0001140361-24-016150 | 20-F | XBRL Viewer | Bitdeer Technologies Group

Amounts due from a related party

17,277

18,304

187

397

Prepayments and other assets

97,433

59,576

Financial assets at fair value through profit or loss

37,775

60,959

Restricted cash

9,538

11,494

Mining machines

63,477

27,703

Right-of-use assets

58,626

60,082

Property, plant and equipment

154,860

138,636

Investment properties

34,346

35,542

Intangible assets

4,777

322

Deferred tax assets

991

4,857

TOTAL ASSETS

639,387

651,409

LIABILITIES

32,484

15,768

Amounts due to a related party

32,151

22,176

316

Income tax payables

3,367

657

Deferred revenue

144,337

182,297

22,618

29,805

Retained earnings / (accumulated deficit)

^[1]

70,211

70,425

Deferred tax liabilities

1,620

11,626

TOTAL LIABILITIES

306,821

333,070

NET ASSETS

332,566

318,339

EQUITY

Share capital

^[2],[3]

Treasury shares

(2,604)

(49,853)

6,803

Reserves

^[2],[3]

385,023

311,536

TOTAL EQUITY

$ 332,566

$ 318,339

[1]	Lease liabilities in amount of approximately US$4.6 million and US$4.7 million was related to the leasehold land included in the investment properties as of December 31, 2023 and 2022, respectively. See Note 12.
[2]	After giving the effects of the reverse recapitalization completed in April 2023 as described in Note 1.
[3]	Amount less than US$1,000

ORGANIZATION

12 Months Ended

Dec. 31, 2023

ORGANIZATION [Abstract]

ORGANIZATION

1.	ORGANIZATION

General information

Bitdeer Technologies Group (the “Company” or “BTG”) is a limited liability company incorporated in the Cayman Islands on December 8, 2021. The address of its registered office is 89 Nexus Way, Camana Bay, Grand Cayman KY1-9009, Cayman Islands. The Company was incorporated for the purpose of effectuating the Business Combination (as defined below). Prior to Business Combination, the Company owned no material assets and did not operate any business.

Bitdeer Technologies Holding Company (“Bitdeer”) is a limited liability company incorporated in the Cayman Islands on November 18, 2020. On April 13, 2023, Bitdeer completed the business combination with Blue Safari Group Acquisition Corp. (“BSGA”) via a multiple-merger structure (the “Business Combination”). Upon completion of the Business Combination, with Bitdeer being the surviving entity, both Bitdeer and its subsidiaries, and BSGA became wholly-owned subsidiaries of BTG, the ultimate holding company. See “Business Combination” for details.

The Company does not conduct any substantive operations on its own but conducts its primary operations through its subsidiaries. The Company and its subsidiaries (together, the “Group”) are principally engaged in the following business activities:

•

Offering to its customers plan subscriptions, from which the customers receive computing service in quantity measured in hash rate and benefit from such service as a result of directing the computing service to mining pools and receiving cryptocurrency rewards (the “Cloud Hash Rate business”);

•

Using the Group’s mining machines to provide computing power to mining pools in exchange for cryptocurrencies rewards (the “Self-mining business”); and

•

Providing dynamic hosting solutions in the Group’s mining datacenters (the “Hosting business”, together with Cloud Hash Rate business and self mining business, the “Bitdeer Business”).

Reorganization

Separation from Bitmain

For the period from January 1, 2021 to January 26, 2021, the Bitdeer Business and the mining pool business, including the ownership of and registration right to the domain name btc.com (the “BTC.com Pool Business” or “BTC”), were operated through a number of entities controlled by BitMain Technologies Holding Company (collectively with its subsidiaries, “Bitmain”). Bitdeer was created to separate the Bitdeer Business and the BTC.com Pool Business following a corporate reorganization of Bitmain to effectuate the separation. The separation from Bitmain resulted in the transfer of certain assets, liabilities and contracts related to the Bitdeer Business and the BTC.com Pool Business at their historical book values from Bitmain to Bitdeer on January 26, 2021, when Bitmain distributed by way of dividend in kind the shares of Bitdeer to the then existing Bitmain shareholders and Bitdeer and its subsidiaries began to operate on a stand-alone basis.

Separation of the BTC.com Pool Business

In February 2021, Bitdeer established Blockchain Alliance Technologies Holding Company (“Blockchain Alliance”) to separate the BTC.com Pool Business following a corporate reorganization of Bitdeer to effectuate the separation. The separation was consummated on April 15, 2021, when Bitdeer distributed by way of dividend in kind the shares of Blockchain Alliance to the then existing shareholders of Bitdeer.

Business Combination

On December 15, 2021, Bitdeer entered into an Amended and Restated Agreement and Plan of Merger, which was subsequently amended on May 30, 2022, December 2, 2022 and March 7, 2023 (the “Merger Agreement”), pursuant to which BTG, Bitdeer and BSGA entered into a Business Combination transaction via a multiple-merger structure, where (i) Blue Safari Merge Limited, a British Virgin Islands business company and a wholly-owned subsidiary of BTG merged with and into BSGA, with BSGA being the surviving entity, (ii) BSGA merges with and into Blue Safari Merge II Limited, a British Virgin Islands business company and a wholly-owned subsidiary of BTG, with Blue Safari Merge II Limited being the surviving entity, and (iii) Bitdeer Merge Limited, an exempted company with limited liability incorporated under the laws of Cayman Islands and a direct wholly-owned subsidiary of BTG, merged into and with Bitdeer, with Bitdeer being the surviving company and becoming a wholly-owned subsidiary of BTG.

On April 13, 2023, the Business Combination was completed in accordance with the Merger Agreement. Upon completion of the Business Combination, (i) each ordinary share of BSGA issued and outstanding were cancelled in exchange for one BTG Class A ordinary shares, of which 2,607,498 Class A ordinary shares were issued, (ii) each ordinary share and preferred share of Bitdeer issued and outstanding were cancelled in exchange for BTG Class A ordinary shares, and, in the case of the ordinary share and preferred share of Bitdeer held by Jihan Wu, founder of Bitdeer, or the entity controlled by him, namely Victory Courage Limited, BTG Class V ordinary shares, at an exchange ratio of approximately 0.00858, of which 60,281,185 BTG Class A ordinary shares and 48,399,922 Class V ordinary shares were issued, (iii) each share award to acquire ordinary shares of Bitdeer granted under Bitdeer’s 2021 Share Incentive Plan outstanding, whether vested or unvested, were assumed by BTG and converted into a share award representing the same rights to receive BTG Class A ordinary shares, except that the number of BTG Class A ordinary shares subject to such share awards shall equal to the product of (A) the number of Bitdeer ordinary shares that were subject to such Bitdeer share awards, multiplied by (B) an exchange ratio of approximately 0.00858.

The share capital, other reserve, weighted average number of shares outstanding and loss per share calculations have been retrospectively restated to the equivalent number of shares reflecting the exchange ratio as a result of the Business Combination.

The Business Combination is accounted for as a “reverse recapitalization” in accordance with IFRS as issued by IASB, as defined below. Under this method of accounting, Bitdeer has been identified as the acquirer and BSGA and BTG have been treated as the “acquired” company for financial reporting purposes. This determination was primarily based on the fact that subsequent to the Business Combination, the Bitdeer’s shareholders have a majority of the voting power of the Company, Bitdeer comprises all of the ongoing operations of the combined company, Bitdeer comprises a majority of the governing body of the combined company, and Bitdeer’s senior management comprises all of the senior management of the combined company. As BSGA does not meet the definition of a business as defined in IFRS 3, “Business Combinations”, the transaction is outside the scope of IFRS 3 and is accounted for as an equity settled, share-based payment transaction in accordance with IFRS 2, “Share-based Payment”. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Bitdeer issuing ordinary shares at the fair value in order for the ownership interest in the combined entity to be the same as if the transaction had taken the legal form of Bitdeer acquiring 100% of BSGA and BTG, accompanied by a recapitalization. Any difference between the fair value of the ordinary shares deemed to have been issued by Bitdeer and the amount of pre-existing debtor relationship between Bitdeer and BSGA, and the fair value of BSGA’s and BTG’s net liabilities assumed represents a listing fee through profit or loss. No goodwill or other intangible assets was recorded. Operations prior to the Business Combination was those of Bitdeer.

As a result of this reverse recapitalization, a listing fee of US$33.2 million has been recorded to reflect the difference between the fair value of ordinary shares deemed to be issued to the shareholders of BSGA, the settlement of pre-existing debtor relationship with BSGA, and the fair value of net liabilities of BSGA and BTG assumed. Bitdeer’s transaction-related costs of US$8.0 million, such as commissions, professional fees and regulatory fees are directly attributable to this transaction were recorded in equity as a deduction of other reserve. Net payment related to Business Combination is US$7.7 million, which comprises of the transaction-related costs of US$8.0 million offset against with cash and cash equivalents of US$0.3 million acquired.

The details of the purchase price allocation of the identifiable assets acquired and liabilities assumed are as follows:

	At April 13, 2023
In thousands of USD, except for the closing price of BSGA’s share and the number of ordinary shares information
Number of outstanding ordinary shares held by BSGA’s shareholders on acquisition date (thousand shares)		2,607
Closing price of BSGA’s ordinary shares on acquisition date (in USD)		10
Fair value of BSGA’s ordinary shares on acquisition date		26,075
Settlement of pre-existing debtor relationship with BSGA^*		2,607
Total fair value of consideration transferred		28,682

Fair value of assets acquired and liabilities assumed:
Cash and cash equivalents		317
Prepayments and other assets		48
Other payables and accruals		(4,834	)
Total fair value of assets acquired and liabilities assumed		(4,469	)

Excess of fair value of consideration transferred over fair value of assets acquired and liabilities assumed, recognized as listing fee		33,151

* Settlement of pre-existing debtor relationship with BSGA represents lending made to BSGA. See Note 8.

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

Compensation for Key Management and Board of Directors

Compensation for key management and Board of Directors

	Years ended December 31,
In thousands of USD	2023		2022		2021
Salaries and other emoluments		8,986		11,969		11,627
Total		8,986		11,969		11,627

Reconciliation of Deemed Distribution to Related Parties

A reconciliation of deemed distribution to related parties to the corresponding amounts presented in the consolidated statement of cash flows for all periods presented is as follows:

	Years ended December 31,
In thousands of USD	2023		2022		2021
Deemed distribution to related parties per consolidated statements of changes in invested capital and equity		-		-		(29,311	)
Corporate allocations		-		-		(2,167	)
Net effect of attribution of the assets and liabilities from Bitmain’s business transferred to the Group during the Reorganization		-		-		20,535
Total deemed distribution to related parties per consolidated statements of cash flows		-		-		(10,943	)

Balances and Transactions with Related Parties

Transactions with Bitmain and BTC before the completion date of the Reorganization were disclosed as below:

	Years ended December 31,
In thousands of USD	2023		2022		2021
Revenue from Bitmain and BTC ⁽¹⁾		-		-		73,522

(1)	Revenue from Bitmain and BTC arise from the Group’s normal course of business, See Note 2.

The following set forth other significant related party and the relationship with the Group:

Name of related party		Relationship with the Group
Matrix Finance and Technologies Holding Group and its subsidiaries (“Matrixport Group”)		The Group’s controlling person is the co-founder and chairman of the board of directors of Matrixport Group and has significant influence over Matrixport Group.

Assets and Liabilities with Related Party

Details of assets and liabilities with the related party are as follows:

	At December 31,
In thousands of USD	2023		2022
Due from a related party
- Trade receivables		187		75
- Loans to a related party ⁽¹⁾		-		322
Total due from a related party		187		397

Due to a related party
- Other payables⁽²⁾		33		316
Total due to a related party		33		316

(1)	Loans to a related party represent unsecured, interest-free loans made to the related party. These loans are due on demand.

(2)	Other payables represent the accrued service expense related to the custody and other services provided by the related party.

Details of transactions with the related party are as follows:

	Years ended December 31,
In thousands of USD	2023		2022			2021
- Provide service to a related party		754		3,076			530
- Receive service from a related party		228		425			294
- Interest earned from a related party		-		1,499			1,552
- Return of wealth management products from a related party		-		283			737
- Loss on disposal of subsidiaries to a related party		74		-			-
- Changes in fair value of financial assets at fair value through profit or loss		3,527		(952	)		-

Summary of Cryptocurrency Transactions

The summary of transactions is as follows:

	Type of cryptocurrency	Amount in thousands of cryptocurrencies	Date of purchase / lending	Date of redemption / collection	Effective annual yield of return / interest rate
Loan	USDC	30,000	September 8, 2021	December 27, 2021	8.25	%
Wealth management product - type A	USDT	30,000	October 20, 2021	December 28, 2021	13.00	%
Wealth management product - type A	USDT	80,000	January 14, 2022	March 27, 2022	1.00	%
Loan	USDT	15,000	April 1, 2022	June 28, 2022	5.83	%
Loan	USDC	5,000	April 1, 2022	June 28, 2022	7.00	%
Wealth management product - type A	USDT	10,000	April 15, 2022	June 17, 2022	3.06	%
Loan	USDC	30,000	May 12, 2022	May 19, 2022	15.00	%
Wealth management product - type B	USDT	10,000	June 17, 2022	June 28, 2022	5.70	%
Wealth management product - type B	USDT	50,000	June 20, 2022	June 28, 2022	5.92	%
Loan	USDC	80,000	July 1, 2022	September 28, 2022	4.13	%
Loan	USDC	20,000	October 11, 2022	December 28, 2022	3.50	%

