BTDR Plummets 15% Amid Norway Lease and Bitcoin Treasury Liquidation
Bitdeer Technologies' shares plummeted by 15% on August 10 after the company announced its Q2 2026 earnings. Despite reporting revenue growth, investors were spooked by the significant net loss of $159.5 million.
The company's pivot towards artificial intelligence infrastructure has been costly, with a $4.7 billion lease agreement in Norway for AI and high-performance computing capacity. The deal covers 121 megawatts of capacity and is designed to support NVIDIA GPU workloads, essentially repurposing mining infrastructure for AI compute tasks.
Bitdeer's decision to fully liquidate its Bitcoin treasury in February 2026 has also raised eyebrows. Analysts covering the company have maintained buy ratings, with price targets implying over 100% upside from current trading levels.
The bear case against Bitdeer is clear: the company's massive financial commitment will weigh on its balance sheet for years to come. With competitors like Core Scientific, Hut 8, and Applied Digital pursuing similar strategies, investors may be hesitant to bet on Bitdeer's transformation story.