The thesis

Bitdeer Technologies Group operates in the cryptocurrency mining sector with 169.4% revenue growth. The company's conviction score is 34/100, indicating caution. Analysts have a buy rating, despite a -5.3x P/E ratio and -6811.0% net margin. This discrepancy makes the setup interesting,

Why now

The current macro context, with China's chip tool push and the US-China squeeze, affects the company's operations. The recent 43-year low in America's oil reserves amidst a Middle East war adds to the uncertainty,

What to watch

Revenue growth and net margin improvements will be key indicators to watch over the next quarter. The company's ability to navigate the US-China squeeze and its impact on the cryptocurrency mining sector will confirm or deny the thesis,

Key risks

Valuation risk is high due to the negative intrinsic value of $-14. Execution risk is also a concern, given the company's poor net margin. Macro risk from the US-China squeeze and the Middle East war affects the company's prospects,