Bitdeer bets $36M on Sparks, Nevada fly — and Wall Street sparks right back 🔥

Shares of Bitdeer Technologies Group (BTDR) climbed 14.1% to $14.33 on Thursday, recouping losses from earlier in the week after the Singapore-based Bitcoin mining infrastructure company unveiled plans for a $36 million manufacturing facility in Sparks, Nevada. The stock remains roughly 27% below its June high but is up 26% year-to-date.

The new plant will assemble Bitdeer's SEALMINER line of Bitcoin mining machines and produce key mining hardware components, with commercial production expected to begin by the end of the year. Bitdeer said the facility is intended to reduce its reliance on third-party suppliers for mining hardware.

CEO Catherine Guo told local media the company worked with Nevada Governor Joe Lombardo's administration and local authorities to secure tax incentives, including a reduction in qualifying sales taxes, as part of its decision to establish operations in the state. The investment is separate from Bitdeer's expansion into AI cloud services and high-performance computing, which will not be housed at the Nevada site.

The move comes as several large Bitcoin mining companies broaden their footprint into AI and HPC, leveraging existing power and data center infrastructure. On Thursday, MARA Holdings announced plans to acquire a Texas site with up to 2 gigawatts of capacity to expand its AI and digital infrastructure business, and earlier this week TeraWulf signed a 20-year data center lease with AI startup Anthropic, a deal the company said could generate roughly $19 billion in contract revenue.

In its latest production update, Bitdeer said it mined 921 BTC in May, a 370% increase from the previous year, as the company continues to scale its mining operations alongside its infrastructure business.