News Summary
NeutralBitdeer reported modest revenue growth (47% YoY to $228.8M) but missed Q2 forecasts and faces persistent net losses ($0.37/share quarterly, -$1.72 projected FY), with margin pressure from fleet depreciation offsetting self-mining hashrate gains (342% YoY to 73 EH/s). The strategic pivot to AI Cloud infrastructure shows promise ($2.9B backlog, 350 MW capacity target by Q1 2028) and recent analyst upgrades reflect this opportunity, but the company remains unprofitable and dependent on execution of high-capex AI expansion under new CFO leadership.
Red flags
- •Revenue miss vs. consensus ($228.8M vs. $231.16M forecast)
- •Persistent and widening net losses: Q2 EPS of -$0.37, FY 2026 projected -$1.72 per share
- •Negative 55.15% net margin in recent quarter
- •Significant downgrade from Cantor Fitzgerald (overweight to neutral, $10 PT) on weak EPS performance
- •Margin pressure from fleet depreciation and hash-price environment despite revenue growth
- •Heavy dependence on execution of capital-intensive AI expansion ($10B+ pipeline) with unproven monetization
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 | +806K | $38M | <0.1% | +51% | Existing |
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 | 3.10 | -35.1% |
| 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.