BTDR · CIK 0001899123
What Bitdeer Technologies Group told the SEC could break it.
Bitdeer's results swing with Bitcoin: its self-mining revenue, which scaled to US$396.0 million in fiscal 2025 from US$163.1 million a year earlier, is directly priced in Bitcoin, and crypto holdings are 7.8% of total assets, where a 10% move in the coin shifts about US$21.9 million. The rest of its register is about the hardware it depends on to mine and to run its AI cloud. Both sides lean on a limited number of GPU suppliers and OEMs procured through individual purchase orders rather than long-term agreements, exposing it to allocation risk in a supply-constrained market. And U.S. tariffs on technology and industrial imports ripple through that supply chain — mining rigs, GPUs, AI hardware and datacenter construction equipment are all tariff-exposed inputs for its U.S. buildout.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- Bitcoin price — self-mining revenue and balance-sheet holdingsmedium
Self-mining revenue scaled to US$396.0M in FY2025 (from $163.1M in 2024) and is directly Bitcoin-priced; crypto holdings are 7.8% of total assets, where a 10% BTC move swings ~US$21.9M.
“For the years ended December 31, 2023, 2024 and 2025, respectively, we generated US$111.7 million, US$163.1 million and US$396.0 million in revenue from self-mining.”
Regulatory & policy
- U.S. tariffs on technology imports — mining rigs, GPUs, datacenter equipmentmedium
Tariffs on technology and industrial goods ripple through Bitdeer's supply chain — mining rigs, GPUs, AI infrastructure hardware, and datacenter construction equipment are all tariff-exposed imports for its US buildout.
“The Trump administration imposed a series of tariffs on imports, including those affecting technology and industrial goods, which have had ripple effects across global supply chains.”
Supplier concentration
- GPUs & specialized AI hardware — limited suppliers, PO-based procurementmedium
The AI infrastructure/cloud business depends on a limited number of GPU suppliers and OEMs, procured via individual purchase orders rather than long-term supply agreements — allocation risk in a supply-constrained GPU market.
“Our AI infrastructure and AI cloud business also depends on a limited number of suppliers for critical infrastructure components, including GPUs and other specialized AI hardware. In particular, we rely on certain GPU suppliers and OEMs for the GPUs that power our AI cloud offerings.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
BIT Group (related party, ex-Bitmain affiliate)
“During the years ended December 31, 2025, 2024 and 2023, substantially all of our cryptocurrencies were held in custody by BIT Group.”
Cited →
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