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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON**, D.C. 20549**

FORM 20-F

(Mark One)

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31,2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

Commission File Number:001-41687

BITDEER TECHNOLOGIES GROUP

(Exact name of Registrant as specified in its charter)

Not applicableCayman Islands
(Translation of Registrant’s name into English)(Jurisdiction of incorporation or organization)

08 Kallang Avenue

Aperia tower 1, #09-03/04

Singapore 339509

(Address of principal executive offices)

Jihan Wu

Chief Executive Officer

08 Kallang Avenue

Aperia tower 1, #09-03/04

SG 339509

Telephone:+65 62828220

(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of exchange on which registered
Class A ordinary shares, par value US$0.0000001BTDRThe Nasdaq Stock Market LLC

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:235,552,084 outstanding ordinary shares as of December 31, 2025 (excluding 3,364,711 Class A ordinary shares that have been repurchased but not cancelled and 7,258,176 Class A ordinary shares reserved for future issuances upon the exercise of awards granted under our share incentive plans), including 191,152,162 Class A ordinary shares and 44,399,922 Class V ordinary shares.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐
Emerging growth company☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting over Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes☒ No☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP☐International Financial Reporting Standards as issued by the International Accounting Standards Board☒Other☐

If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow. Item 17☐ Item 18☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒

TABLE OF CONTENTS

Page
INTRODUCTIONiii
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSv
PART I1
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS1
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE1
ITEM 3. KEY INFORMATION1
ITEM 4. INFORMATION ON THE COMPANY52
ITEM 4A. UNRESOLVED STAFF COMMENTS71
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS72
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES105
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS116
ITEM 8. FINANCIAL INFORMATION118
ITEM 9. THE OFFER AND LISTING119
ITEM 10. ADDITIONAL INFORMATION119
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK130
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES133
PART II134
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES134
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS134
ITEM 15. CONTROLS AND PROCEDURES134
ITEM 16. [RESERVED]135
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT135
ITEM 16B. CODE OF ETHICS135
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES135
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES136
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS136

i

**TABLE OF CONTENTS

continued

ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT137
ITEM 16G. CORPORATE GOVERNANCE137
ITEM 16H. MINE SAFETY DISCLOSURE138
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS138
ITEM 16J. INSIDER TRADING POLICIES139
ITEM 16K. CYBERSECURITY139
PART III141
ITEM 17. FINANCIAL STATEMENTS141
ITEM 18. FINANCIAL STATEMENTS141
ITEM 19. EXHIBITS142
SIGNATURES147

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