BTDR, a cryptocurrency stock, has also been very strong recently. Bitcoin Deer has transformed from a BTC mining company to an AI computing infrastructure platform The model is very simple, which is to build AI computing power centers around the world, purchase GPUs, and build a global AI computing power rental platform I used to only know that BitDeer was engaged in BTC mining, buying and selling ASIC mining machines, self mining, renting mining sites, hosting, and building mining pools. However, the future direction has changed and now implements 0BTC holding. The mined BTC is sold to buy Nvidia graphics cards, build global computing power mining sites, and lease computing power globally The current situation at the Bit Deer Mine: Mining site: 5 countries worldwide with a total power of approximately 3.0 GW, mainly consisting of the United States, Norway, and Bhutan, with AI computing power in Southeast Asia (Singapore/Malaysia); Graphics card/GPU: Nvidia's H100/H200/B200/GB200 are the main ones, with 4184 units deployed and a utilization rate of 92% for AI training and inference; Bitcoin computing power: total management 87.4 EH/s, self mining 65.5 EH/s, among the top tier listed mining companies in the world; Core shareholders: Wu Jihan holds approximately 20.1% Tether (USDT issuer) 15.76% Risk points: 1. High debt, heavy asset operation, with a debt ratio of over 70% 2. The cost of purchasing GPUs such as H100/H200: February 2026: Issuance of $568.3 million convertible bonds Bank/institutional debt+equipment financing 2025-2026: Obtain approximately $140 million through additional issuance of ATM+ELOC Long term contract with customers+advance payment: First sign a 3-5 year lease agreement with major customers (cloud vendors, AI companies) → collect a 10% -30% deposit → use the deposit+loan to buy a card 3. The contradiction between the iterative update of graphics cards and the payback period of computing power leasing, if the payback period is shorter than the iterative update of graphics cards, there is a risk of loss; 4. BTDR is a company that "gambles bitcoin+AI computing power with high debt". In case of btc collapse, the risk of AI foam bursting; The stock price is $18.9, with a market value loss of 4.568 billion for FDV