SHARE-BASED PAYMENTS, Summary (Details)		1 Months Ended	4 Months Ended	7 Months Ended	12 Months Ended
SHARE-BASED PAYMENTS, Summary (Details)	Apr. 13, 2023 shares Batch $ / shares	Jun. 30, 2023 shares	Apr. 30, 2023 shares Batch $ / shares	Dec. 31, 2023 shares	Dec. 31, 2023 shares $ / shares	Dec. 31, 2022 shares Batch $ / shares	Dec. 31, 2021 shares Batch $ / shares
Summary of share-based payment arrangement [Abstract]
Granted during the year (in shares)					1,658,000	1,198,000	9,419,000
Exercise price (in dollars per share) \| $ / shares					$ 4.58	$ 3.5	$ 3.5
Exchange ratio	0.00858
Class A Ordinary Shares [Member]
Summary of share-based payment arrangement [Abstract]
Number of shares issued (in shares)	4,384,796,703
Issuance of ordinary shares (in shares)					1,166,533
2021 Plan [Member]
Summary of share-based payment arrangement [Abstract]
Granted during the year (in shares)			46,805,600			139,690,400	1,097,852,000
Number of batches \| Batch			2			4	2
Number of shares for each award grants an option (in shares)			1			1	1
Exercise price (in dollars per share) \| $ / shares			$ 0.03			$ 0.03	$ 0.03
2021 Plan [Member] \| Minimum [Member]
Summary of share-based payment arrangement [Abstract]
Vesting period					2 years
2021 Plan [Member] \| Maximum [Member]
Summary of share-based payment arrangement [Abstract]
Vesting period					7 years
2023 Plan [Member]
Summary of share-based payment arrangement [Abstract]
Granted during the year (in shares)	1,256,122
Number of batches \| Batch	2
Number of shares for each award grants an option (in shares)	1
Exchange ratio	0.00858
2023 Plan [Member] \| Minimum [Member]
Summary of share-based payment arrangement [Abstract]
Exercise price (in dollars per share) \| $ / shares	$ 3.5
Vesting period					4 years
2023 Plan [Member] \| Maximum [Member]
Summary of share-based payment arrangement [Abstract]
Exercise price (in dollars per share) \| $ / shares	$ 11.49
Vesting period					6 years
2023 Plan [Member] \| Class A Ordinary Shares [Member] \| Maximum [Member]
Summary of share-based payment arrangement [Abstract]
Number of shares issued (in shares)	21,877,912
2023 Performance Plan [Member]
Summary of share-based payment arrangement [Abstract]
Granted during the year (in shares)				0
2023 Performance Plan [Member] \| Maximum [Member]
Summary of share-based payment arrangement [Abstract]
Number of shares issued (in shares)		1,112,886
Issuance of ordinary shares (in shares)		11,128,861

BORROWINGS

12 Months Ended

Dec. 31, 2023

BORROWINGS [Abstract]

BORROWINGS

14.	BORROWINGS

Borrowings consist of the following:

	At December 31
In thousands of USD	2023		2022
Convertible debt ⁽¹⁾		22,618		29,805
Total		22,618		29,805

(1)

LEASES, Restoration Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Movement of Restoration Provision [Abstract]
Restoration provision, beginning balance	$ 1,343	$ 0
Recognition through asset acquisition		1,343
Change in provision	0	0
Exchange adjustments	20
Restoration provision, ending balance	$ 1,363	$ 1,343

EARNINGS / (LOSS) PER SHARE (Details)
$ / shares in Units, shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2023

USD ($)

Vote

$ / shares

Dec. 31, 2022

USD ($)

$ / shares

Dec. 31, 2021

USD ($)

$ / shares

Dilutive effect of share options outstanding exercisable into ordinary shares (in shares)

11,700

10,400

Dilutive effect of convertible debt ordinary shares (in shares)

3,100

4,100

Income and Share Data Used in Basic and Diluted Earnings / (Loss) Per Ordinary Share [Abstract]

Profit / (loss) attributable to ordinary equity shareholders of the Group | $

$ (56,656)

$ (60,366)

$ 82,643

Weighted average number of ordinary shares outstanding (in shares)

^[1],[2]

110,494

108,681

Basic earnings / (loss) per share (in dollars per share) | $ / shares

^[1]

$ (0.51)

$ (0.56)

$ 0.76

Profit / (loss) attributable to ordinary equity shareholders of the Group | $

$ (56,656)

$ (60,366)

$ 82,643

Increase in profit attributable to ordinary equity shareholders of the Group resulted from conversion of convertible debt | $

1,223

Profit / (loss) attributable to ordinary equity shareholders of the Group for diluted EPS | $

$ (56,656)

$ (60,366)

$ 83,866

Adjusted for [Abstract]

- Assumed conversion of convertible debt (in shares)

1,808

- Assumed exercise of share awards (in shares)

754

Weighted average number of shares outstanding for diluted EPS (in shares)

^[1]

110,494

108,681

111,243

Diluted earnings / (loss) per share (in dollars per share) | $ / shares

^[1]

$ (0.51)

$ (0.56)

$ 0.75

Class A Ordinary Shares [Member]

Number of votes granted per share | Vote

Class V Ordinary Shares [Member]

Number of votes granted per share | Vote

[1]	After giving the effects of the reverse recapitalization completed in April 2023 as described in Note 1.
[2]	The weighted average number of ordinary shares outstanding for the years ended December 31, 2022 and 2021 was retrospectively adjusted to reflect the reverse recapitalization effectuated in April 2023. See Note 1

FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS, Changes in Fair Value Measurement of Assets (Details) - Level 3 [Member] - Unlisted Equity Instruments and Debt Instrument [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in fair value measurement, assets [Abstract]
Beginning balance	$ 60,959	$ 1,250	$ 0
Additions	4,400	61,550	1,250
Disposals	(31,111)	(1,213)	0
Net gain on disposal of financial assets at fair value through profit or loss	0	213	0
Net fair value changes recognized in profit or loss	3,527	(841)	0
Ending balance	$ 37,775	$ 60,959	$ 1,250

- Definition

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

+ References + Details

SHARE-BASED PAYMENTS, Number of Shares and Weighted Average Exercise Prices of Share Awards (Details)

4 Months Ended

12 Months Ended

Apr. 13, 2023

Apr. 30, 2023

$ / shares

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

USD ($)

$ / shares

Dec. 31, 2021

USD ($)

$ / shares

Number of options [Abstract]

Beginning balance (in shares) | shares

10,398,000

9,419,000

Granted (in shares) | shares

1,658,000

1,198,000

9,419,000

Exercised (in shares) | shares

^[1]

(118,000)

Forfeited (in shares) | shares

(194,000)

(219,000)

Ending balance (in shares) | shares

11,744,000

10,398,000

9,419,000

Vested and exercisable (in shares) | shares

5,460,000

Average exercise price per share option [Abstract]

Beginning balance (in dollars per share)

$ 3.5

$ 0

Granted (in dollars per share)

4.58

3.5

Exercised (in dollars per share)

^[1]

3.5

Forfeited (in dollars per share)

3.68

3.5

Ending balance (in dollars per share)

3.65

3.5

Vested and exercisable (in dollars per share)

3.5

Average fair value per share option [Abstract]

Beginning balance (in dollars per share)

$ 25.27

25.27

26.16

Granted (in dollars per share)

8.15

18.34

26.16

Exercised (in dollars per share)

^[1]

19.23

Forfeited (in dollars per share)

17.96

25.68

Ending balance (in dollars per share)

23.04

$ 25.27

$ 26.16

Vested and exercisable (in dollars per share)

$ 23.96

Proceeds from exercise of options | $

$ 412,000

$ 0

2021 Plan [Member]

Number of options [Abstract]

Granted (in shares) | shares

46,805,600

139,690,400

1,097,852,000

Average exercise price per share option [Abstract]

Granted (in dollars per share)

$ 0.03

2023 Plan [Member]

Number of options [Abstract]

Granted (in shares) | shares

1,256,122

Average fair value per share option [Abstract]

Proceeds from exercise of options | $

$ 412,000

[1]	The total proceeds received from the exercised shares under the 2023 plan during the year ended December 31, 2023 was approximately US$412,000.

USE OF JUDGMENTS AND ESTIMATES (Details)	12 Months Ended
USE OF JUDGMENTS AND ESTIMATES (Details)	Dec. 31, 2023
USE OF JUDGMENTS AND ESTIMATES [Abstract]
Discount rate	7.75%

FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2023

FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS [Abstract]

FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS

4.	FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS

Financial risk factors

The Group is exposed to various market risks including cryptocurrency risk, interest rate risk, investment risk and foreign currency risk, as well as credit risk and liquidity risk associated with financial assets and liabilities. The Group has designed and implemented various risk management strategies, discussed further below, to ensure the exposure to these risks is consistent with its risk tolerance and business objectives.

Market risk

Cryptocurrency risk

The Group is exposed to cryptocurrency risk as it yields cryptocurrencies from certain revenue arrangements. The Group recognizes revenue based on the spot fair value of cryptocurrencies on the day they are earned, but the value of the cryptocurrencies is subject to change on the date they are disposed of for fiat currency.

Cryptocurrency prices are affected by various forces including global supply and demand, interest rates, exchange rates, inflation or deflation and the global political and economic conditions. The profitability of the Group is highly correlated to the current and future market price of cryptocurrencies and a decline in the market prices for cryptocurrencies could negatively impact the Group’s future operations. In addition, the Group may not be able to liquidate its holdings of cryptocurrencies at its desired price if required, or, in extreme market conditions, the Group may not be able to liquidate its holdings of cryptocurrencies at all.

Cryptocurrencies have a limited history, and the fair value of cryptocurrencies has been very volatile. The historical performance of cryptocurrencies is not indicative of their future price performance. The cryptocurrencies involved in the Group’s operation are currently primarily based on Bitcoin and USDT. The Group currently does not use any derivative contracts to hedge its exposure to cryptocurrency risk, but management closely monitors the impact of the mainstream cryptocurrency exchange market on the change of exchange rates from cryptocurrency to fiat currency. The Group limits its exposure to the cryptocurrency risk by including in its operation strategy to dispose of the cryptocurrencies for fiat currency shortly after they are earned unless the cryptocurrencies need to be retained for daily operation.

ii.

Interest rate risk

The Group’s interest rate risk is primarily attributable to bank deposits, restricted cash and borrowings. Bank deposits, restricted cash and borrowings at variable rates and fixed rates expose the Group to cash flow interest rate risk and fair value interest rate risk respectively. Management closely monitors the fluctuation of such rates periodically.

iii.

Investment risk

The Group is exposed to investment risk from investment transactions such as the purchase of cryptocurrency-denoted wealth management products and investment in financial assets at fair value through profit or loss. These investments are not principal-guaranteed, and the Group may suffer material loss from such investments. The Group monitors its investments closely and limits its exposure to the investment risk by including in its operation strategy the requirements to, with regard to the purchase of cryptocurrency-denoted wealth management products, invest only in robust wealth management products and the investments need to be redeemed within the same fiscal quarter, and, with regard to the investment in financial assets at fair value through profit or loss, perform due diligence on the prospect investees to evaluate the business soundness before making an investment, and communicate regularly with the investee, review management report and the latest financial statements, if any, to evaluate the stage of investment and whether any action should be taken regarding the investment.

iv.

Foreign currency risk

The Group is exposed to foreign currency risk as it conducts transactions which give rise to payables and cash balances that are denominated in foreign currencies and the fair value or future cash flows of the Group’s financial instrument may fluctuate due to movement in foreign exchange rates of these foreign currencies. The volatility of exchange rates depends on many factors that the Group is not able to accurately forecast. Management is closely monitoring the Group’s exposure to currency risk and seeks to minimize its exposure to such risk. The Group was not exposed to material foreign currency risk during the years ended December 31, 2023, 2022 and 2021.

Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. Credit risk arises mainly from cash deposited in the banks and cryptocurrencies held in custody, trade receivables, cryptocurrency lending transactions and cryptocurrency-denoted wealth management product purchases.

Cash deposited in the banks

To manage risk arising from cash, cash equivalents and restricted cash, the Group only transacts with reputable financial institutions. There has been no recent history of default in relation to these financial institutions.

Cryptocurrencies held in custody

For the years ended December 31, 2023, 2022 and 2021, substantially all of the Group’s cryptocurrencies are stored in wallets held in the custody of Matrix Finance and Technologies Holding Company (“Matrixport Group”), a related party. To limit exposure to credit risk relating to cryptocurrencies under custody, the Group evaluates the system security design of the custody service provider and regularly reviews the exposure of cryptocurrencies held in custody. The Group has further implemented internal controls to ensure the appropriate access to the cryptocurrencies under custody and adopted the operating strategy of disposing of the cryptocurrency for fiat currency shortly after they are earned. The Group expects that there is no significant credit risk from non-performance by Matrixport Group.

However, Bitcoin and other blockchain-based cryptocurrencies have been, and may in the future be, subject to security breaches, cyberattacks, or other malicious activities. A successful security breach or cyberattack could result in a partial or total loss of the Group’s cryptocurrencies and such a loss could have a material adverse effect on the Group’s financial condition and results of operations.

Trade receivables

The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, the Group also considers the factors that may influence the credit risk of the customer base, including the customers’ financial condition.

The Group has a receivables management process that facilitates initial and ongoing analysis of customer creditworthiness individually. This analysis comprises payment frequency and timeliness, payment method and payment amount. For customers with relatively short history, the Group limits its exposure to credit risk by collecting deposits from these customers, which will be used to offset against outstanding trade receivables in case of default.

Cryptocurrency lending transactions and cryptocurrency-denoted wealth management product purchases

The Group also has credit exposure to cryptocurrency lending transactions and cryptocurrency-denoted wealth management product purchases. The Group assesses such credit risk both at contract inception and each quarter or in shorter interval by considering the past collection experience and any indications that the corresponding amount may not be fully collected. To manage such exposure, the Group continuously monitors the relevant factors, such as the liquidity of the underlying cryptocurrencies, negative report related to the counterparty, and deals only with creditworthy counterparties and includes in its operation strategy that the lending needs to be collected, and the wealth management products need to be redeemed within the same fiscal quarter. The Group historically only conducts such transactions with the Matrixport Group and the Group did not conduct such transaction in the year ended December 31, 2023. The Group had never experienced credit losses and has no existing exposures to such credit risk as of each end date of the consolidated statement of financial position. Consequently, credit exposure to these transactions is not considered material.

