𝗚𝗜𝗩𝗘 𝗜𝗧 𝗧𝗜𝗠𝗘: $BTDR 𝗖𝗢𝗨𝗟𝗗 𝟱𝗫 𝗙𝗥𝗢𝗠 𝗛𝗘𝗥𝗘 My investment case for Bitdeer ( $BTDR ) rests on three main pillars: Bitcoin does not need another major move higher for the mining business to work, Asia is becoming an increasingly important part of the global AI buildout and Bitdeer has a meaningful regional advantage, and building large new data centers in the United States is becoming progressively harder. 𝗣𝗜𝗟𝗟𝗔𝗥 𝟭: 𝗕𝗜𝗧𝗖𝗢𝗜𝗡 𝗔𝗥𝗢𝗨𝗡𝗗 $𝟳𝟱,𝟬𝟬𝟬 𝗜𝗦 𝗘𝗡𝗢𝗨𝗚𝗛 My base case is not that Bitcoin goes to $150,000 or $200,000. I am not particularly bullish or bearish on Bitcoin from here. I simply believe it can remain roughly around the $75,000 level. At that price, Bitdeer’s greatly expanded mining operation should be capable of generating substantial cash flow. The company is now producing close to 1,200 Bitcoin per month. At $75,000 Bitcoin, that represents roughly $90 million of Bitcoin production per month, or more than $1 billion annualized at the current production rate. This is not equivalent to profit because electricity, network difficulty, depreciation and other operating expenses remain significant, but it demonstrates the scale of the earnings engine that is already in place. The important point is that Bitcoin does not need another spectacular bull market for the mining business to work. Among IREN ( $IREN ), CoreWeave ( $CRWV ), Nebius ( $NBIS ), and Bitdeer ( $BTDR ), Bitdeer is currently the most exposed to Bitcoin prices (I believe bitcoin has bottomed), that gives it more downside risk if Bitcoin falls, but also more operating leverage if Bitcoin remains strong while the AI infrastructure business continues to scale. Part 1/4