There weren't any S&P 500 earnings reactions on Monday, but an up-and-coming Bitcoin mining stock had a reaction that caught our attention.
Bitdeer Technologies $BTDR, a $2.5B Singapore-based firm, is making a name for itself as a hybrid play on both crypto mining and the broader data center business.
The company started as a pure mining operation - building out facilities that run fleets of high-performance rigs to secure the Bitcoin network and earn block rewards.
But in recent quarters, management has been pushing aggressively into infrastructure services, pitching themselves as a future provider of computing capacity that could support AI and cloud workloads alongside crypto.
That strategic shift is key for the bull case here.
Mining revenues are notoriously cyclical and tied to the price of BTC.
But a recurring services model built on high-density, energy-efficient data centers could give them a steadier, more durable growth profile.
The market is loving the story of mining cash flows funding a data center expansion. And with Bitcoin still hovering near all-time highs, the timing lines up well for reinvestment.
BTDR is at a key level of interest 👇
On Monday, Bitdeer posted mixed headline results, but the stock ripped +7.2% in response. This marked the best post-earnings reaction since it went public in 2023.
That’s not a long history, but it’s a sign that the market is warming up to their new story.
From a technical perspective, the setup doesn’t get much cleaner.
The stock is pressing against a shelf of former highs that dates back to the post-IPO pump. If buyers can finally clear this level, it opens the door to a retest of the all-time high set earlier this year.
Our line in the sand for BTDR is 14.50. A close above that level would be the market's green light signal.
On the flip side, the price action is likely to be messy below that level.
