Bitdeer Technologies Group operates as a technology company for blockchain and high-performance computing (HPC) in Singapore, the United States, Bhutan, Norway, Finland, Ethiopia, Canada, and internationally.
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.45, read 2026-11-05
Ethical passes the values gate
Price6.01 USD
Fair valueUnder review
Ethical score70.0/100
Our investment reviews on this name
2026-10-11Read Markdown10.90-44.8% to today ✓Accumulation gives way to Markdown with volume flow in agreement
2026-10-02Read Accumulation10.90-44.8% to today Distribution gives way to Accumulation
2026-08-24Read Distribution10.52-42.8% to today ✓Markup gives way to Distribution after a 41% slide in 8 weeks
2026-07-02Read Markup17.83-66.3% to today First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Bitdeer Technologies Group holds its Distribution at $6.01. The statistical read favours the buyers, held for 38 days.
As held on the ledger · 2026-11-06
Phase
Distribution · caution
Quantitative state
The statistical read favours the buyers, held for 38 days
Price at the screen
$6.01
Valuation
N/A trailing · -18.58 forward price to earnings
Values screen
PASS· score 70.0
Beta
2.72
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
32.62%
Below 33%
Interest-bearing debt is just 32.6% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
4.58%
Below 33%
Cash held in interest-bearing accounts and securities is 4.6% of assets, under the one-third limit.
Pass
Receivables
0.00%
Below 49%
Money owed to the company is 0.0% of assets, under the 49% limit.
Pass
Revenue purity
1.23%
Below 5%
Only 1.2% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Bitdeer Technologies clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 33%, inside the ~33% line, and interest is about 1% of its income, under the ~5% line, so it passes.
Read as at 2026-11-07. It updates when the underlying figures move, and past reads are kept below.
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What the Numbers Say It Is Worth
The Fair Value Range
Fair value under review. Our model's value is 2.90x the price, above our 2.00x limit. We show no fair value, margin of safety or value read built on it until the review clears.
Where our models see it going: no fair-value estimate yet, range not available, dated to the 2026-11-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Crypto Hash Rate Growth Masks Deep Losses
Picture a data centre chasing every Bitcoin price spike with more rigs, only to watch margins vanish when electricity costs or coin rewards shift. Bitdeer shows 169% revenue growth yet posts a -27% profit margin and -26% ROE, so the business is expanding fast without turning that scale into cash. We pass because the opportunity rating flags the shares as overvalued even with a moderate moat and an ethical screen that clears.
Forward earnings sit at a negative 30.3 times multiple while the company still loses money, and the 12 analysts' median target of $22 sits well above the present price only if those losses flip quickly. Crypto-linked computing remains tied to volatile coin prices and regulatory swings across its sites from Bhutan to Norway, so the growth can reverse as sharply as it arrived.
High cyclical risk sits around the negative returns and the fact that low multiples here reflect peak-cycle hopes rather than a durable bargain. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; it already moves more than the market on an average day; its business and earnings are exposed to Singapore and to currency swings; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
BTDR trades on Nasdaq (the company is based in Singapore). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-01Markdown$6.71-12.7%Entry 10
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 12.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading oversold. Over the past year the shares are up 15%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (11 analysts) rates it strong buy, with a mean price target of $22.
2026-10-25Markdown$7.69-8.4%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 8.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading oversold. Over the past year the shares are up 15%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (11 analysts) rates it strong buy, with a mean price target of $22.
2026-10-18Markdown$8.40-23.0%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 23.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are up 15%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (11 analysts) rates it strong buy, with a mean price target of $22.
2026-10-11Markdown · changed$10.90+0.0%Entry 7
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are up 15%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (11 analysts) rates it strong buy, with a mean price target of $22.
The framework has shifted from distribution to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 3.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are up 15%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (11 analysts) rates it strong buy, with a mean price target of $22.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 2.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are up 15%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (11 analysts) rates it strong buy, with a mean price target of $22.
2026-07-23Markup$10.74-39.8%Entry 4
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 39.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are up 15%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (11 analysts) rates it strong buy, with a mean price target of $22.
2026-07-18Markup$17.83+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are up 15%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (11 analysts) rates it strong buy, with a mean price target of $22.
2026-07-03Markup$17.83+0.0%Entry 2
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markup$17.83Entry 1
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
