Bitdeer Lands 16-Year Norway AI Data Center Lease Valued Up to $4.7B

Bitdeer, best known as a Bitcoin miner, is making a sizable push into AI and high-performance computing (HPC) by locking in a long-term data center lease in Norway—underscoring how mining companies are increasingly repurposing power and infrastructure for the AI compute cycle. The company said it has signed a 16-year agreement that could be worth up to $4.7 billion, tied to delivering 121 megawatts (MW) of IT capacity at an AI data center in Tydal, Norway. Bitdeer described the facility as configured for Nvidia GPU workloads. The tenant was identified only as a subsidiary of Volta Infra. Bloomberg News reported that Volta’s $10 billion cloud contract is with Anthropic, citing people familiar with the matter. Bitdeer did not confirm the end customer. Bitdeer said the lease has not yet become effective and remains subject to customary closing conditions. To support payment security, the company expects roughly $1.3 billion in letters of credit (or a similar bank-guarantee structure) to be issued by affiliates of JP Morgan and another unnamed global financial institution. In early Nasdaq trading following the announcement, Bitdeer shares reportedly gained about 8%. For investors, the deal highlights a potential shift in earnings mix. Bitcoin mining revenues can swing with network difficulty, power costs, and crypto prices, while AI data center contracts are typically anchored to contracted capacity and delivery timelines. A 16-year term could improve visibility into utilization and cash-flow durability—assuming the tenant meets its obligations. The announcement also fits within Bitdeer’s broader strategy of expanding beyond pure mining economics. Last month, the company disclosed a $36 million investment in a manufacturing facility in Nevada as part of efforts to scale manufacturing operations. On the balance-sheet side, Bitdeer has taken a different approach from several listed mining peers. Earlier this year, the company said it fully liquidated its Bitcoin treasury, reducing holdings to zero after holding roughly 943 BTC in early February. Bitdeer stated the sales were intended to fund expansion plans, including AI and powered-infrastructure acquisitions. By contrast, BitcoinTreasuries.NET reports that MARA Holdings, Riot Platforms, CleanSpark, and Hut 8 each hold at least 10,000 BTC, with MARA reportedly holding more than 36,000 BTC. Next catalysts include whether the lease clears closing conditions, how quickly the planned 121 MW of IT capacity becomes operating, contracted revenue, and whether further disclosures clarify the tenant structure—particularly whether Bloomberg’s reporting linking Volta to Anthropic matches the ultimate end-customer arrangement.