Liquidity risk

Liquidity risk arises in situations where the Group has difficulties in fulfilling financial liabilities when they become due.

Prudent liquidity risk management implies maintaining sufficient cash in order to meet the Group’s financial obligations. The Group manages its liquidity risk by monitoring cash flow generated from operations and available borrowing capacity, and by managing the maturity profiles of its long-term loans.

The following is the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments:

	At December 31, 2023
In thousands of USD	Within 1 year or on- demand		More than 1 year but less than 2 years		More than 2 years but less than 5 years		More than 5 years		Total		Carrying amount at December 31
Trade payables		32,484		-		-		-		32,484		32,484
Other payables and accruals		32,151		-		-		-		32,151		32,151
Amount due to a related party		33		-		-		-		33		33
Borrowings		-		23,000		-		-		23,000		22,618
Lease liabilities		7,835		7,787		22,217		48,862		86,701		70,211
		72,503		30,787		22,217		48,862		174,369		157,497

	At December 31, 2022
In thousands of USD	Within 1 year or on- demand		More than 1 year but less than 2 years		More than 2 years but less than 5 years		More than 5 years		Total		Carrying amount at December 31
Trade payables		15,768		-		-		-		15,768		15,768
Other payables and accruals		22,176		-		-		-		22,176		22,176
Amount due to a related party		316		-		-		-		316		316
Borrowings		29,805		-		-		-		29,805		29,805
Lease liabilities		7,471		6,967		20,290		53,347		88,075		70,425
		75,536		6,967		20,290		53,347		156,140		138,490

Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values are estimated at a specific point in time, by discounting expected cash flows at rates for assets and liabilities of the same remaining maturities and conditions. These estimates are subjective in nature and involve uncertainties and significant judgment, and therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques:

•

Level 1 valuation: unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.

•

Level 2 valuation: inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly.

•

Level 3 valuation: fair value measured using significant unobservable inputs.

The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

As of December 31, 2023 and 2022, except for the investments in financial assets at fair value through profit or loss, cryptocurrency-settled receivables and payables, and USDC, substantially all of the Group’s financial assets and financial liabilities are carried at amortized costs and the carrying amounts approximate their fair values.

The fair value of financial instruments traded in active markets is determined with reference to quoted market prices at the end of the reporting period. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. These instruments are included in level 1.

The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required for evaluating the fair value of a financial instrument are observable, the instrument is included in level 2. If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3.

For the years ended December 31, 2022 and 2021, the fair value of the cryptocurrencies lent or invested is measured on a recurring basis at quoted price at the time the fair value of the underlying cryptocurrencies is being measured, which the Group considers to be a Level 1 fair value input. The fair value of the embedded derivative relating to the wealth management product is measured on a recurring basis by taking the net asset value provided by the counterparty, which the Group considers to be a Level 2 fair value input. The Group did not enter into such transactions in the year ended December 31, 2023.

The Group’s finance department performs valuations of financial instruments. The finance department reports directly to the chief financial officer and discusses valuation processes and results with the chief financial officer in order to comply with the Group’s accounting and reporting requirements.

The valuation procedures applied include consideration of recent transactions in the same security or financial instrument, recent financing of the investee companies, economic and market conditions, current and projected financial performance of the investee companies, and the investee companies’ management team as well as potential future strategies to realize the investments. Certain information used in the valuation procedures is obtained through the assistance of independent third-party valuation firm.

The fair value measurement hierarchy for the Group’s financial instruments measured at fair value is as follows:

In thousands of USD	Valuation technique(s) and key input	December 31, 2023		Level 1		Level 2		Level 3
USDC	Quoted price		35		35		-		-
Investment A, B, D and E in unlisted equity instrument	Net asset value		23,375		-		-		23,375
Investment F in unlisted equity instrument	Recent transaction price		400		-		-		400
Investment C in unlisted equity instrument	Market calibration method		10,000		-		-		10,000
Investment G in unlisted debt instrument	Net asset value		1,000		-		-		1,000
Investment H in unlisted debt instrument	Recent transaction price		3,000		-		-		3,000

In thousands of USD	Valuation technique(s) and key input	December 31, 2022		Level 1		Level 2		Level 3
USDC	Quoted price		89		89		-		-
Investment A, B and D in unlisted equity instrument	Net asset value		18,348		-		-		18,348
Investment C and E in unlisted equity instrument	Recent transaction price		11,500		-		-		11,500
Investment G in unlisted debt instrument	Net asset value		31,111		-		-		31,111

	Years ended December 31,
In thousands of USD	2023			2022			2021
Unlisted equity instruments and debt instruments at fair value through profit or loss measured using significant unobservable inputs:
At January 1,		60,959			1,250			-
Additions		4,400			61,550			1,250
Disposals		(31,111	)		(1,213	)		-
Net gain on disposal of financial assets at fair value through profit or loss		-			213			-
Net fair value changes recognized in profit or loss		3,527			(841	)		-
At December 31,		37,775			60,959			1,250

ORGANIZATION, Business Combination (Details) $ in Thousands		12 Months Ended
ORGANIZATION, Business Combination (Details) $ in Thousands	Apr. 13, 2023 USD ($) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) shares
Business Combination [Abstract]
Exchange ratio	0.00858
Net payment related to business combination \| $		$ 7,662	$ 0	$ 0
Class A Ordinary Shares [Member]
Business Combination [Abstract]
Number of shares cancelled in exchange for new issued (in shares)	60,281,185			60,281,184
Number of shares issued (in shares)	4,384,796,703
Class V Ordinary Shares [Member]
Business Combination [Abstract]
Number of shares cancelled in exchange for new issued (in shares)	48,399,922			48,399,922
Exchange ratio	0.00858
BSGA [Member]
Business Combination [Abstract]
Exchange ratio	0.00858
Ownership interest acquired	100.00%
Transaction-related costs \| $	$ 8,000
Net payment related to business combination \| $	7,700
Cash and cash equivalents \| $	$ 317
BSGA [Member] \| Class A Ordinary Shares [Member]
Business Combination [Abstract]
Number of shares cancelled in exchange for new issued (in shares)	1
Number of shares issued (in shares)	2,607,498

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2023
Buildings [Member] \| Minimum [Member]
Detailed Information about Property, Plant and Equipment [Abstract]
Estimated useful life of property plant and equipment	15 years
Buildings [Member] \| Maximum [Member]
Detailed Information about Property, Plant and Equipment [Abstract]
Estimated useful life of property plant and equipment	20 years
Machinery [Member] \| Minimum [Member]
Detailed Information about Property, Plant and Equipment [Abstract]
Estimated useful life of property plant and equipment	3 years
Machinery [Member] \| Maximum [Member]
Detailed Information about Property, Plant and Equipment [Abstract]
Estimated useful life of property plant and equipment	15 years
Electronic Equipment [Member] \| Minimum [Member]
Detailed Information about Property, Plant and Equipment [Abstract]
Estimated useful life of property plant and equipment	3 years
Electronic Equipment [Member] \| Maximum [Member]
Detailed Information about Property, Plant and Equipment [Abstract]
Estimated useful life of property plant and equipment	10 years
Leasehold Improvements and Property Improvements [member] \| Minimum [Member]
Detailed Information about Property, Plant and Equipment [Abstract]
Estimated useful life of property plant and equipment	3 years
Leasehold Improvements and Property Improvements [member] \| Maximum [Member]
Detailed Information about Property, Plant and Equipment [Abstract]
Estimated useful life of property plant and equipment	15 years

PREPAYMENTS AND OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

PREPAYMENTS AND OTHER ASSETS [Abstract]

Prepayments and Other Assets

The breakdown of prepayments and other assets is as follows:

	At December 31,
In thousands of USD	2023		2022
Prepayments to suppliers		35,219		9,664
Deposits ⁽¹⁾		54,304		26,577
Deductible input value-added tax		3,425		757
Prepayments of income tax		15		18,459
Receivable from a third party ⁽²⁾		-		2,546
Others		4,470		1,573
Total		97,433		59,576

(1)

The Group pays deposits to certain electricity service providers. In order to minimize the deposit paid to the electricity supplier, in April 2023, Bitdeer Inc., a subsidiary of the Group, has entered into a guaranty agreement with one of the electricity suppliers to act as a guarantor to provide the assurance for the payment obligation of another subsidiary of the Group in connection with electricity service subscribed. The total liability of the guarantor is limited to the lesser of the guaranteed obligations under all agreements or US$13 million in each case.

(2)

Represent balance due from Blue Safari Acquisition Corp. (“BSGA”), a special purpose acquisition company who has signed a merger agreement with the Group. Associated with the anticipated merger, the Group agreed to lend BSGA an aggregate principal amount of US$1.99 million in two tranches and additional US$2.58 million in four tranches to fund any and all amounts required to extend the period of time BSGA has to complete the merger for up to two times for an additional three-month period each time. The lending bears no interest and is repayable only at the closing of the merger by BSGA. The merger was closed in April 2023 and the receivable was settled upon the completion of the merger. See Note 1.

SUPPLEMENTAL CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2023

SUPPLEMENTAL CASH FLOW INFORMATION [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

22.	SUPPLEMENTAL CASH FLOW INFORMATION

The non-cash investing and financing activities are as follows:

	Years ended December 31,
In thousands of USD	2023		2022		2021
NON-CASH INVESTING AND FINANCING TRANSACTIONS
Operating lease right-of-use assets and leasehold land obtained in exchange for operating lease liabilities		4,492		7,270		47,178
Operating lease right-of-use assets resulted from lease modification		646		-		-
Settlement of pre-existing relationship with BSGA		2,607		-		-
Payment for purchase of mining machines in form of cryptocurrencies		-		4,805		11,986
Cryptocurrencies paid on behalf of related parties		-		-		24,852
Lending made to a third party in form of cryptocurrencies		-		-		10,222
Collection of lending from a third party in form of cryptocurrencies		-		-		6,487
Lending made to related party in form of cryptocurrencies		-		150,025		30,015
Collection of lending from related party in form of cryptocurrencies		-		151,525		30,735
Purchase of wealth management products using cryptocurrencies		-		149,972		30,004
Redemption of wealth management products in form of cryptocurrencies		-		150,268		30,724
Liabilities assumed in connection with acquisition of property, plant and equipment and intangible assets		8,205		-		3,494
Receivable on the proceeds from issuance of ordinary shares		23		-		-

SHARE-BASED PAYMENTS, Expense Recognized for Share Awards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of attribution of expenses by nature to their function [line items]
Research and development expenses	$ 45,488	$ 90,648	$ 88,355
Cost of Revenue [Member]
Disclosure of attribution of expenses by nature to their function [line items]
Research and development expenses	4,722	10,050	10,424
General and Administrative Expenses [Member]
Disclosure of attribution of expenses by nature to their function [line items]
Research and development expenses	23,797	48,850	54,458
Research and Development Expenses [Member]
Disclosure of attribution of expenses by nature to their function [line items]
Research and development expenses	13,377	24,258	18,246
Selling Expenses [Member]
Disclosure of attribution of expenses by nature to their function [line items]
Research and development expenses	$ 3,592	$ 7,490	$ 5,227

OTHER PAYABLES AND ACCRUALS (Tables)

12 Months Ended

Dec. 31, 2023

OTHER PAYABLES AND ACCRUALS [Abstract]

Other Payables and Accruals

Other payables and accruals consist of the following:

	At December 31,
In thousands of USD	2023		2022
Payables for surtaxes		9,952		8,928
Accrued operating expenses		9,732		5,539
Payables for staff-related costs		2,554		2,182
Deposits from hosting customers		8,114		2,911
Restoration provision for leasehold land		1,363		1,343
Others		436		1,273
Total		32,151		22,176

RELATED PARTY TRANSACTIONS, Summary of Cryptocurrency Transactions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Product	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Transactions Between Related Parties [Abstract]
Number of wealth management products \| Product	2
Balance of cryptocurrency receivables			$ 0
Lending and Wealth Management Products [Member]
Transactions Between Related Parties [Abstract]
Purchase of cryptocurrency		286,000
Total receipts from collection of lending and redemption of wealth management products disposed		$ 302,000	$ 61,000
Cryptocurrency, USDC [Member] \| Loan with Date of Purchase September 8, 2021 [Member]
Transactions Between Related Parties [Abstract]
Amount of cryptocurrencies	$ 30,000
Date of purchase/lending	Sep. 08, 2021
Date of redemption/collection	Dec. 27, 2021
Effective annual yield of return/interest rate	8.25%
Cryptocurrency, USDC [Member] \| Loan with Date of Purchase April 1, 2022, Two [Member]
Transactions Between Related Parties [Abstract]
Amount of cryptocurrencies	$ 5,000
Date of purchase/lending	Apr. 01, 2022
Date of redemption/collection	Jun. 28, 2022
Effective annual yield of return/interest rate	7.00%
Cryptocurrency, USDC [Member] \| Loan with Date of Purchase May 12, 2022 [Member]
Transactions Between Related Parties [Abstract]
Amount of cryptocurrencies	$ 30,000
Date of purchase/lending	May 12, 2022
Date of redemption/collection	May 19, 2022
Effective annual yield of return/interest rate	15.00%
Cryptocurrency, USDC [Member] \| Loan with Date of Purchase July 1, 2022 [Member]
Transactions Between Related Parties [Abstract]
Amount of cryptocurrencies	$ 80,000
Date of purchase/lending	Jul. 01, 2022
Date of redemption/collection	Sep. 28, 2022
Effective annual yield of return/interest rate	4.13%
Cryptocurrency, USDC [Member] \| Loan with Date of Purchase October 11, 2022 [Member]
Transactions Between Related Parties [Abstract]
Amount of cryptocurrencies	$ 20,000
Date of purchase/lending	Oct. 11, 2022
Date of redemption/collection	Dec. 28, 2022
Effective annual yield of return/interest rate	3.50%
Cryptocurrency, USDT [Member] \| Wealth Management Product - Date of Purchase October 20, 2021 [Member]
Transactions Between Related Parties [Abstract]
Amount of cryptocurrencies	$ 30,000
Date of purchase/lending	Oct. 20, 2021
Date of redemption/collection	Dec. 28, 2021
Effective annual yield of return/interest rate	13.00%
Cryptocurrency, USDT [Member] \| Wealth Management Product - Date of Purchase January 14, 2022 [Member]
Transactions Between Related Parties [Abstract]
Amount of cryptocurrencies	$ 80,000
Date of purchase/lending	Jan. 14, 2022
Date of redemption/collection	Mar. 27, 2022
Effective annual yield of return/interest rate	1.00%
Cryptocurrency, USDT [Member] \| Loan with Date of Purchase April 1, 2022, One [Member]
Transactions Between Related Parties [Abstract]
Amount of cryptocurrencies	$ 15,000
Date of purchase/lending	Apr. 01, 2022
Date of redemption/collection	Jun. 28, 2022
Effective annual yield of return/interest rate	5.83%
Cryptocurrency, USDT [Member] \| Wealth Management Product - Date of Purchase April 15, 2022 [Member]
Transactions Between Related Parties [Abstract]
Amount of cryptocurrencies	$ 10,000
Date of purchase/lending	Apr. 15, 2022
Date of redemption/collection	Jun. 17, 2022
Effective annual yield of return/interest rate	3.06%
Cryptocurrency, USDT [Member] \| Wealth Management Product - Type B with Date of Purchase June 17, 2022 [Member]
Transactions Between Related Parties [Abstract]
Amount of cryptocurrencies	$ 10,000
Date of purchase/lending	Jun. 17, 2022
Date of redemption/collection	Jun. 28, 2022
Effective annual yield of return/interest rate	5.70%
Cryptocurrency, USDT [Member] \| Wealth Management Product - Type B with Date of Purchase June 20, 2022 [Member]
Transactions Between Related Parties [Abstract]
Amount of cryptocurrencies	$ 50,000
Date of purchase/lending	Jun. 20, 2022
Date of redemption/collection	Jun. 28, 2022
Effective annual yield of return/interest rate	5.92%

