Bitdeer Technologies Group (BTDR) stock surged 17.07% in pre-market trading on Thursday, fueled by the company's bullish November 2024 production and operations update. The rally was driven by strong demand for its cutting-edge SEALMINER A2 mining rigs and significant progress on infrastructure expansion plans.
Bitcoin prices hitting a new all-time high of $100,000 also boosted cryptocurrency stocks and Bitcoin mining companies like Bitdeer. However, the primary catalyst for Bitdeer's stock surge was its positive operational update, which highlighted:
- Increased anticipated mass production of SEALMINER A2 mining rigs to approximately 35 EH/s through Q3 2025, up from the previous estimate of 18 EH/s. The initial allocation of around 30,000 units (~7 EH/s) for external sales has been fully reserved by customers, reflecting robust industry demand for advanced technology and a diversified supply chain.
- Significant progress on infrastructure expansion plans, with 1.1 GW of new power capacity expected to come online in 2025, supporting the company's mining operations growth.
Bitdeer also closed a $400 million convertible senior notes offering in November, with the proceeds earmarked for datacenter expansion, ASIC-based mining rig development and manufacturing, as well as working capital and general corporate purposes.
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