Key points
- Bitdeer (BTDR) registered up to $1 billion of stock on Monday, six days after announcing a $4.7 billion, 16-year lease in Norway.
- Its remaining cost to finish the site is about $500 million. The August 4 release said it intended to raise debt.
- The tenant can end the lease at 10 years with no fee. BTDR closed at $8.70 Monday, down 20.1%.
Bitdeer Technologies Group (BTDR) filed an automatic shelf registration statement with the Securities and Exchange Commission on Monday, August 10, and a prospectus supplement under it the same day. The supplement covers up to $1,000,000,000 of Class A ordinary shares. The shelf "became effective automatically upon filing," the company said in a Form 6-K furnished that afternoon.
The shares would go out through an at-the-market program under a sales agreement dated January 3, 2025. Barclays and Cantor Fitzgerald are two of the twelve firms named as sales agents.
The Tydal lease came six days earlier. Bitdeer said then that it "intends to raise additional debt capital to fund its ongoing infrastructure growth, including at Tydal," and put the remaining cost to finish the Norway site at $500 million. Monday's registration is equity, and it covers double that amount.
What the lease pays per megawatt
Bitdeer gave a per-megawatt figure in the same release: "Expected average annual revenue of $2.4 million per IT MW over 16 years." It estimated the net operating income margin near 90%.
The tenant is Volta Tydal AS, which holds the lease on 121 megawatts of critical IT power and resells the capacity. Bloomberg reported that Anthropic agreed to pay Volta $10 billion over six years for compute at the site.
| Agreement | Initial term | Critical IT power | Per IT MW per year |
|---|---|---|---|
| Volta to its end customer (reported) | 6 years | 121 MW | $13.8 million |
| Bitdeer (BTDR) to Volta | 16 years | 121 MW | $2.4 million |
| Applied Digital (APLD) to CoreWeave (CRWV) | 15 years | 250 MW | $1.9 million |
The two lower rows are the comparable ones. Both are colocation leases, where the landlord supplies the powered building and the tenant brings its own computers. Applied Digital's June 2025 agreements with CoreWeave cover 250 megawatts of critical IT load and about $7 billion over 15 years. On that basis Bitdeer's Tydal rate runs 30% above the Applied Digital deal. The top row is a different product, because Volta is also buying the Nvidia (NVDA) systems and the Dell Technologies (DELL) hardware that go inside.
What is not locked in for 16 years
Bitdeer disclosed a break in the middle of the term. Under contract economics, the release reads: "Tenant has a no fee termination right at 10 years." Volta's own reported agreement with its end customer runs six years.
The credit support isn't in place yet either. Bitdeer said Volta's obligations are "anticipated to be supported by a credit backstop in the form of Letters of Credit arranged by affiliates of J.P. Morgan and another top-tier global financial institution, totaling approximately $1.3 billion and subject to customary conditions." Volta was founded in January 2026 and raised $300 million at a $2.4 billion valuation the same day the lease was announced.
The release also qualifies the headline numbers. They are contractually scheduled payments, "assuming full performance of the lease and services agreement," rather than projected revenue under generally accepted accounting principles. Bitdeer hasn't named the end customer in any filing, describing it only as a leading AI lab.
The stock gave the announcement back
BTDR opened at $12.81 on August 4 and reached $12.92 during the session. It closed at $11.38, one cent above the previous close of $11.37. The gain was gone by the bell.
The stock closed at $10.88 on Friday, August 7. Monday it opened at $11.17 and traded as high as $11.36. It closed at $8.70, down 20.1%, after touching $8.68. That took it through the $8.90 closing low it set on July 29, before the lease terms were public. Volume ran to 31.5 million shares against a 30-day average of 10.3 million. Bitdeer's market value at the close is $2.1 billion, below the $4.7 billion of contracted revenue in the Tydal lease alone.
Bitdeer is one of several bitcoin miners that have converted power capacity into AI hosting. TeraWulf (WULF) signed a 20-year lease tied to Anthropic in July and borrowed $3.5 billion against its Kentucky site the same month.
Sources
- Bitdeer prospectus supplement on Form 424B5 and Form 6-K, both filed August 10, 2026, for the $1 billion registration, the shelf effectiveness and the sales agents
- Bitdeer press release, August 4, 2026, for the $2.4 million per IT MW figure, the 90% NOI margin estimate, the 10-year termination right, the letters of credit and the $500 million remaining capex
- Applied Digital press release, June 2, 2025, for the 250 MW CoreWeave leases and about $7 billion over 15 years
- Price data via Robinhood, August 10, 2026
This article is for informational purposes only and is not investment advice.