PREPAYMENTS AND OTHER ASSETS, Details (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2023

USD ($)

Tranches

Item

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Assets [Abstract]

Prepayments to suppliers

$ 35,219

$ 9,664

Deposits

^[1]

54,304

26,577

Deductible input value-added tax

3,425

757

Prepayments of income tax

18,459

Receivable from a third party

^[2]

2,546

Others

4,470

1,573

Total

97,433

59,576

Total liability of guaranteed obligations under all agreements

13,000

Blue Safari Acquisition Corp [Member]

Assets [Abstract]

Aggregate principal amount

$ 1,990

Number of tranches | Tranches

Additional principal amount

$ 2,580

Number of additional tranches | Tranches

Merger completion term number of extensions | Item

Period of merger completion extension

3 months

Borrowings, interest rate

0.00%

Allowance for expected credit losses or impairment for prepayments and other assets

$ 0

[1]

[2]

EQUITY, Share Capital (Details)		1 Months Ended	5 Months Ended	6 Months Ended		12 Months Ended
EQUITY, Share Capital (Details)	Apr. 13, 2023 USD ($) $ / shares shares	Aug. 31, 2023 USD ($) $ / shares	Oct. 31, 2023 Program	Apr. 17, 2024 USD ($)	Dec. 15, 2023 USD ($)	Dec. 31, 2023 USD ($) Vote shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Mar. 28, 2024 shares	Dec. 31, 2020 shares
Share Capital [Abstract]
Authorized share capital \| $	$ 50,000
Undesignated Shares (in shares)	200,000,000
Par value of undesignated shares (in dollars per share) \| $ / shares	$ 0.0000001
Exchange ratio	0.00858
Number of share repurchase programs \| Program			2
Number of shares reserved for future issuance (in shares)						5,554,302
Number of shares not outstanding (in shares)						5,436,385
Net proceeds \| $						$ 9,494,000	$ 0	$ 0
Business Combinations [Member]
Share Capital [Abstract]
Exchange ratio	0.00858
Class A Ordinary Shares [Member]
Share Capital [Abstract]
Shares authorized (in shares)	499,600,000,000
Par value (in dollars per share) \| $ / shares	$ 0.0000001
Number of shares issued (in shares)	4,384,796,703
Number of shares outstanding (in shares)	4,384,796,703					63,566,376	60,281,184	60,281,184		0
Number of shares cancelled in exchange for new issued (in shares)	60,281,185							60,281,184
Number of votes per share \| Vote						1
Amount of share repurchase proceeds used to repurchase ordinary shares \| $						$ 2,600,000
Number of shares repurchased, under stock repurchase program (in shares)						606,756
Par value of shares available under right to sell agreement (in dollars per share) \| $ / shares	$ 0.0000001
Class A Ordinary Shares [Member] \| B. Riley Principal Capital II, LLC [Member]
Share Capital [Abstract]
Number of shares issued (in shares)						1,166,533
Purchase agreement maturity period		36 months
Net proceeds \| $						$ 9,500,000
Class A Ordinary Shares [Member] \| Subsequent Events [Member]
Share Capital [Abstract]
Amount of share repurchase proceeds used to repurchase ordinary shares \| $				$ 2,000,000
Class A Ordinary Shares [Member] \| Subsequent Events [Member] \| B. Riley Principal Capital II, LLC [Member]
Share Capital [Abstract]
Number of shares issued (in shares)									6,738,555
Class A Ordinary Shares [Member] \| Maximum [Member]
Share Capital [Abstract]
Amount of share repurchase proceeds used to repurchase ordinary shares \| $					$ 1,000,000
Class A Ordinary Shares [Member] \| Maximum [Member] \| B. Riley Principal Capital II, LLC [Member]
Share Capital [Abstract]
Par value (in dollars per share) \| $ / shares		$ 0.0000001
Number of shares authorized, value \| $		$ 150,000,000
Par value of shares available under right to sell agreement (in dollars per share) \| $ / shares		$ 0.0000001
Class A Ordinary Shares [Member] \| Business Combinations [Member]
Share Capital [Abstract]
Number of shares cancelled in exchange for new issued (in shares)	60,281,185
Class B Ordinary Shares [Member]
Share Capital [Abstract]
Number of shares issued (in shares)	5,631,795,619
Number of shares outstanding (in shares)	5,631,795,619
Class V ordinary shares [Member]
Share Capital [Abstract]
Shares authorized (in shares)	200,000,000
Par value (in dollars per share) \| $ / shares	$ 0.0000001
Number of shares outstanding (in shares)						48,399,922	48,399,922	48,399,922		0
Number of shares cancelled in exchange for new issued (in shares)	48,399,922							48,399,922
Exchange ratio	0.00858
Number of votes per share \| Vote						10
Par value of shares available under right to sell agreement (in dollars per share) \| $ / shares	$ 0.0000001
Series A Preferred Shares [Member]
Share Capital [Abstract]
Number of shares issued (in shares)	7,141,236
Number of shares outstanding (in shares)	7,141,236
Number of shares cancelled in exchange for new issued (in shares)	2,607,498
Series A Preferred Shares [Member] \| Business Combinations [Member]
Share Capital [Abstract]
Number of shares issued (in shares)	453,892,313
Number of shares outstanding (in shares)	453,892,313
Series A Preferred Shares [Member] \| BSGA [Member]
Share Capital [Abstract]
Number of shares issued (in shares)	2,607,498
Number of shares outstanding (in shares)	2,607,498
Series B Preferred Shares [Member] \| Business Combinations [Member]
Share Capital [Abstract]
Number of shares issued (in shares)	870,232,230
Number of shares outstanding (in shares)	870,232,230
Series B+ Preferred Shares [Member] \| Business Combinations [Member]
Share Capital [Abstract]
Number of shares issued (in shares)	1,314,267,705
Number of shares outstanding (in shares)	1,314,267,705

OTHER PAYABLES AND ACCRUALS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OTHER PAYABLES AND ACCRUALS [Abstract]
Payables for surtaxes	$ 9,952	$ 8,928
Accrued operating expenses	9,732	5,539
Payables for staff-related costs	2,554	2,182
Deposits from hosting customers	8,114	2,911
Restoration provision for leasehold land	1,363	1,343	$ 0
Others	436	1,273
Total	$ 32,151	$ 22,176

TAXATION

12 Months Ended

Dec. 31, 2023

TAXATION [Abstract]

TAXATION

19.

TAXATION

The subsidiaries of the Group incorporated in the Cayman Islands and British Virgin Islands (“BVI”) are not subject to tax on income or capital gain. In addition, payments of dividends by the Group to its shareholders are not subject to withholding tax in the Cayman Islands.

The subsidiaries of the Group incorporated in other countries are subject to income tax pursuant to the rules and regulations of their respective countries of incorporation.

The provisions for income taxes for the years ended December 31, 2023, 2022 and 2021 are summarized as follows:

	Years ended December 31,
In thousands of USD	2023			2022			2021
Current income tax (benefit) / expenses		11,825			(8,244	)		13,125
Deferred income tax (benefit) / expenses		(6,140	)		3,844			35,121
Total		5,685			(4,400	)		48,246

The reconciliation between the income tax benefit / (expenses) calculated by applying the applicable tax rate of 17% to the profit / (loss) before income tax and the net income tax benefit / (expenses) as shown in the statements of operations and comprehensive income / (loss) for the years ended December 31, 2023, 2022 and 2021 is as follows.

	Years ended December 31,
	2023			2022			2021
Statutory income tax rate		17.00	%		17.00	%		17.00	%
Effect of expenses not deductible for tax purpose		(24.21	%)		(22.71	%)		11.99	%
Effect of income tax difference under different tax jurisdictions		0.53	%		(4.03	%)		5.64	%
Effect of deductible temporary differences not recognized		0.49	%		0.75	%		0.63	%
Prior year true-ups		(5.06	%)		16.05	%		2.11	%
Effect of non-taxable income		-			-			(0.60	%)
Others		0.10	%		(0.27	%)		0.09	%
Total		(11.15	%)		6.79	%		36.86	%

Deferred tax assets / (liabilities) as of December 31, 2023 and 2022 comprise the following:

	At December 31,
In thousands of USD	2023			2022
Deferred tax assets
Net operating losses		136			4,324
Share-based payments		3,573			2,672
Deferred revenue		4,184			-
Property, plant and equipment, intangible assets and right-of-use assets		1,120			533
Total deferred tax assets		9,013			7,529
Set-off of deferred tax positions relate to income taxes levied by the same tax authority		(8,022	)		(2,672	)
Deferred tax assets		991			4,857
Deferred tax liabilities
Property, plant and equipment and intangible assets		(9,642	)		(14,298	)
Set-off of deferred tax positions relate to income taxes levied by the same tax authority		8,022			2,672
Deferred tax liabilities		(1,620	)		(11,626	)

Net deferred tax liabilities		(629	)		(6,769	)

The movements in the net deferred tax assets / (liabilities) during the years ended December 31, 2023, 2022 and 2021 are as follows:

In thousands of USD	January 1, 2023			Recognized in profit or loss			December 31, 2023
Tax losses carried forward		4,324			(4,188	)		136
Share-based payments		2,672			901			3,573
Deferred revenue		-			4,184			4,184
Property, plant and equipment, intangible assets and right-of-use assets		(13,765	)		5,243			(8,522	)
Net deferred tax assets / (liabilities)		(6,769	)		6,140			(629	)

In thousands of USD	January 1, 2022			Recognized in profit or loss			December 31, 2022
Tax losses carried forward		4,362			(38	)		4,324
Share-based payments		-			2,672			2,672
Property, plant and equipment		(7,287	)		(6,478	)		(13,765	)
Net deferred tax liabilities		(2,925	)		(3,844	)		(6,769	)

In thousands of USD	January 1, 2021		Recognized in profit or loss			Charged to invested capital ⁽¹⁾		December 31, 2021
Tax losses carried forward		23,592		(21,324	)		2,094		4,362
Accrued expenses		704		(704	)		-		-
Property, plant and equipment		5,806		(13,093	)		-		(7,287	)
Net deferred tax assets / (liabilities)		30,102		(35,121	)		2,094		(2,925	)

(1)

Deferred tax assets charged to invested capital is due to the Group recognizing deferred tax assets related to tax losses carried forward based on the tax losses available to the individual legal entities within the Group during the Carve-out Period, which creates differences between the income tax benefit or expense determined based on the operation results of the Bitdeer Business.

The Group has not recognized deductible temporary differences and a portion of the tax loss carryforward because the criteria for recognition (i.e., the probability of future taxable profits) were not met. The amount of such unused tax losses will expire as follows:

Tax Jurisdiction	Amount in thousands of USD		Earliest year of expiration if not utilized
Singapore		5,297	Indefinitely
Hong Kong		4,143	Indefinitely
Norway		14,591	Indefinitely
Bhutan		678		2026
Total		24,709

MINING MACHINES (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

$ 138,636

$ 102,617

154,860

138,636

$ 102,617

Cost [Member]

196,886

130,538

68,527

56,207

66,742

65,446

(164)

(409)

(3,435)

Accumulated Depreciation [Member]

252,929

196,886

130,538

(58,250)

(27,921)

(14,158)

(39,899)

(30,438)

(14,434)

109

671

(98,069)

(58,250)

(27,921)

Impairment [Member]

(2,211)

2,211

Mining Asset [member]

27,703

46,469

Mining Asset [member] | Cost [Member]

63,477

27,703

46,469

122,203

123,136

129,246

63,041

12,016

31,645

(16,731)

(12,949)

(37,998)

243

Mining Asset [member] | Accumulated Depreciation [Member]

168,513

122,203

123,136

(94,399)

(76,561)

(64,446)

(25,663)

(29,281)

(43,857)

15,127

11,443

32,005

(263)

Mining Asset [member] | Impairment [Member]

(104,935)

(94,399)

(76,561)

(101)

(106)

^[1]

(106)

$ (101)

$ (106)

[1]	Included in the cost of revenue

ASSET ACQUISITION

12 Months Ended

Dec. 31, 2023

ASSET ACQUISITION [Abstract]

ASSET ACQUISITION

5.	ASSET ACQUISTION

On June 17, 2022, the Group entered into a sale and purchase agreement with Worldwide VGS B.V. and Yves Charles Edgar Bouvier, the ultimate beneficial owner of Worldwide VGS B.V., pursuant to which the Group agreed to purchase the 100% equity interest of Asia Freeport Holdings Pte., Ltd. and its subsidiaries (collectively, “AFH”), which was previously controlled by Worldwide VGS B.V., and the sculpture “Cage Sans Frontieres” created by Ron Arad, which was previously owned by Yves Charles Edgar Bouvier. The acquisition was closed on July 1, 2022.

