Bitdeer Signs $4.7 Billion AI Data Center Lease in Norway

Bitcoin mining company Bitdeer has signed a 16-year lease agreement valued at as much as $4.7 billion to secure artificial intelligence and high-performance computing data center capacity, underscoring how crypto miners are increasingly expanding into AI infrastructure as demand for computing power grows.

Under the agreement, Bitdeer will provide 121 megawatts of IT capacity at its Tydal, Norway, AI data center to a tenant that the company identified only as a subsidiary of Volta Infra. The facility will be configured to support Nvidia GPU-based AI workloads, though Bitdeer did not disclose the tenant’s identity or specify whether Volta is the end customer or an intermediary.

Bloomberg News reported that the Nvidia-backed Volta’s $10 billion cloud contract is with Anthropic, citing people familiar with the matter.

The lease remains subject to customary closing conditions and is not yet effective, according to the company. To secure the tenant’s payment obligations, affiliates of JP Morgan and another unidentified global financial institution are expected to issue about $1.3 billion in letters of credit, or a bank guarantee that ensures the landlord can recover funds if the tenant fails to meet its contractual payment obligations.

Bitdeer shares jumped about 8% in early Nasdaq trading following the announcement, suggesting investors welcomed the company’s continued expansion into AI infrastructure and data centers.

Shares of Bitdeer Technologies Group (BTDR) rose sharply on Tuesday.

Bitdeer has steadily diversified beyond its core Bitcoin mining business in an effort to broaden its revenue base. Alongside its push into AI and high-performance computing infrastructure, the company has expanded its mining hardware manufacturing operations to reduce its reliance on third-party suppliers. Last month, Bitdeer announced a $36 million investment in a manufacturing facility in Nevada to support that strategy.

Bitdeer bucks industry trend by selling all BTC holdings

Bitdeer has taken a different approach from many of its publicly traded mining peers by fully liquidating its Bitcoin treasury.

In early February, the company held roughly 943 BTC before announcing that it had reduced its holdings to zero, while maintaining that it remains committed to the Bitcoin ecosystem. According to Bitdeer executive Ross Gann, the sales were made to help fund the company’s broader expansion strategy, including acquisitions of powered land for AI and Bitcoin mining infrastructure.

By contrast, several major Bitcoin miners continue to maintain large Bitcoin treasuries. MARA Holdings, Riot Platforms, CleanSpark and Hut 8 each hold at least 10,000 BTC, according to BitcoinTreasuries.NET, with MARA’s holdings exceeding 36,000 BTC.