Bitdeer Drops $100M on 200 Acres

Bitdeer has paid $100 million for 200 acres of land near Rockdale, Texas, to support its planned AI/HPC expansion. The purchase removes a primary development constraint at the site and gives the company control over about 255 acres and 742 MW of power capacity in Milam County.

The company's Milam County sites currently have 563 MW of interconnected capacity, with existing plans to increase this to 742 MW. The $100 million payment equals about 20% of Bitdeer's $496.3 million in cash, cash equivalents, and restricted cash at June 30.

Bitdeer's second-quarter operations used $158.5 million of cash, and capital expenditures reached $266 million. The company reported approximately $76 million of annualized run-rate revenue in June and had 4,248 deployed GPUs with 95% utilization as of June.

## What the purchase means The purchase of the land gives Bitdeer fee-simple ownership, removing lease risk and giving the company control over its development schedule. According to Michael G. Potter, Bitdeer's chief financial officer, owning the property allows the operator to control its development schedule while removing lease-renewal risk.

## Why it matters The purchase is a significant investment for Bitdeer, which carried $1.8 billion of borrowings as of June 30. The company's expansion plans are likely to have a significant impact on the AI/HPC industry, with the potential to increase capacity and support new workloads. However, the transaction does not establish that all 742 MW is energized or available for AI/HPC workloads, and the company has not disclosed an AI/HPC tenant, construction budget, project financing package, or contracted critical IT load for the new parcel.

The purchase draws on Bitdeer's cash balance, which may impact the company's future financial plans. However, the investment is seen as a strategic move to support the company's growth and expansion plans in the AI/HPC industry.