As the sculpture was placed in an investment property building owned by AFH and cannot be removed or used separately without incurring significant costs, the sculpture is considered attached to the building of AFH. In addition, because Yves Charles Edgar Bouvier is the ultimate beneficial owner of Worldwide VGS B.V., the acquisition of AFH and the sculpture is treated as a single transaction. AFH is based in Singapore and conducts business in providing leases to customers. This transaction has been accounted for as an asset acquisition as the optional concentration test under IFRS 3 has been met.

The total purchase consideration of approximately US$27 million consisted of cash payment of approximately US$6 million and settlement of liabilities in the amount of approximately US$21 million. The Group has measured the group of assets and liabilities acquired based on their fair value at the date of the transaction and allocated the purchase consideration of the group of assets and liabilities to the individual identifiable assets and liabilities acquired on the basis of their relative fair value at the date of purchase.

Details of the net identifiable assets acquired, and purchase consideration are as follows:

Net identifiable assets	At July 1,
In thousands of USD	2022
Investment properties		34,986
Other assets		529
Other liabilities		8,727
Net identifiable assets		26,788

Purchase consideration	At July 1,
In thousands of USD	2022
Cash consideration paid		5,187
Liabilities settled		21,107
Transaction costs		494
Total consideration		26,788

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Financial Assets at Fair Value Through Profit or Loss [Member]

$ 37,775

$ 60,959

Financial Assets at Fair Value Through Profit or Loss [Member] | Investment A [Member]

37,775

60,959

Financial Assets at Fair Value Through Profit or Loss [Member] | Investment B [Member]

1,000

Financial Assets at Fair Value Through Profit or Loss [Member] | Investment C [Member]

1,000

Financial Assets at Fair Value Through Profit or Loss [Member] | Investment D [Member]

10,000

Financial Assets at Fair Value Through Profit or Loss [Member] | Investment E [Member]

^[1]

19,875

16,348

Financial Assets at Fair Value Through Profit or Loss [Member] | Investment F [Member]

1,500

Financial Assets at Fair Value Through Profit or Loss [Member] | Investment G [Member]

400

Financial Assets at Fair Value Through Profit or Loss [Member] | Investment H [Member]

1,000

31,111

Maturity Analysis of Lease Payments Receivable under Operating Leases

$ 3,000

$ 0

[1]	See Note 20.

INVESTMENT PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2023

INVESTMENT PROPERTIES [Abstract]

Investment Properties

The details of investment properties are as follows:

In thousands of USD	Leasehold land			Building			Others			Total
Cost:
At July 1, 2022 *		-			-			-			-
Acquisition of assets		4,833			29,773			380			34,986
Additions		730			-			-			730
Exchange adjustments		183			906			14			1,103
At December 31, 2022		5,746			30,679			394			36,819
Accumulated depreciation:
At January 1, 2022		-			-			-			-
Charge for the year		(192	)		(1,019	)		(26	)		(1,237	)
Exchange adjustments		(7	)		(32	)		(1	)		(40	)
At December 31, 2022		(199	)		(1,051	)		(27	)		(1,277	)
Net book value:
At December 31, 2022		5,547			29,628			367			35,542
Cost:
At January 1, 2023		5,746			30,679			394			36,819
Additions		82			224			701			1,007
Exchange adjustments		87			370			6			463
At December 31, 2023		5,915			31,273			1,101			38,289
Accumulated depreciation:
At January 1, 2023		(199	)		(1,051	)		(27	)		(1,277	)
Charge for the year		(390	)		(2,104	)		(107	)		(2,601	)
Exchange adjustments		(12	)		(50	)		(3	)		(65	)
At December 31, 2023		(601	)		(3,205	)		(137	)		(3,943	)
Net book value:
At December 31, 2023		5,314			28,068			964			34,346

* The investment properties were acquired from the acquisition of AFH, which was closed on July 1, 2022. See Note 5

The maturity analysis of lease payments receivable under operating leases of investment properties was as follows:

In thousands of USD	At December 31, 2023
2024		3,858
2025		3,396
2026		2,766
2027		1,791
2028		1,769
Thereafter		3,560
Total		17,140

EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS, Finance Income / (Expenses) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS [Abstract]

Interest on lease liabilities

^[1]

$ (2,605)

$ (2,425)

$ (1,217)

Cryptocurrency transaction service fee

(233)

(159)

(109)

Loss on foreign currency transactions

(1,016)

(2,881)

(226)

Interest income

7,953

4,291

2,947

Interest expenses on bank loan

(3)

Interest expense on convertible debt

(2,476)

(2,778)

(1,223)

Others

(347)

(229)

(110)

Total

$ 1,276

$ (4,181)

$ 59

[1]	The interest expense includes the amount related to the leasehold land included in the investment properties for the years ended December 31, 2023, 2022 and 2021 of approximately US$0.2 million, US$0.1 million and nil, respectively. See Note 12.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2023
Software [Member] \| Bottom of Range [Member]
Intangible assets [Abstract]
Useful lives of intangible assets	3 years
Software [Member] \| Top of Range [Member]
Intangible assets [Abstract]
Useful lives of intangible assets	10 years
Patents, Trademarks and Other Rights [Member] \| Bottom of Range [Member]
Intangible assets [Abstract]
Useful lives of intangible assets	3 years
Patents, Trademarks and Other Rights [Member] \| Top of Range [Member]
Intangible assets [Abstract]
Useful lives of intangible assets	5 years

EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

EQUITY [Abstract]

Schedule of Classes of Share Capital

For retrospective presentation, the number of the Group’s ordinary shares and preferred shares on the consolidated statements of changes in equity have been scaled by the exchange ratio of approximately 0.00858 for periods prior to the completion of the Business Combination on April 13, 2023.

	Class A Ordinary Shares			Amount in USD		Class V Ordinary Shares		Amount in USD
At January 1, 2021, shares issued and outstanding		-			-		-		-
Share allotment upon Reorganization		60,281,184			6		48,399,922		5
At December 31, 2021, shares issued and outstanding		60,281,184			6		48,399,922		5
At December 31, 2022, shares issued and outstanding		60,281,184			6		48,399,922		5
Issuance of shares through Business Combination		2,607,498			*		-		-
Issuance of shares for exercise of share awards		117,917			*		-		-
Acquisition of treasury shares		(606,756	)		*		-		-
Issuance of shares for cash		1,166,533			*		-		-
At December 31, 2023, shares issued and outstanding		63,566,376			6		48,399,922		5

*	Amount less than US$1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Cryptocurrencies (Details)	12 Months Ended
	Dec. 31, 2023 Product
Cryptocurrency-denoted wealth management products [Abstract]
Number of wealth management products	2

EQUITY

12 Months Ended

Dec. 31, 2023

EQUITY [Abstract]

EQUITY

18.

EQUITY

Invested capital

The consolidated financial statements were prepared in accordance with principles described in Note 2. Invested capital is derived by aggregating the net assets of the Bitdeer Business’s direct and indirect subsidiaries and the net assets of the Bitdeer business activities conducted in direct and indirect subsidiaries of Bitmain as well as BTC. Invested capital also includes changes in reserve due to the effect of foreign currency translation adjustments and capital funding. For the year ended December 31, 2021, invested capital includes the net assets of the activities Bitdeer Business conducted in direct and indirect subsidiaries of Bitmain between January 1, 2021 and January 26, 2021, as well as BTC between January 1, 2021 and April 15, 2021. The balance of invested capital was reclassified to other reserve upon completion of the Reorganization.

Issued share capital

On April 13, 2023, Bitdeer completed the Business Combination described in Note 1, upon which the Group’s equity structure changed to that of BTG and the authorized share capital is US$50,000 divided into ordinary shares: (i) 499,600,000,000 Class A ordinary shares with a par value of US$0.0000001 each, (ii) 200,000,000 Class V ordinary shares with a par value of US$0.0000001 each, (iii) 200,000,000 undesignated shares with a par value of US$0.0000001 each. Upon completion of the Business Combination, all issued and outstanding 4,384,796,703 Class A ordinary shares, 453,892,313 Series A preferred shares, 870,232,230 Series B preferred shares and 1,314,267,705 Series B+ preferred shares of Bitdeer were cancelled in exchange for newly issued 60,281,185 Class A ordinary shares of BTG at an exchange ratio of approximately 0.00858. All issued and outstanding 5,631,795,619 Class B ordinary shares and 7,141,236 Series A preferred shares were cancelled in exchange for newly issued 48,399,922 Class V ordinary shares of BTG at an exchange ratio of approximately 0.00858. All issued and outstanding 2,607,498 ordinary shares of BSGA were cancelled in exchange for newly issued 2,607,498 Class A ordinary shares of BTG.

Each share of Class A ordinary shares is granted 1 vote and each share of Class V ordinary shares is granted 10 votes. All classes of ordinary shares are entitled to dividend and rank pari passu except for voting rights.

In June and October 2023, the Board of Directors of the Group approved the adoption of two share repurchase programs, pursuant to which the Group was authorized to repurchase its Class A ordinary share for the amount of purchase proceeds up to US$1 million during the period from June 16, 2023 to December 15, 2023 (as amended) and US$2 million during the period from October 18, 2023 to April 17, 2024, respectively. During the year ended December 31, 2023, the Group has purchased collectively 606,756 Class A ordinary shares for approximately US$2.6 million under the share repurchase programs. These shares were not cancelled and not considered outstanding as of December 31, 2023.

In the year ended December 31, 2023, the Group issued 5,554,302 shares which were reserved for future issuance upon the exercise of awards granted under the share incentive plans. As of December 31, 2023, 5,436,385 of such shares were considered not outstanding.

In August 2023, the Group entered into a purchase agreement with B. Riley Principal Capital II, LLC (“B. Riley Principal Capital II”). Pursuant to the purchase agreement, the Group has the right to sell to B. Riley Principal Capital II, up to US$150,000,000 of its Class A ordinary shares with a par value US$0.0000001 per share. The purchase agreement has the maturity date of up to 36-month anniversary from the commencement date or on the date which B. Riley Principal Capital II shall have purchased Class A ordinary shares of an aggregate gross purchase price of US$150,000,000 or other termination conditions stated in the purchase agreement. During the year ended December 31, 2023, the Group newly issued 1,166,533 Class A ordinary shares with net proceeds of approximaltely US$9.5 million.

	Class A Ordinary Shares			Amount in USD		Class V Ordinary Shares		Amount in USD
At January 1, 2021, shares issued and outstanding		-			-		-		-
Share allotment upon Reorganization		60,281,184			6		48,399,922		5
At December 31, 2021, shares issued and outstanding		60,281,184			6		48,399,922		5
At December 31, 2022, shares issued and outstanding		60,281,184			6		48,399,922		5
Issuance of shares through Business Combination		2,607,498			*		-		-
Issuance of shares for exercise of share awards		117,917			*		-		-
Acquisition of treasury shares		(606,756	)		*		-		-
Issuance of shares for cash		1,166,533			*		-		-
At December 31, 2023, shares issued and outstanding		63,566,376			6		48,399,922		5

*	Amount less than US$1

Retained earnings / (Accumulated deficit)

The Group’s retained earnings/ (accumulated deficit) include the result of the Group’s operations for the years ended December 31, 2023, 2022, and 2021 excluding the activities Bitdeer Business conducted in direct and indirect subsidiaries of Bitmain and BTC, which were included in invested capital as discussed above.

Reserves

The Group’s reserves mainly include the following:

(i)

Share premium, which effectively represents the share subscription amount paid over the par value of the shares. The application of the share premium account is governed by Section 34 of the Companies Law, Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands as amended, supplemented or otherwise modified from time to time.

(ii)

All foreign exchange differences arising from the translation of the financial statements of foreign operations.

(iii)

The value of the conversion option of the equity component embedded in the convertible debt.

(iv)

The accumulated share-based payment expenses.

Capital management

The Group’s primary objective in terms of managing capital is to

•

safeguard the Group’s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, mainly by pricing products and services commensurately with the level of risk.

•

To support the Group’s stability and growth

•

To provide capital for the purpose of strengthening the Group’s risk management capability

The Group’s business and financial condition are highly correlated with the market price of cryptocurrencies. For the years ended December 31, 2023, 2022 and 2021, the Group’s revenue is substantially generated from cryptocurrency-related operations. The Group has adopted various measures to minimize the risk associated with the fluctuation in the market price of cryptocurrencies, specifically, the Group has implemented an internal strategy requiring prompt conversion of all the cryptocurrencies received from ordinary operations into fiat currencies.

In order to maintain or adjust the capital structure, the Group reviews and manages its capital structure actively and regularly to ensure optimal capital structure and shareholder returns, taking into account the future capital requirements of the Group and capital efficiency, prevailing and projected profitability, projected operating cash flows, projected capital expenditures and projected strategic investment opportunities.

The Group is not subject to externally imposed capital requirements.

