News Summary
NegativeBitdeer delivered a revenue beat (47% YoY growth to $228.8M) and tripled computational power to 86.1 EH/s, but reported a wider net loss of $92.3M despite improved top-line performance, triggering a 19% post-earnings selloff. The landmark $4.7B, 16-year Norway AI data center lease with Volta represents significant strategic progress in AI infrastructure, though this is offset by deteriorating unit economics, capital dilution concerns, and a 34.6% one-month stock decline amid mixed analyst sentiment.
Red flags
- •EPS miss of 5.71% versus consensus; net loss expanded to $92.3M despite 47% revenue growth, indicating deteriorating profitability
- •Stock price collapsed 34.6% over one month and down 32% over 12 months, reflecting investor skepticism about capital structure and execution
- •Analyst price target cut from $23 to $20 at Alliance Global, signaling reduced confidence despite business growth
- •Capital dilution concerns raised by analysts regarding recent share issuances and convertible notes without clear near-term profitability path
- •Lack of revenue guidance and SG&A management concerns highlighted by market participants, suggesting operational efficiency questions
Funds Buying (3)
| Fund | Manager | Shares Held | ∆ Shares | Position Value | % of Fund | QoQ | Status |
|---|---|---|---|---|---|---|---|
| Lone Pine Capital | Steve Mandel | 7.0M | +7.0M | $111M | 0.7% | — | NEW |
| Duquesne Family Office | Stanley Druckenmiller | 4.1M | +4.1M | $65M | 1.5% | — | NEW |
| Point72 | Steve Cohen | 2.4M | +2.4M | $38M | <0.1% | — | NEW |
Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter. % of Fund is the position's share of the fund's reported equity portfolio — it drives the size weighting in the conviction score.
Portfolio Context
Where BTDR ranks in each buying fund's book, and the positions immediately around it. What a holding sits next to often says more about the thesis than the position size does.
position #18 of this fund's book
- 15Newamsterdam Pharma Company$104M
- 16Sandisk Corp$79M
- 17Revolution Medicines Inc$75M
- 18Bitdeer Technologies Group$65M
- 19Crh Plc$59M
- 20Delta Air Lines Inc$56M
- 21Fluor Corp$51M
position #24 of this fund's book
- 21ON HLDG AG$470M
- 22LPL FINL HLDGS INC$343M
- 23ARGAN INC$294M
- 24BITDEER TECHNOLOGIES GROUP$111M
- 25SHARONAI HOLDINGS INC$102M
- 26ALPHABET INC$77M
- 27KODIAK GAS SVCS INC$63M
Values are quarter-end position sizes. Shown only for funds where BTDR ranks inside their 40 largest equity positions — below that, neighbouring names carry no signal. Adjacency is an inference about a fund's reasoning, not a disclosure of it.
Signal History
| Quarter | Direction | Funds | Score | vs SPY |
|---|---|---|---|---|
| Q2 2026 | LONG | 3 | 3.36 | -36.4% |
| Q1 2026 | LONG | 3 | 3.27 | -14.1% |
Same issuer appearing in consecutive quarters — persistent institutional conviction. Returns are frozen at each archived quarter's last refresh.
Insider Activity
Beneficial Ownership (13D/13G)
| Filer | Form | Shares | % of Class | Filed | Src |
|---|---|---|---|---|---|
| G1 Execution Services, LLC | SC 13G | 11.5M | 5.1% | 2026-08-14 | ↗ |
| JANE STREET GROUP, LLC | SC 13G/A | 12.9M | 5.7% | 2026-08-12 | ↗ |
| Citadel Securities GP LLC | SC 13G | 8.7M | 4.4% | 2026-07-27 | ↗ |
| BlackRock, Inc. | SC 13G | 10.5M | 5.3% | 2026-07-27 | ↗ |
| Tether Global Investments Fund, S.I.C.A.F., S.A. | SC 13D/A | 37.7M | 19.7% | 2026-06-30 | ↗ |
| Sunrise Partners Limited Partnership | SC 13G | 18.2M | 9.0% | 2026-06-18 | ↗ |
| Tether Global Investments Fund, S.I.C.A.F., S.A. | SC 13D/A | 37.7M | 19.7% | 2026-06-16 | ↗ |
| JANE STREET GROUP, LLC | SC 13G | 10.2M | 5.1% | 2026-06-09 | ↗ |
| Shinning Stone Invest Co., Ltd. | SC 13D/A | 9.4M | 4.9% | 2026-04-20 | ↗ |
| Golden Navigate Investments Ltd | SC 13G/A | 9.2M | 4.8% | 2026-04-02 | ↗ |
SC 13D = active intent to influence control (10-day filing deadline after crossing 5%). SC 13G = passive accumulation, no intent to influence control.