Bitdeer Technologies’ shares rose nearly 8.8% in morning trading after the company disclosed a five-year offtake agreement with an unnamed high-credit-quality customer in Malaysia, valued at approximately $400 million.
The deal, announced on August 19, covers roughly half of Bitdeer’s 9.5 MW A102 data center facility in Malaysia and is expected to generate around $80 million in annual recurring revenue beginning in the first quarter of 2027. The stock reached an intraday high of $11.26 before settling near $10.48, still well below its 52-week peak of $27.80 and above its 52-week low of $6.92.
The agreement underscores Bitdeer’s strategic shift from Bitcoin mining toward AI cloud infrastructure and High-Performance Compute services. Barclays initiated coverage with an Overweight rating and a $15 price target, citing the company’s repositioning and its portfolio of roughly 3 gigawatts of powered land assets. H.C. Wainwright maintained its Buy rating with a $25 price target, calling the Malaysia contract validation of Bitdeer’s ability to scale and attract enterprise-grade customers.
U.S. equities moved lower on the day, with the S&P 500 down 0.3%, the Dow Jones falling 0.7%, and the Nasdaq declining 0.6%. The move in Bitdeer’s stock was attributed to company-specific developments rather than broader market trends.
