From Fired Researcher to $13.7 Billion King: How Leopold Aschenbrenner Broke the Hedge Fund World

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21. Bitdeer Technologies Group (NASDAQ:BTDR)

Situational Awareness LP’s Stake: $30 Million

Bitdeer Technologies Group (NASDAQ:BTDR) has been a consistent feature in the 13F portfolio of Situational Awareness LP since the third quarter of 2025. Back then, this position comprised just under a million shares. In the fourth quarter of 2025, the fund increased this holding by 92% to 1.8 million shares. Filings for the first quarter of 2026 show that the fund owns 3.4 million shares in the firm, up 92% compared to filings for the previous quarter. The firm operates as a technology company for blockchain and high-performance computing (HPC) in Singapore, the United States, Bhutan, Norway, Finland, Ethiopia, and internationally. Leopold Aschenbrenner has had a bullish view on the stock for many months.

Bitdeer Technologies Group (NASDAQ:BTDR) is different from other Bitcoin miners who are pivoting to AI infrastructure. The firm has spent years building a deeply integrated, vertically structured computing powerhouse. It is not just leasing space but designing proprietary silicon, launching AI clouds, and building a massive global footprint. Bitdeer reported $188.9 million in total revenue for Q1 2026, marking a 170% year-over-year increase compared to the $70.1 million reported in Q1 2025. Driven by this revenue scaling, Adjusted EBITDA swung to a positive $14.4 million, representing a massive $60 million structural improvement over the negative $45.6 million Adjusted EBITDA recorded in the prior-year period.

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