Bitdeer's $4.7B AI Lease Signals End of Bitcoin Treasury Era

Woofun AI reports that Bitdeer has executed a strategic pivot toward AI infrastructure, securing a 16-year lease valued at up to $4.7 billion for its Tydal, Norway, data center. The agreement designates Volta Infra as the tenant for the facility, signaling a decisive move away from pure Bitcoin mining operations.

The deal allocates 121 megawatts of IT capacity specifically for Nvidia GPU-based workloads, though the end customer remains undisclosed. Volta Infra, backed by Nvidia, holds a $10 billion cloud contract with Anthropic, suggesting a high-profile downstream demand. To mitigate counterparty risk, affiliates of JP Morgan and an unnamed global financial institution are expected to issue approximately $1.3 billion in letters of credit, ensuring payment security for the landlord.

Woofun AI data shows that market reaction was immediate, with Bitdeer shares jumping about 8% in early Nasdaq trading following the announcement. This financial boost underscores investor confidence in the company’s diversification strategy, which includes a recent $36 million investment in a Nevada manufacturing facility. According to Bitdeer executive Ross Gann, these initiatives are designed to reduce reliance on third-party suppliers and broaden the revenue base beyond core mining activities.

Structurally, Bitdeer’s approach diverges significantly from industry norms regarding asset holdings. In early February, the company liquidated its entire Bitcoin treasury, reducing holdings from roughly 943 BTC to zero. While maintaining a commitment to the Bitcoin ecosystem, these sales funded broader expansion, including acquisitions of powered land for AI and Bitcoin mining infrastructure.

This marks a clear departure from peers such as MARA Holdings, Riot Platforms, CleanSpark, and Hut 8, which collectively hold tens of thousands of BTC. According to BitcoinTreasuries.NET, these competitors each hold at least 10,000 BTC, with MARA’s holdings exceeding 36,000 BTC. The contrast highlights a growing bifurcation in the sector, where crypto miners are increasingly prioritizing AI infrastructure demand and computing power growth over speculative treasury accumulation.