Bitdeer signs 16-year, $4.7B lease for Norway AI data center

Bitdeer signed a 16-year lease to provide up to 121 megawatts of IT capacity at its Tydal AI data center near Trondheim, Norway. The deal is valued at as much as $4.7 billion over the life of the agreement and names the tenant only as a subsidiary of Volta Infra.

The facility will be configured to run Nvidia GPU-based artificial intelligence workloads. Bitdeer said the lease remains subject to customary closing conditions and is not yet effective.

Affiliates of JPMorgan and another unnamed global financial institution are expected to issue about $1.3 billion in letters of credit to secure the tenant’s payment obligations. Those instruments are intended to allow the landlord to recover funds if the tenant fails to meet contractual payments over the term of the lease.

Bitdeer’s shares rose about 8% in early Nasdaq trading after the company disclosed the agreement.

The company has been expanding beyond Bitcoin mining into AI and high-performance computing infrastructure and into mining hardware production. Last month Bitdeer announced a $36 million investment in a manufacturing facility in Nevada to support in-house production of mining equipment.

Bitdeer also reduced its Bitcoin holdings from roughly 943 BTC in early February to zero. Ross Gann, a Bitdeer executive, said the sales were intended to help fund the company’s broader expansion strategy, including purchases of powered land for AI and Bitcoin mining infrastructure. Several other publicly traded miners maintain much larger Bitcoin treasuries.

Bitdeer has not disclosed additional financial terms, and it did not name whether the Volta Infra subsidiary is the end user of the capacity or acting as an intermediary.