaborate with Bitdeer, recognizing it as one of the strongest vertically integrated operators in the Bitcoin mining industry.

Partnership with the Kingdom of Bhutan to Operate Mining Facilities

As early as May 2023, Bitdeer announced a partnership with Druk Holding & Investments (DHI), a commercial entity under the Royal Government of Bhutan, to develop environmentally sustainable, zero-carbon digital asset mining operations in the country.

The two parties plan to launch their collaboration through a closed-end fund, estimated to reach up to $500 million. In July 2023, the Gedu mining data center in Bhutan was completed. Once operational, it added 100 megawatts of power capacity for the company, supporting the operation of 30,000 mining rigs and providing Bitdeer with 3.3 EH/s of dedicated hashpower.

Currently, wallet addresses linked to the Bhutanese government hold approximately 11,790 BTC, valued at $1.16 billion.