LEASES, Right of Use Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Right-of-Use Assets [Abstract]
Right-of-use assets	$ 58,626	$ 60,082
Investment properties	34,346	35,542
Addition to right-of-use assets and investment properties of leasehold land	5,100	7,300	$ 47,200
AFH [Member]
Right-of-Use Assets [Abstract]
Addition to investment properties of leasehold land		4,800
Leasehold Land [Member]
Right-of-Use Assets [Abstract]
Investment properties	5,314	5,547
Land and Buildings [Member]
Right-of-Use Assets [Abstract]
Right-of-use assets	$ 58,626	$ 60,082

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, New Standards and Interpretations Not yet Adopted (Details)	12 Months Ended
	Dec. 31, 2023
Amendments to IAS 1, Classification of Liabilities as Current or Non-current and Disclosure of Accounting Policies [Member]
New standards and interpretations not yet adopted [Abstract]
Standard/Interpretation	Amendments to IAS 1, Classification of Liabilities as Current or Non-current and Disclosure of Accounting Policies
Application Date for the Group	Jan. 01, 2024
Amendments to IAS 1, Classification of Debt with Covenants [Member]
New standards and interpretations not yet adopted [Abstract]
Standard/Interpretation	Amendments to IAS 1, Classification of Debt with Covenants
Application Date for the Group	Jan. 01, 2024
Amendments to IFRS 16, Subsequent Measurement of Sale and Leaseback Transactions by a Seller-Lessee [Member]
New standards and interpretations not yet adopted [Abstract]
Standard/Interpretation	Amendments to IFRS 16, Subsequent Measurement of Sale and Leaseback Transactions by a Seller-lessee
Application Date for the Group	Jan. 01, 2024
Amendments to IAS 7 and IFRS 7, Supplier Finance Arrangements [Member]
New standards and interpretations not yet adopted [Abstract]
Standard/Interpretation	Amendments to IAS 7 and IFRS 7, Supplier Finance Arrangements
Application Date for the Group	Jan. 01, 2024
IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information [Member]
New standards and interpretations not yet adopted [Abstract]
Standard/Interpretation	IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information
Application Date for the Group	Jan. 01, 2024
IFRS S2, Climate-related Disclosures [Member]
New standards and interpretations not yet adopted [Abstract]
Standard/Interpretation	IFRS S2, Climate-related Disclosures
Application Date for the Group	Jan. 01, 2024
Amendments to IAS 21, Lack of Exchangeability [Member]
New standards and interpretations not yet adopted [Abstract]
Standard/Interpretation	Amendments to IAS 21, Lack of Exchangeability
Application Date for the Group	Jan. 01, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation

The accompanying consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

The consolidated historical financial statements comprise the following financial information:

•

the combined results of operations of the Bitdeer Business during the period from January 1, 2021 to April 15, 2021 (the “Carve-out Period”), which have been prepared on a carve-out basis; and

•

the consolidated financial position of the Group as of December 31, 2023 and 2022 and the consolidated results of operations of the Group for the years ended December 31, 2023, 2022 and for the period from April 16, 2021 to December 31, 2021, which have been prepared on a consolidated basis (together, the “consolidated financial statements”).

Preparing combined historical financial information of Bitdeer Business on a carve-out basis

Pursuant to the Reorganization discussed in Note 1, the Group prepared the combined historical financial information to capture the stand-alone Bitdeer Business, which has historically operated as part of Bitmain during the Carve-out Period. The Group also excluded the results of operations and cash flows of BTC.com Pool Business from its combined historical financial information as a result of the Reorganization. The combined historical financial information has not historically been prepared for the Bitdeer business.

In preparing the combined historical financial information, certain accounting conventions commonly used for the preparation of combined historical financial information have been applied. The term “combined historical financial information” is used when referring to financial information prepared by aggregating financial statements of separate entities or components of groups that fail to meet the definition of a “group” under IFRS 10 Consolidated financial statements. A key assumption underlying the preparation of combined historical financial information is that there is a binding element for the economic activities throughout the period presented. The combined historical financial information of the Group has been prepared by aggregating the financial information of the Bitdeer Business that was bound together by common control but was not a legal group. Intra-group transactions and unrealized gains or losses have been eliminated in the preparation of the combined historical financial information.

The results of operation, changes in cash flow and equity of the Bitdeer Business during the Carve-out Period, included in the consolidated financial statements of the Group, are derived from the historical accounting records of Bitmain on the following basis:

(i)

The combined results of operation of the Bitdeer Business include all revenues and costs directly attributable to the Bitdeer Business. These include certain common operating and administrative expenses incurred by the Bitdeer Business in conjunction with other business operations of Bitmain and BTC, including financial, human resources, office administration and other support functions. These costs have been allocated on a basis considered reasonable by management using either specific identification or proportional allocations based on usage, headcount, or other reasonable methods of allocation. Income tax expense was estimated based on the statutory tax rate, adjusted as appropriate for the effects of known non-taxable and non-deductible items reported in the consolidated statements of operations and comprehensive income / (loss) as described above. However, the combined results of operations of the Bitdeer Business may not reflect the actual costs that would have been incurred and may not be indicative of the Bitdeer Business’s combined results of operations and cash flows had it been operating on a separate, stand-alone basis during the period presented.

(ii)

The Bitdeer Business did not comprise a separate legal entity or group of entities during the Carve-out Period. Therefore, it is not meaningful to present share capital or an analysis of reserves. Changes in net assets attributed to the Group are presented separately in the consolidated statement of changes in equity through the line item “deemed contribution from / (distribution to) related parties”. Equity transactions reflecting the internal financing between Bitdeer Business, Bitmain and BTC are included in the financing activities, presented as deemed contribution from / (distribution to) related parties, in the consolidated statements of cash flows.

Consolidation

Subsequent to the Carve-out Period, the Group’s financial information is prepared on a consolidated basis, for which the consolidation policies are described below.

Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

Inter-company transactions, balances and unrealized gains on transactions between the Company and its subsidiaries are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Basis of accounting

The consolidated financial statements, except for the consolidated statements of cash flows, are prepared on the accrual basis. The measurement basis used is historical cost, except for certain accounts which are measured using the basis mentioned in the relevant notes herein.

The consolidated statements of cash flows are prepared using the indirect method and present the changes in cash from operating, investing, and financing activities.

The consolidated financial statements provide comparative information in respect of the previous period.

Foreign currency translation

Functional and presentation currency

Items included in the consolidated financial statements of each of the Group’s subsidiaries are measured using the currency of the primary economic environment in which the subsidiary operates (the “functional currency”). The Group presents its consolidated financial statements in United States Dollars (“USD”, “US$”, or “$”).

Transactions and balances

Foreign currency transactions during the year are translated at the foreign exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at the end of the reporting period. Exchange gains and losses are recognized in profit or loss.

Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the foreign exchange rates ruling at the transaction dates. The transaction date is the date on which the Group initially recognizes such non-monetary assets or liabilities.

Foreign currency translation

The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

• assets and liabilities for each consolidated statement of financial position presented are translated at the closing rate at the date of that balance sheet,

• income and expenses for each consolidated statement of operations and comprehensive income / (loss) are translated at average exchange rates, and

• all resulting exchange differences are recognized in invested capital and reserves.

Use of estimates and judgments

The preparation of financial statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgments made by management in the application of IFRSs that have significant effects on the financial statements and major sources of estimation uncertainty are discussed in Note 3.

Related parties

A party is considered to be related to the Group if:

(a)

the party is a person or a close member of that person’s family and that person

has control or joint control over the Group;

ii)

has significant influence over the Group; or

iii)

is a member of the key management personnel of the Group or a parent of the Group;

(b)

the party is an entity where any of the following conditions applies:

the entity and the Group are members of the same Group;

ii)

one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity);

iii)

the entity and the Group are joint ventures of the same third party;

iv)

one entity is a joint venture of a third entity and the other entity is an associate of the third entity;

the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group;

vi)

the entity is controlled or jointly controlled by a person identified in (a);

vii)

a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); or

viii)

the entity, or any member of the Group of which it is a part, provides key management personnel services to the Group or the parent of the Group.

Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity.

Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.

Cash, cash equivalents and restricted cash

Cash and cash equivalents comprise cash in banks and on hand and short-term, highly liquid investments that are readily convertible into known amounts of cash which are subject to an insignificant risk of changes in value and are within three months of maturity at acquisition. Cash and cash equivalents are assessed for expected credit losses. See further discussion regarding expected credit loss in Note 2(u).

The Group is required to hold a defined amount of cash as security under the terms of standby letters of credits arrangement. See further discussion in Note 6.

Trade receivables

Trade receivables are recognized when the Group has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due. Trade receivables are stated at amortized cost, less a loss allowance based on lifetime expected credit losses at each reporting date, except for balances settled in cryptocurrencies, which are subsequently measured at fair value, see Note 2(h). See further discussion regarding expected credit loss in Note 2(u).

Cryptocurrencies

Cryptocurrencies includes USD Coin (“USDC”) and cryptocurrencies other than USDC held in the Group’s cryptocurrency wallets.

USDC

USDC is accounted for as a financial instrument as one USDC can be redeemed for one U.S. dollar on demand from the issuer. USDC, classified as a debt investment, is measured at fair value through profit or loss.

Cryptocurrencies other than USDC

Cryptocurrencies other than USDC are, by their nature, identifiable non-monetary assets that lack physical substance. Future economic benefits attributable to these cryptocurrencies are expected to flow to the Group because these cryptocurrencies can be exchanged for fiat currencies. Furthermore, the cost of the Group’s cryptocurrencies other than USDC can be measured using the quoted price of such cryptocurrencies at the time the fair value is being measured, which the Group considers to be predominantly a Level 1 fair value input under IFRS 13 Fair Value Measurement fair value hierarchy.

The Group accounts for the cryptocurrencies other than USDC as intangible assets with indefinite useful lives in its consolidated statements of financial position because, at the time of assessment, there is no foreseeable limit to the period over which such assets are expected to generate cash flows.

The Group further adopts the cost model to account for cryptocurrencies other than USDC and reviews their useful life and impairment at each reporting date in accordance with IAS 38 Intangible Assets. The Group accounts for cryptocurrencies other than USDC at cost. If circumstances indicate that the carrying amount of cryptocurrencies other than USDC may not be recoverable, the assets may be considered impaired, and an impairment loss may be recognized in accordance with the accounting policy for impairment of cryptocurrencies other than USDC as described in Note 2(u).

Gains or losses arising from the disposal of cryptocurrencies other than USDC are determined as the difference between the net disposal proceeds and the carrying amount of the assets. The Group recognizes realized gains or losses on the date of the disposal using the first-in-first-out method of accounting.

Receivables and payables settled in cryptocurrencies

Receivables and payables settled in cryptocurrencies are measured at the fair value of the underlying cryptocurrencies based on their respective quoted prices initially and subsequently on the measurement date. The change in fair value of the underlying cryptocurrencies, are recognized in other operating income / (expenses) on the consolidated statements of operations and comprehensive income / (loss). Receivable settled in cryptocurrencies is further adjusted for expected credit losses. See further discussion regarding expected credit loss from receivables settled in cryptocurrencies in Note 2(u).

Cryptocurrency lending arrangements

The Group enters into arrangements with counterparties to lend cryptocurrencies on an unsecured basis. No collateral is held for the cryptocurrencies lent. Upon lending, the Group derecognizes the cryptocurrencies lent and concurrently recognizes receivables settled in cryptocurrencies which are measured at the fair value of the cryptocurrencies lent based on their respective quoted prices initially and subsequently on the measurement date and adjusted for expected credit losses. Any differences between the carrying amount of the derecognized cryptocurrencies and the initial measurement of the receivables settled in cryptocurrencies, if applicable, and the change in fair value of the cryptocurrencies lent, are recognized in other operating income / (expenses) on the consolidated statements of operations and comprehensive income / (loss). See further discussion regarding credit losses from receivables settled in cryptocurrencies in Note 2(u). Also refer to Note 20 for more information.

Cryptocurrency-denoted wealth management products

The Group historically purchased two types of wealth management products:

Wealth management product type A

The Group enters into arrangements with the Matrixport Group, a related party, to purchase cryptocurrency-denoted wealth management products which represent units of interest in the underlying cryptocurrency trading account and the value of the units is based on the performance of the trading account managed by the Matrixport Group. The Group derecognizes the cryptocurrencies paid and concurrently recognizes a cryptocurrency receivable which gives rise to a variable return linked to the performance of the underlying trading account. The receivable contains an embedded derivative which is accounted for separately as an asset or liability based on the change in the fair value of the trading account. The cryptocurrency receivable is measured at the fair value of the cryptocurrencies invested based on their respective quoted prices on the measurement date and adjusted for expected credit losses. Any differences between the carrying amount of the derecognized cryptocurrencies and the initial measurement of the receivables settled in cryptocurrencies, if applicable, and the change in fair value of the cryptocurrencies invested, are recognized in other operating income / (expenses) on the consolidated statements of operations and comprehensive income / (loss).

Wealth management product type B

The Group enters into arrangements with the Matrixport Group, a related party, to purchase cryptocurrency-denoted wealth management products which represent variable-interest cryptocurrency deposit at Matrixport Group. The deposit is not protected by any deposit insurance scheme and non-secured, and the Group may lose some or all of the amount deposited in extreme market conditions. Upon withdrawal, the Group receives the same type of cryptocurrency in the same quantity in principle plus additional interest returns. The deposit can be withdrawn on demand and is generally delivered to the Group within 72 hours. The nature of the wealth management product type B is, in essence, a cryptocurrency lending arrangement. Refer to the discussion on the accounting of cryptocurrency lending arrangements above.

See further discussion regarding credit losses from receivables settled in cryptocurrencies in Note 2(u). Also refer to Note 20 for more information.

The Group presents the revenue recognized on the acceptance of cryptocurrencies, which is a non-cash item, as an adjustment to remove the non-cash item for the cash flows from operating activities and the disposals of cryptocurrencies received in revenue arrangements are presented as cash flows from investing activities in the consolidated statements of cash flows. The purchases and disposals of cryptocurrencies associated with investment or lending transactions are presented as investing activities in the consolidated statements of cash flows.

Prepaid expenses and other assets

Prepaid expenses represent prepayments made for operational purposes, such as prepaid utility fees and insurance expenses. Prepaid expenses are amortized over their future beneficial periods using the straight-line method or at a point in time upon the Group’s receipt of the underlying goods or service.

