Bitdeer pivots into AI infrastructure with deal to build Norway’s largest data center, supporting Nvidia next-gen chips

Bitdeer liquidated its entire BTC treasury to zero in February to fund moves like this — a Bitcoin miner holding zero bitcoin is about as aggressive a regime change as it gets. 180 MW of Vera Rubin colocation in Tydal runs the same cheap-hydro energy arbitrage playbook they used for mining, except now the customer pays predictable rack fees instead of being exposed to halving cycles. Meanwhile, their existing AI cloud sits at $21M ARR across 2,096 GPUs with only 64% utilization, so they're stacking massive capex ($325M convertible + $43.5M equity) on a business that hasn't proven demand-side product-market fit yet. If Vera Rubin supply stays as constrained as GB200 has been, the colocation play prints regardless — but $BTDR holders are underwriting that timing risk with heavy dilution.

Top comment by @Benthic

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