The 388% Y/Y BTC production growth and expanding AI Cloud ARR signal strong operational execution. Monitor the upcoming Q2 earnings call for financial details and guidance on AI infrastructure monetization. The low BTC holdings (150) suggest the company is selling production to fund capex, which is a positive sign of self-funding but also reduces Bitcoin exposure.
Price Chart
Executive Summary
Bitdeer's June 2026 operations update shows explosive Bitcoin production growth of 388% Y/Y to 990 BTC, driven by self-mining hash rate reaching 73.0 EH/s. AI Cloud ARR grew to ~$76M (up from ~$69M in May) at 95% utilization, with a new 10-year lease for 21.7 IT MW in Malaysia and execution of the Tydal, Norway colocation lease. The company continues to execute on its AI infrastructure pivot while maintaining strong crypto mining momentum.
Key Facts
- Bitcoin production of 990 BTC in June 2026, up 388% year-over-year from 203 BTC in June 2025
- Self-mining hash rate reached 73.0 EH/s, up from 16.5 EH/s in June 2025
- AI Cloud ARR grew to approximately $76 million from $69 million in May 2026, with GPU utilization at 95%
- Signed a 10-year lease agreement for 21.7 IT MW of capacity in Malaysia, handover expected Q1 2027
- Tydal, Norway lease executed (subject to conditions precedent), with phase 1 (50 MW) targeting Q4 2026 energization
- Groundbreaking of Sealminer manufacturing facility in Sparks, Nevada, slated for completion by end of 2026
- Total global electrical capacity stands at 3,025.2 MW (1,797 MW online, 1,228.2 MW pipeline)
- BTC held declined to 150 from 1,502 in June 2025, indicating significant sales to fund operations
Financial Impact
Operational metrics show strong growth but no financial statements provided; AI Cloud ARR of ~$76M annualized run-rate is a key revenue indicator
Risk Factors
- BTC holdings dropped sharply from 1,502 to 150, indicating aggressive selling that may pressure future upside leverage to Bitcoin price
- Clarington, OH 570 MW project faces legal proceedings from a neighboring company that could delay energization
- Pipeline projects (1,228 MW) face execution risk and potential delays in energization timelines
- AI Cloud ARR of ~$76M is still small relative to $2.8B market cap, requiring significant growth to justify valuation
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-079816 |
| Document: ea0298527-6k_bitdeer.htm | 0001213900-26-079816 |
| Document: 0001213900-26-079816-index-headers.html | 0001213900-26-079816 |
| Document: 0001213900-26-079816-index.html | 0001213900-26-079816 |
| Document: 0001213900-26-079816.txt | 0001213900-26-079816 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | 6-K | $7.84 $8.06 | ▲ +2.81% | ▲ +2.28% | $7.09 (−9.63%) |
Oct 8, 2026 18d ago | 6-K | $9.63 $9.26 | ▼ −3.84% | ▼ −3.78% | $7.09 (−26.43%) |
Sep 9, 2026 6w ago | Press Release | $11.53 $11.96 | ▼ −3.73% | ▼ −2.88% | $7.09 (+38.55%) |
Sep 2, 2026 7w ago | 6-K | $10.74 $11.91 | ▲ +10.89% | ▲ +9.85% | $7.09 (−34.03%) |
Sep 1, 2026 7w ago | Press Release | $10.74 $11.91 | ▲ +10.89% | ▲ +9.85% | $7.09 (−34.03%) |
Aug 26, 2026 8w ago | 6-K | $10.67 $11.33 | ▲ +6.19% | ▲ +5.53% | $7.09 (−33.60%) |
Aug 17, 2026 10w ago | Insider Cluster | $9.39 $9.00 | ▼ −4.15% | ▼ −3.48% | $7.09 (−24.55%) |
Aug 10, 2026 11w ago | 6-K | $8.70 $8.69 | ▼ −0.06% | ▲ +0.26% | $7.09 (−18.52%) |
Aug 10, 2026 11w ago | 424B5 | $8.70 $8.69 | ▲ +0.06% | ▼ −0.26% | $7.09 (+18.52%) |
Aug 10, 2026 11w ago | 6-K | $8.70 $8.69 | ▼ −0.06% | ▲ +0.26% | $7.09 (−18.52%) |
US Market Status
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