Other assets primarily consist of deposits paid to various service providers, such as lessors and electricity vendors.

Intangible assets

Intangible assets acquired by the Group are stated at cost less accumulated amortization (where the estimated useful life is finite) and impairment losses.

Amortization of intangible assets with finite useful lives is charged to profit or loss on a straight-line basis over the assets’ estimated useful life, which is the period over which an asset is expected to be available for use. The estimates and associated assumptions of useful life determined by the Group are based on technical or commercial obsolescence, legal or contractual limits on the use of the asset, and other relevant factors. The following intangible assets with finite useful lives are amortized from the date they are available for use and their estimated useful lives are as follows:

•	Software	3 -10 years
•	Patents, trademarks and other rights	3 -5 years

Both the period and method of amortization are reviewed annually.

Intangible assets are not amortized while their useful lives are assessed to be indefinite. Any conclusion that the useful life of an intangible asset is indefinite is reviewed annually to determine whether events and circumstances continue to support the indefinite useful life assessment for that asset. If they do not, the change in the useful life assessment from indefinite to finite is accounted for prospectively from the date of change and in accordance with the policy for amortization of intangible assets with finite lives as set out above.

Property, plant and equipment

Property, plant and equipment are measured at cost, less accumulated depreciation and impairment losses, if any.

Property, plant and equipment are recorded at purchase cost. Direct labor and other directly attributable costs incurred to construct new assets and upgrade existing assets are capitalized. Repairs and maintenance expenditures are recognized in the consolidated statements of operations and comprehensive income / (loss) as incurred. Significant renewals and betterments are capitalized.

Property, plant and equipment are depreciated using the straight-line method based on the estimated useful lives of the assets as follows:

•	Buildings	15 – 20 years
•	Land	Unlimited
•	Machinery	3 – 15 years
•	Electronic equipment	3 – 10 years
•	Leasehold improvements and property improvements	3 – 15 years

Land acquired by the Group has an unlimited useful life and therefore is not depreciated.

The depreciation method, useful life and residual value of an asset are reviewed at least at each financial year-end and adjusted, if appropriate.

When assets are retired or otherwise disposed of, their cost and the related accumulated depreciation are derecognized from the consolidated statements of financial position and the resulting gains or losses on the disposal or sale of the assets are recognized in the consolidated statements of operations and comprehensive income / (loss).

An asset under construction is stated at cost until the construction is completed, at which time it is reclassified to the property, plant and equipment account to which it relates. During the construction period until the asset is ready for its intended use or sale, borrowing costs, which include interest expense and foreign currency exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest expense, are capitalized in proportion to the average amount of accumulated expenditures during the period. Capitalization of borrowing costs ceases when the construction is completed, and the asset is ready for its intended use or sale.

Investment properties

Investment properties are properties owned or leased to earn rental income or for capital appreciation. Investment properties include right-of-use assets relating to properties that meet the definition of investment properties.

Investment properties other than the ones acquired through leases are measured, under the cost model, initially at cost, including transaction costs and subsequently at cost less accumulated depreciation and impairment loss.

Investment properties acquired through leases are initially measured at cost, which comprises the initial measurement of lease liabilities adjusted for lease payments made on or before the commencement date, plus initial direct costs incurred and an estimate of costs needed to restore the underlying assets, less any lease incentives received. These investment properties are subsequently measured at cost less accumulated depreciation and accumulated impairment loss and adjusted for any remeasurement of the lease liabilities.

Depreciation begins when the investment property is available for use and is calculated using a straight-line method to allocate the depreciable amounts over the estimated useful lives as follows:

•	Buildings	15 years
•	Leasehold land	15 years
•	Machinery, fixtures as part of the buildings	3 – 10 years

The residual values, useful lives and depreciation method of investment properties are reviewed at least at each financial year-end and adjusted, if appropriate.

An investment property is derecognized when either it has been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses on the disposal or retirement of an investment property are recognized in the consolidated statement of operations and comprehensive income / (loss) in the year of disposal or retirement. A transfer to, or from, an investment property is made when, and only when, there is evidence of a change in use.

Mining machines

Mining machines refer to the electronic equipment designed for the sole purpose of completing complex mathematical functions to verify transactions on the blockchain. Mining machines are stated at cost less accumulated depreciation and impairment losses, if any. Depreciation is recorded on a straight-line basis over the estimated useful lives. The Group estimates the useful lives primarily based on the historical measures of (i) the period when each mining machine is able to deliver expected performance and (ii) the frequency of technological advancement, which leads to a new generation of mining machines. The Group also estimates the residual value of the mining machines at the expected time of disposal, taking into consideration factors such as make and model. The depreciation method, useful life and residual value of the mining machines are reviewed at least at each financial year-end and adjusted, if appropriate, to ensure that the method and rates of depreciation are consistent with the expected pattern of realization of economic benefits from mining machines. The Group estimated the useful lives of the mining machines to be one to five years.

The Group routinely sells used mining machines to customers. The net carrying values of the associated mining machines were reclassified as inventories when the Group identified such mining machines for sale and were recognized as cost of revenue on the consolidated statements of operations and comprehensive income / (loss) upon the sale. See Note 2(q).

When mining machines are retired, their costs and the related accumulated depreciation are derecognized from the consolidated statements of financial position and the resulting gains or losses on the disposal of the assets are recognized in the consolidated statements of operations and comprehensive income / (loss).

Leases

As a lessee

The Group accounts for leases under IFRS 16 Leases. At the inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

At inception or on a reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone prices.

At the lease commencement date, the Group recognizes a right-of-use asset and a lease liability, except for short-term leases that have a lease term of 12 months or less and leases of low-value assets which, for the Group, are primarily vehicles. When the Group enters into a lease in respect of a low-value asset, the Group decides whether to capitalize the lease on a lease-by-lease basis. The lease payments associated with those leases which are not capitalized are recognized as an expense on a systematic basis over the lease term.

Where the lease is capitalized, the lease liability is initially recognized at the present value of the lease payments payable over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, using a relevant incremental borrowing rate. After initial recognition, the lease liability is measured at amortized cost and interest expense is calculated using the effective interest method. Variable lease payments linked to the use of an underlying asset are excluded from the measurement of lease liabilities.

The right-of-use asset recognized when a lease is capitalized is initially measured at cost, which comprises the initial amount of the lease liability plus any lease payments made at or before the commencement date, and any initial direct costs incurred. The right-of-use asset is subsequently stated at cost less accumulated depreciation and impairment losses, if any. Right-of-use assets are subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the unexpired term of the lease. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment.

Provisions for the costs to restore leased assets to their original condition, as required by the terms and conditions of the lease, are recognized and included in the related right-of-use asset when the obligation is incurred, either at the commencement date or as a consequence of having used the underlying asset during a particular period of the lease, at the Group’s best estimate of the expenditure that would be required to restore the assets. Estimates are regularly reviewed and adjusted as appropriate for new circumstances.

The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, or there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, or there is a change arising from the reassessment of whether the Group will be reasonably certain to exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

As a lessor

At the commencement date of the lease, leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the consolidated statement of operations and comprehensive income / (loss).

Trade payables and other payables and accruals

Trade payables are obligations to pay for goods and/or services that have been acquired from suppliers in the ordinary course of business. Other payables and accruals primarily represent obligations to pay staff costs, surtaxes and value-added tax, and other operating service providers.

Trade payables and other payables and accruals are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, except for balances settled in cryptocurrencies, which are subsequently measured at fair value. See Note 2(h).

Share-based payments

Employees (including senior executives and members of the board of directors) and certain service providers of the Group receive remuneration in the form of share-based payment transactions, whereby they render services as consideration for equity instruments (“equity-settled transactions”).

The cost of equity-settled transactions is measured by reference to the fair value at the date on which they are granted.

The cost of equity-settled transactions is recognized, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the beneficiary becomes fully entitled to the equity-settled transactions (the “vesting date”). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity-settled transactions that will ultimately vest which includes assumptions on the number of equity-settled transactions to be forfeited due to the grantees’ failing to fulfill the service condition, and forfeitures following the non-completion of performance conditions.

When a modification to the equity-settled instruments occurs, the Group measures the incremental fair value to the equity-settled instruments resulting from the modification as the difference between the fair value of the modified equity-settled instrument and that of the original instrument on the modification date. If a modification increases the fair value of the equity-settled instruments, the incremental fair value is recognized as an expense in addition to any amount in respect of the original instrument, and the original amount is recognized over the remainder of the original vesting period. The Group does not recognize the effect of modification which reduces the fair value of the equity-settled instrument.

Revenue recognition

The Group’s revenues are derived principally from the cloud hash rate arrangements, the self-mining arrangements, the cloud hosting arrangements, the sales of mining machines, the general hosting arrangements and the membership hosting arrangements.

Revenue is recognized when control over goods or services is transferred to the customer, at the amount of promised consideration to which the Group is expected to be entitled. Revenue excludes value-added tax (“VAT”) or other sales taxes and is after deduction of trade discount, if any.

Revenue is recognized applying the following five steps:

Identify the contract with a customer;

ii)

Identify the performance obligations in the contract;

iii)

Determine the transaction price;

iv)

Allocate the transaction price to the performance obligations in the contract; and

Recognize revenue when (or as) the Group satisfies a performance obligation.

For arrangements priced at fiat currency, the Group recognizes revenue based on the contract price. For arrangement priced at cryptocurrency, the Group recognizes revenue based on the spot price of the cryptocurrency to fiat currency on the date when it is earned.

When another party is involved in providing services to a customer, the Group is the principal if it controls the specified services before those services are transferred to the customer.

The primary sources of Group’s revenues are recognized as follows:

Cloud Hash Rate

The Group enters into Cloud Hash Rate arrangements with its customers by offering hash rate subscription plans to provide computing power in a specified quantity, measured by computing power per second, or hash rate, derived from the mining machines held by the Group, for a specified period of time. The customer also needs to pay for electricity subscriptions, which are billed separately, to maintain the mining machines that produce the subscribed hash rate over the contract period. The Group connects such computing power to a customer-designated mining pool under the instructions of the customer to simplify the customer’s mining experiences. As a result of directing the connection of such computing power to the mining pools, the customers are entitled to the mining rewards, which are directly transferred from mining pools to the customer-designated cryptocurrency wallets.

The Group offers a number of different hash rate subscription plans by plan duration and type of cryptocurrency to be mined. The Group offers electricity subscriptions in short durations and a customer needs to purchase electricity subscriptions multiple times to cover the duration of the hash rate subscription plan. The price of the electricity subscription is fixed at the commencement of each electricity subscription period but subject to adjustment from period to period. Both cryptocurrency and fiat currency are accepted as payments under the Cloud Hash Rate arrangements. Furthermore, the hash rate subscription plans are offered under two modes. Under the classic mode, the customer receives all of the mining rewards from the mining pool. Under the accelerator mode, the customer pays a relatively lower computing power subscription fee. In exchange, the Group is entitled to additional consideration once the customer’s cost is recovered.

The Group offers two promises under the Cloud Hash Rate arrangement. One is to provide a specified quantity of computing power during a period of time and the other is to provide maintenance services for computing power generation for a period of time. The two promises are highly interrelated and are not separately identifiable because the customers expect to receive the computing power as a combined output from the hash rate subscription plan and the electricity subscription plan. The two promises provide a series of distinct services, which are substantially the same and have the same pattern of transfer to the customer, over a period of time. As a result, the promises are treated as a single performance obligation satisfied over time.

The transaction price of the performance obligation includes the subscription prices for the hash rate subscription plans and the electricity subscription plans. As the price for the electricity subscription plans may change each electricity subscription period, the Group allocates the variable consideration to each electricity subscription period.

The control of the computing power has been transferred to the customers simultaneously as the customers consume the benefits from the computing power. The revenue is recognized over time where the consideration related to the hash rate subscription is recognized evenly over the contract term and the electricity subscription is allocated to and recognized evenly over each electricity subscription period.

For plans under the accelerator mode, besides the aforementioned subscription prices, the transaction price also includes the additional consideration once the customer’s cost is recovered. The additional consideration, which is variable, is determined as a percentage of a customer’s mining profit derived from the subscribed computing power and constrained until the mining pool operator finishes the calculation of the mining reward related to the mining activity in a given day. The Group includes such additional consideration in the transaction price and recognizes the revenue when the Group can reasonably calculate the amount and determine it is probable a significant reversal will not occur.

Self-mining

The Group enters into contracts with mining pool operators to provide computing power generated from the Group’s own mining machines to the mining pools. The contracts with mining pool operators are terminable at any time by either party. In exchange for providing computing power to the mining pool, the Group is entitled to cryptocurrency rewards from the mining pool operators, which is a variable consideration calculated based on a predetermined formula agreed by the Group and the mining pool operator as a part of the arrangement. The Group can reasonably estimate the amount of mining rewards by the end of a given day based on the actual amount of computing power provided to the mining pool operators. By then, the Group considers it is highly probable that a significant reversal in the amount of revenues will not occur and includes such variable consideration in the transaction price. Providing computing power is an output of the Group’s ordinary activities and the only performance obligation in the Group’s contracts with mining pool operators. The Group recognizes the revenue when the variable consideration is reasonably estimable and the performance obligation of providing computing power has been satisfied. Although the cryptocurrency rewards the mining pool operators receive from the blockchain networks include both the block rewards and the transaction verification fees, the transaction price the Group receives is an aggregate amount and primarily includes the block rewards. As a result, the Group does not present disaggregated revenue information on block rewards and transaction verification fees.

Cloud Hosting

The Group provides its customers, through subscription of Cloud Hosting orders, one-stop mining machines hosting solution which integrates the provision of computing power generated from specified second-hand mining machines and the provision of maintenance service, primarily including electricity supply and daily maintenance and repair care. The Group charges the customer an upfront fixed amount at the commencement of the Cloud Hosting arrangement for the customer to secure the procurement of the computing power from the specified mining machines, as well as the variable fees for the provision of maintenance service based on the consumption of resources such as electricity throughout the duration of the service. The Group historically only accepts cryptocurrency as payments for services under the Cloud Hosting arrangement.

