Bitdeer Technologies Group's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Bitdeer Technologies Group (BTDR) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Bitdeer Technologies Group vs Its Competitors
- TTM: Trailing 12-month revenue of 350M vs 576M combined for tracked competitors (37.8% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+300.0% annualized vs trailing 12 months), vs decelerating (-55.7%) for its tracked peer group.
- Growth: Bitdeer Technologies Group generated -5.1% revenue growth year over year in Q4 2024, vs 51.3% for its tracked competitors combined.
- Profitability: Its -171.3% net margin compares with -217.2% for the peer group.
- Scale: Bitdeer Technologies Group ranks #33 of 117 companies by market capitalization in the Miscellaneous Financial Services industry, holding 0.2% of industry market cap.
- Peer revenue share: Bitdeer Technologies Group accounted for 84.6% of combined revenue among its tracked peer group, down from 89.7% a year earlier.
- Peer differentiation: Revenue per employee of $0.35M compares with $2.25M for the peer group (0.2x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
BTDR Sales vs. its Competitors, Q4 2024
Bitdeer Technologies Group reported revenue contraction of 5.09 % year on year in Q4 2024, below its competitors' combined revenue growth of 51.34 %.
With a net margin of -171.29 %, Bitdeer Technologies Group achieved higher profitability than its competitors (-217.21 %).
Bitdeer Technologies Group generated 84.56 % of the combined sales of its peer group, down from 89.73 % a year earlier.
Bitdeer Technologies Group vs. its Competitors, Q4 2024
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Bitdeer Technologies Group and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Bitdeer Technologies Group | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (12) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (7) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Bitdeer Technologies Group's competitor groups requires a Commercial License.
For context: the Miscellaneous Financial Services industry grew revenue 293.3% year over year, combined, vs -5.1% for Bitdeer Technologies Group. Bitdeer Technologies Group's share of combined industry revenue moved from 0.44% to 0.11%, a loss of 0.33 percentage points.
Bitdeer Technologies Group's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Bitdeer Technologies Group | - | - | - | - |
| Competitors combined (1) | ||||
| High-Confidence Competitors (14) | ||||
| Similar-Size Competitors (9) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
BTDR Stock Performance relative to its Competitors
BTDR Stock Performance relative to High-Confidence Competitors
BTDR Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Applied Digital Corporation | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Bitdeer Technologies Group's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Bitdeer Technologies Group's Comment on Competition and Industry Peers
Publicly Traded Peers of Bitdeer Technologies Group
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Bitdeer Technologies Group | 1,515.81 | 349.78 |
| Applied Digital Corporation | 6,750.53 | 576.19 |
| SUBTOTAL | 8,266.34 | 925.97 |
Sources: Bitdeer Technologies Group's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Bitdeer Technologies Group versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Bitdeer Technologies Group's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Applied Digital Corporation | Named by the company | 85% |
| Cipher Mining Inc. | Named by the company | 85% |
| Greenidge Generation Holdings Inc. | Named by the company | 85% |
| MicroBT | Named by the company | 85% |
| Sharonai Holdings Inc | Named by the company | 85% |
| Bitmain Technologies Ltd. | Named by the company | 85% |
| Core Scientific, Inc. | Named by the company | 85% |
| Iris Energy Limited | Named by the company | 85% |
| Hyperscale Data Inc | Named by the company | 85% |
| Argo Blockchain PLC | Named by the company | 85% |
| CleanSpark, Inc. | Named by the company | 85% |
| Hive Blockchain Technologies Inc. | Named by the company | 85% |
| Riot Blockchain, Inc. | Named by the company | 85% |
| Soluna Holdings Inc | Named by the company | 85% |
| Bit Digital Inc | Named by the company | 85% |
| Canaan Inc. | Named by the company | 85% |
| FROGBT | Named by the company | 85% |
| Marathon Digital Holdings, Inc. | Named by the company | 85% |
| Hive Digital Technologies Ltd | Named by the company | 85% |
| Bitfarms Ltd. | Named by the company | 85% |
| Coinbase, Inc. | Named by the company | 85% |
| Hut 8 Mining Corp. | Named by the company | 85% |
