# Bitdeer Technologies Group (BTDR)

> Source: Nexqual · https://nexqual.com/BTDR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Bitdeer Technologies Group (BTDR), nexqual.com/BTDR" · informational, not investment advice.

**Price:** USD 7.28 (-9.68% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 8.06 · day 7.15–7.89 · 52w 6.92–25.28 · market cap $1.98B · NCM

## Key facts
- 2 of 80 tracked superinvestors hold BTDR (13F, Q2 2026): 2 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $447K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.86 on a 1–5 scale) (14 analysts), mean target USD 22.14 (range 10–35).
- Total return with dividends: 1Y -66.5% vs S&P 500 +14.9%; 5Y -26.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD -0.33, revenue estimate $255M.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold BTDR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Stephen Mandel | Lone Pine Capital | 0.68% | $111M | New position |
| Polen Capital | Polen Capital Management | 0.01% | $1.3M | New position |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $447K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-14 | Basit Haris Fozan | Chief Strategy Officer | 25,000 | $221K | 8.84 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-12 | Potter Michael G | Chief Financial Officer | 25,000 | $226K | 9.04 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.86 on a 1–5 scale), 14 analysts; mean target USD 22.14 (low 10, high 35).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Barclays | Target raised | Overweight | $15 → $17 |
| 2026-09-15 | Rosenblatt | Maintained | Buy | $25 |
| 2026-08-20 | Barclays | Initiated | Overweight | $15 |
| 2026-08-13 | Keefe, Bruyette & Woods | Target lowered | Market Perform | $14 → $10 |
| 2026-08-13 | B. Riley Securities | Target lowered | Buy | $23 → $21 |
| 2026-08-11 | Needham | Target lowered | Buy | $22 → $20 |
| 2026-08-06 | Benchmark | Target lowered | Buy | $27 → $22 |
| 2026-08-05 | Cantor Fitzgerald | Upgrade | Neutral → Overweight | $15 → $18 |
| 2026-08-04 | Needham | Target raised | Buy | $19 → $22 |
| 2026-07-28 | Keefe, Bruyette & Woods | Target lowered | Market Perform | $17 → $14 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -66.5% | -26.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -66.6% | -6.1% |
| Volatility (annualized) | 103.3% | 101.0% |
| Max drawdown | -69.9% (Oct 2025→Mar 2026) | -77.2% (Jul 2023→Oct 2023) |

## Peers (Software - Application)
APPF (AppFolio, Inc.) USD 217.33 +0.06% · DSGX (The Descartes Systems Group Inc) USD 94 +1.74% · TTAN (ServiceTitan, Inc.) USD 85.2 +3.50% · IDCC (InterDigital, Inc.) USD 332.06 -0.78% · YMM (Full Truck Alliance Co. Ltd.) USD 8.35 -1.76% · PCOR (Procore Technologies, Inc.) USD 62.29 +2.27%

## More
Full page: https://nexqual.com/BTDR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BTDR's own 20-F filed 2026-04-30 (https://www.sec.gov/Archives/edgar/data/1899123/000121390026049770/ea0282628-20f_bitdeer.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | NVIDIA (NVDA) | "deployed NVIDIA GB200 NVL72, helping customers accelerate their development of generative AI, LLMs and other AI workloads." |
| Partner | Blockchain | "kind the shares of Blockchain Alliance to the then existing shareholders of our group." |
| Partner | Erie Creek | "into a lease agreement with Monroe County Port Authority ("MCPA") through Erie Creek LLC ("Erie Creek"), our" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.33 | $-0.26 | +25.6% | $255.0M | 3 |
| Next quarter (ends 2026-12-31) | $-0.21 | $-0.20 | +3.3% | $288.8M | 2 |
| Current fiscal year (ends 2026-12-31) | $-1.61 | $-1.48 | +8.4% | $955.7M | 4 |
| Next fiscal year (ends 2027-12-31) | $-0.37 | $-0.20 | +83.2% | $1.71B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-13 (includes earnings 2026-11-09): ±24.1%; earnings reaction alone ±9.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 106.8% | ±13.1% |
| 2026-11-06 | 14 | 114.1% | ±18.9% |
| 2026-11-13 | 21 | 120.6% | ±24.1% |
| 2026-11-20 | 28 | 111.3% | ±25.4% |
| 2026-11-27 | 35 | 105.4% | ±26.8% |
| 2026-12-04 | 42 | 101.3% | ±28.2% |
| 2026-12-18 | 56 | 101.3% | ±32.3% |
| 2027-01-15 | 84 | 101.2% | ±39.2% |