BTDR
LONGINSIDER BUY13D FILEDBitdeer Technologies Group
Research: Finviz ↗·Perplexity ↗
🗄 Viewing archived Q1 2026 data — frozen, no longer refreshed.
News Summary
PositiveBitdeer secured a landmark $4.7B Norway AI data center deal with 90% operating margins and strong Q1 2026 operational metrics (73 EH/s hash rate, 990 BTC production, $76M AI Cloud ARR), but reported a massive $159.5M net loss on GAAP basis with $39M gross loss despite 170% revenue growth, missing EPS consensus by 23.5%. Recent analyst upgrades (Cantor to Overweight, Needham to $22 PT) reflect confidence in the transformational AI infrastructure strategy, though near-term profitability remains challenged.
Red flags
- •Q1 2026 EPS miss of 23.5% (-$0.46 vs. -$0.37 consensus)
- •Gross loss of $39.0M despite $188.9M revenue (negative gross margin of -20.6%)
- •Net loss of $159.5M represents dramatic swing from $105.3M profit in Q1 2025
- •High debt burden: $1.9B in borrowings with significant convertible notes
- •CFO transition (Liu resignation, Potter arrival from CRSR) during period of operational restructuring
Funds Buying (3)
| Fund | Manager | Shares Held | ∆ Shares | Position Value | % of Fund | QoQ | Status |
|---|---|---|---|---|---|---|---|
| Sachem Head Capital | Scott Ferguson | 9.6M | +9.6M | $83M | 2.0% | — | NEW |
| Situational Awareness LP | Leopold Aschenbrenner | 3.4M | +1.7M | $30M | 0.8% | +92% | Existing |
| Point72 | Steve Cohen | 1.6M | +1.6M | $14M | <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 #12 of this fund's book
- 9SOLARIS ENERGY INFRAS INC$62M
- 10T1 ENERGY INC$44M
- 11BITFARMS LTD$39M
- 12BITDEER TECHNOLOGIES GROUP$30M
- 13POWER SOLUTIONS INTL INC$26M
- 14WHITEFIBER INC$21M
- 15ADVANCED MICRO DEVICES INC$20M
position #16 of this fund's book
- 13Sotera Health Co$167M
- 14On Semiconductor Corp$120M
- 15Six Flags Entertainment Corp$89M
- 16Bitdeer Technologies Group$83M
- 17Invesco Exchange Traded FD T$38M
- 18Sprinklr Inc$34M
- 19Akamai Technologies Inc$27M
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
| Name | Title | Type | Shares | Price | Value | Filed | Src |
|---|---|---|---|---|---|---|---|
| Potter Michael G | Chief Financial Officer | BUY | 25K | $9.04 | $0.23M | 2026-08-12 | ↗ |
Beneficial Ownership (13D/13G)
| Filer | Form | Shares | % of Class | Filed | Src |
|---|---|---|---|---|---|
| Tether Global Investments Fund, S.I.C.A.F., S.A. | SC 13D/A | 38.4M | 20.1% | 2026-02-20 | ↗ |
SC 13D = active intent to influence control (10-day filing deadline after crossing 5%). SC 13G = passive accumulation, no intent to influence control.