| TeraWulf Inc. | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Bitdeer Technologies Group's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Bitdeer Technologies Group's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Applied Digital Corporation | HPC Hosting Business 63.03 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Bitdeer Technologies Group's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Bitdeer Technologies Group | 1,516 | 346,319 | -593,219 |
| Applied Digital Corporation | 6,751 | 2,250,746 | -720,074 |
| PEERS TOTAL | 6,751 | 2,250,746 | -720,074 |
Bitdeer Technologies Group's Position in Industry Market Structure
Market-capitalization share and concentration across all 103 companies in Bitdeer Technologies Group's industry classification, broader than the peer set above. Market cap in millions of $.Bitdeer Technologies Group ranks #33 of 103 companies by market capitalization in its industry, holding 0.24 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,294, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | American Express Company | 207,244 | 31.55 % |
| 2 | Nu Holdings Ltd | 61,219 | 9.32 % |
| 3 | Coinbase Global Inc | 51,945 | 7.91 % |
| 4 | Eason Technology Limited | 38,113 | 5.80 % |
| 5 | Strategy Inc | 1,234 | 5.2% |
| 6 | Federal National Mortgage Association Fannie Mae | 1,234 | 5.2% |
| 7 | Synchrony Financial | 1,234 | 5.2% |
| 8 | Circle Internet Group Inc | 1,234 | 5.2% |
| 9 | Sofi Technologies Inc | 1,234 | 5.2% |
| 10 | Bitmine Immersion Technologies Inc | 1,234 | 5.2% |
| 33 | Bitdeer Technologies Group | 1,569 | 0.24 % |
Market cap and industry share for the rest of Bitdeer Technologies Group's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Bitdeer Technologies Group's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 28 | Strive Inc | 2,270 | -45.18 % |
| 29 | Qfin Holdings Inc | 1,980 | -76.16 % |
| 30 | Wealthfront Corporation | 1,763 | - |
| 31 | Pagaya Technologies Ltd | 1,652 | -51.15 % |
| 33 | Bitdeer Technologies Group | 1,569 | -31.08 % |
| 34 | Perella Weinberg Partners | 1,234 | 12.3% |
| 35 | X Financial | 1,234 | 12.3% |
| 36 | Walker and Dunlop Inc | 1,234 | 12.3% |
| 37 | Resolute Holdings Management inc | 1,234 | 12.3% |
| 38 | Hyperliquid Strategies Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Bitdeer Technologies Group's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Bitdeer Technologies Group's BCG Growth-Share Matrix
Relative market share (vs Bitdeer Technologies Group's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Bitdeer Technologies Group falls in the Dog quadrant: relative market share of 0.01x vs its largest competitor, in an industry growing revenue 3.4% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Bitdeer Technologies Group's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 1,294 (see Industry Market Structure & Concentration above) |
| Supplier Power | Not covered on this page | See Bitdeer Technologies Group's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Bitdeer Technologies Group's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Bitdeer Technologies Group's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Bitdeer Technologies Group falls in the Low attractiveness / Low strength cell: Harvest / Divest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Bitdeer Technologies Group's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+300.0% annualized vs trailing 12 months).
Weaknesses
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.01x).
Opportunities
No rule matched.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-55.7% annualized).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Bitdeer Technologies Group's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Bitdeer Technologies Group | 0.43 | 0.86 | - |
| Applied Digital Corporation | 0.92 | 2.19 | 1.87 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Bitdeer Technologies Group's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Bitdeer Technologies Group | Q4 2024 | -5.1 % | - |
| Applied Digital Corporation | Q2 2026 | - | - |
| PEERS TOTAL | +81.5 % | - |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Bitdeer Technologies Group's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Bitdeer Technologies Group | Q4 2024 | -2.5 % | +88.7 % |
| Applied Digital Corporation | Q2 2026 | - | +550.2 % |
Bitdeer Technologies Group's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Bitdeer Technologies Group | - | - | - |
| Applied Digital Corporation | - | - | - |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Bitdeer Technologies Group's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Bitdeer Technologies Group | - | 4.33 |
| Applied Digital Corporation | - | 11.72 |
| PEERS AVERAGE | - | 8.93 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.