The Cloud Hosting arrangements are offered under two modes. Under the classic mode, the customer receives all of the mining rewards from the mining pool. Under the accelerator mode, the customer is charged with a lower upfront amount and enjoys a quicker recovery of the costs. In exchange, the Group is entitled to additional consideration once a customer’s cost is recovered.

Two promises are offered under the Cloud Hosting arrangements. One is to provide the computing power generated from the specified mining machines and the other is to perform maintenance services over the life of the mining machines. The two promises are not separately identifiable because the customer expects to receive a steady operation of the mining machines specified in the Cloud Hosting order, which is a combined output of the provision of computing power from the specified mining machines and the provision of maintenance service of the specified mining machines. The two promises provide a series of distinct services, which are substantially the same and have the same pattern of transfer to the customer, over a period of time. As a result, the promises are treated as a single performance obligation satisfied over time.

The transaction price of the performance obligation includes an upfront fee paid upon placement of the Cloud Hosting order and periodical maintenance fees. The periodical maintenance fee is variable in each maintenance period based on the electricity consumption. The Group allocates the variable consideration to each distinct maintenance service period.

The revenue is recognized over time where the fixed upfront fee is recognized evenly over the contract term and the periodical maintenance fee is recognized over each respective service period. The contract term approximates to the life of the specified mining machines and is estimated to be two years. The estimated life of these mining machines is reviewed at least at each financial year-end and adjusted if the expectation of the realization of economic benefits from the specified mining machines is different from the previous estimate.

For plans under the accelerator mode, besides the aforementioned fees, the transaction price also includes the additional consideration once the customer’s cost is recovered. The additional consideration, which is variable, is determined as a percentage of a customer’s mining profit derived from the computing power of the specified mining machines and constrained until the mining pool operator finishes the calculation of the mining reward related to the mining activity in a given day. The Group includes such additional consideration in the transaction price and recognizes revenues when the Group can reasonably calculate the amount and determine it is probable a significant reversal will not occur. For all the periods presented, no revenue was generated from the additional consideration from Cloud Hosting arrangements offered under the accelerator mode.

Sale of Mining Machines

The Group recognizes revenue from sales of mining machines to customers at the point in time when control of the mining machines is transferred to the customer, which generally occurs upon shipment of the mining machines as defined in the revenue contract. Sale of mining machine is the sole performance obligation in this type of arrangement.The Group accepts both cryptocurrency and fiat currency as payments for sales of mining machines.

General Hosting

The Group provides general hosting services, which is a combined service package including custody of the customers’ mining machines, electricity and network maintenance and other services, that enable customers to run blockchain computing operations. The customer is only able to benefit from the hosting service as a package and the Group has a single performance obligation. The hosting service fee is charged to the customer based on the customer’s consumption of resources, such as the amount of electricity used in a period. In the arrangement with certain customers, the Group is also entitled to additional variable consideration based on the customer’s mining yield during a period. Revenue from the general hosting service is recognized across each service cycle. The Group accepts both cryptocurrency and fiat currency as payments for the hosting services.

Membership Hosting

The Group offers its large-scale miner customers membership hosting services by entering into a series of contracts, which includes a membership program agreement and a management services agreement. These contracts are signed with the same customer at or near the same time, and they are combined and accounted for as a single contract.

Pursuant to the membership program agreement, a customer subscribing the program is entitled to the program benefit of receiving maintenance services within a predetermined capacity measured by energy consumption (i.e., Kilowatts, or KW) (the “hosting capacity”). The Group provides such designated capacity in a leased mining farm and the program subscription period ends when the Group no longer operates the mining farm. In addition, the Group also agrees to provide other program benefits to the customer when such benefits are readily available to the customer during the program term, including, among other things, (i) early, priority and exclusive access to the newly available hosting capacity that is sufficient for large-scale miners, upon a new mining datacenter becomes available and (ii) more favorable pricing terms for the Group’s services, such as mining machine management services, than the prevailing price in the local market. The Group charges an upfront fee for the program benefits subscribed.

Pursuant to the management services agreement, the Group provides management services for the customer’s mining machines up to the capacity subscribed in the membership program agreement. In exchange for the management services fee, the Group promises to deliver a package of services to provide an infrastructure for the mining machines, such as a premise for the custody of mining machines, and network and utility to support the operation of the mining machines. Unlike the general hosting service where the Group includes in its service package to host or operate the customer’s mining machines under the customer’s instructions so that the mining machines keep running and remain connected to the customer designated mining pools (the “mining machine operation service”), under the management services agreement, a customer has the discretion to subscribe to the mining machine operation service or choose to operate the mining machines using the customer’s own personnel. The Group charges additional fee, at its stand-alone selling price, for the subscription of the Group’s mining machine operation service. The management services fee and the mining machine operation fee, as applicable, are charged to the customer monthly based on the customer’s consumption of resources, such as the amount of electricity used in a period.

The Group’s promise associated with the membership program agreement is to stand ready to provide services, and the Group’s promise associated with the management services agreement is to provide an infrastructure for the mining machines through the set of services provided under the management services agreement. The two promises are not separately identifiable because the customer expects to receive mining machines management services for the mining machines up to the designated capacity, which is a combined output of the program benefit and management services provided by the Group as a package. The two promises provide a series of distinct services that have the same pattern of transfer to the customer over a period of time. As a result, the promises are treated as a single performance obligation satisfied over time. Revenue associated with the upfront fee for the program benefits is recognized over the program subscription period and revenue associated with the management services is recognized over each distinct service period. The promise to provide the mining machine operation service, if subscribed to by a customer, is accounted for as a separate performance obligation and the associated revenue is recognized over each distinct service period at their respective stand-alone selling price. The Group accepts both cryptocurrency and fiat currency as payments for the membership hosting arrangements. The contract term approximates the lease term of the mining datacenter and is estimated to be 13 years. The estimated lease term is adjusted when there is an indication that the Group is reasonably certain to renew or terminate the lease.

Details of revenues for each category are as follows:

	Years ended December 31,
In thousands of USD	2023		2022		2021
Self-mining		111,683		62,359		191,693
Cloud hash rate
Hash rate subscription		40,290		77,862		53,952
Electricity subscription		27,419		39,525		35,113
Additional consideration from Cloud Hash Rate arrangements under acceleration mode		172		3,954		35,140
Sales of mining machines		2		705		45,693
Cloud hosting arrangements ⁽²⁾		3,248		12,723		7,568
General hosting		97,321		99,251		18,312
Membership hosting		79,906		26,056		-
Others ⁽¹⁾		8,513		10,907		7,190
Total revenues		368,554		333,342		394,661

(1)	Others include revenue generated primarily from providing technical and human resources service, repairment services of hosted mining machines, lease of investment properties, the sale of mining machine peripherals and the sale of containerized solution product.

(2)	The Group did not generate any revenue from the additional consideration from Cloud Hosting arrangements offered under accelerator mode for the years ended December 31, 2023, 2022 and 2021.

Revenue concentration for the years ended December 31, 2023, 2022 and 2021 is as below:

	Years ended December 31,
	2023			2022			2021
BTC		*			14.94	%		44.68	%
Customer A		19.05	%		20.07	%		*

* Less than 10%

Contract assets and liabilities

A contract asset is recognized when the Group recognizes revenue before being unconditionally entitled to the consideration under the payment terms set out in the contract. Contract assets are assessed for expected credit losses and are reclassified to receivables when the right to the consideration has become unconditional. As of December 31, 2023 and 2022, the Group did not have any contract assets.

A contract liability is recognized when the customer pays consideration for goods or services before the Group recognizes the related revenue. A contract liability would also be recognized if the Group has an unconditional right to receive non-refundable consideration before the Group recognizes the related revenue. In such cases, a corresponding receivable would also be recognized. As of December 31, 2023 and 2022, the Group had contract liabilities, presented as deferred revenue on the consolidated statements of financial position, of approximately US$144.3 million and US$182.3 million. Approximately US$54.2 million, US$102.3 million and US$11.1 million, included in the deferred revenue balance at January 1, 2023, 2022 and 2021, respectively, was recognized as revenue during the years ended December 31, 2023, 2022 and 2021.

Cost of revenue

Cost of revenue consists primarily of electricity expenses incurred for operating the Group’s mining machines in its revenue-generating activities, depreciation expense from the mining machines and datacenters hosting those mining machines, costs of mining machines sold to customers, and compensation expenses incurred by mining datacenter personnel.

Taxes

Income tax

Current and deferred income taxes are recognized as income or expense and included in the consolidated statements of operations and comprehensive income / (loss), except to the extent that the income tax relates to items recognized in comprehensive income / (loss) or directly in equity, in which case the relevant amounts of tax are recognized in comprehensive income / (loss) or directly in equity, respectively.

Current income tax assets and liabilities are measured at the amounts expected to be recovered or paid by using the tax rates and tax laws that have been enacted or substantively enacted at each reporting date. Management periodically evaluates positions taken in the tax reporting process with respect to situations in which applicable tax regulation is subject to interpretation. Where appropriate, management establishes provisions based on the amounts expected to be paid to the tax authorities.

Deferred tax

Deferred tax assets and liabilities arise from deductible and taxable temporary differences respectively, being the differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets also arise from unused tax losses and unused tax credits.

Apart from the temporary differences arising from goodwill not deductible for tax purposes, all deferred tax liabilities, and all deferred tax assets to the extent that it is probable that future taxable profits will be available against which the asset can be utilized, are recognized. Deferred tax assets and liabilities are measured using enacted or substantively enacted tax rates and tax laws at each reporting date which are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced if it is no longer probable that sufficient taxable profit will be available to compensate part or all of the benefits of deferred tax assets. Unrecognized deferred tax assets are re-assessed at each reporting date and recognized if it is probable that future taxable profits will be available for recovery. Tax deductions arising from the reversal of deferred tax assets are excluded from estimates of future taxable income.

Deferred taxes on transactions which are recognized outside profit or loss are recognized outside profit or loss. Therefore, deferred taxes on these transactions are recognized either in comprehensive income / (loss) or recognized directly in equity.

Deferred tax assets and liabilities are offset in the consolidated statements of financial position, if and only if it has a legally enforceable right to set off current tax assets and liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same Tax Authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled.

Uncertainty over income tax treatments

The Group determines the recognition and measurement of tax assets and liabilities that contain uncertainty over income tax by considering the assumptions used in the examination of tax treatments by the tax authorities, the probability that the tax authorities will accept uncertain tax treatment and re-consideration or estimation if there is a change in facts and circumstances.

If the acceptance of tax treatment is probable, the measurement is in line with income tax fillings. If the acceptance of tax treatment is not probable, the Group uses tax amounts using the method that provides a better prediction of resolution (i.e., most likely amount or expected value). Due to the complexity of some of these uncertainties, their ultimate resolution may result in payments that are materially different from current estimates. Any such differences will be reflected as adjustments to income tax expenses in the periods in which they are determined.

Financial instruments

Financial assets

The Group classifies its financial assets in the following measurement categories:

•

those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and

•

those to be measured at amortized cost.

The classification depends on the Group’s business model for managing the financial assets and the contractual cash flow characteristics.

Purchases and sales of financial assets are recognized on trade-date, the date on which the Group commits to purchase or sell the assets. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or the Group has transferred substantially all the risks and rewards of ownership of the assets.

At initial recognition, the Group measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.

Debt instruments

Initial recognition and subsequent measurement of debt instruments depend on the Group’s business model for managing the asset and the contractual cash flow characteristics of the asset, and the Group reclassifies debt investments only when its business model for managing those assets changes. There are three categories into which the Group classifies its debt instruments:

• Amortized cost: Financial assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are classified as and measured at amortized cost. A gain or loss on a debt investment measured at amortized cost which is not part of a hedging relationship is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these financial assets is recognized using the effective interest rate method.

• Fair value through other comprehensive income: Financial assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are classified as and measured at fair value through other comprehensive income. Movements in the carrying amount of these financial assets are taken through other comprehensive income, except for the recognition of impairment losses or reversals, interest income and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in other comprehensive income is reclassified from equity to profit or loss. Interest income from these financial assets is recognized using the effective interest rate method.

• Fair value through profit or loss: Financial assets that do not meet the criteria for amortized cost or fair value through other comprehensive income are classified as and measured at fair value through profit or loss. A gain or loss on a debt investment measured at fair value through profit or loss which is not part of a hedging relationship is recognized in profit or loss for the period in which it arises.

Equity instruments

The Group subsequently measures all equity investments at fair value through profit or loss or other comprehensive income. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. Dividends from such investments continue to be recognized in profit or loss when the Group’s right to receive payments is established.

• Changes in the fair value of financial assets at fair value through profit or loss are recognized in profit or loss as applicable.

Financial liabilities

The Group’s financial liabilities are classified and measured at amortized cost using the effective interest method.

Financial liabilities are derecognized when, and only when, the Group’s obligations are discharged, cancelled or expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.

A substantial modification of the terms of an existing financial liability or a part of it is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The terms are substantially different if the discounted present value of the cash flows under the new terms, calculated using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. If the modification does not result in extinguishment, the modification gain or loss, measured to be the difference between the original gross carrying value of the financial liability and that calculated using the new contractual cash flows using the original effective interest rate is recognized immediately in profit or loss.

Financial assets and financial liabilities are offset, and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously.

Convertible debt

As disclosed in Note 14, in 2021, the Group issued a convertible debt that can be converted into ordinary shares of the Group at the option of the holder. The number of shares to be issued is fixed and does not vary with changes in fair value. The Group accounts for the components of this compound financial instrument separately as a financial liability and an equity instrument. The liability component of the convertible debt is initially recognized at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognized at the difference between the fair value of the convertible debt as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of the convertible debt is measured at amortized cost using the effective interest method. The equity component is not remeasured.

Interest related to the financial liability is recognized in profit or loss. Upon conversion, the financial liability is reclassified to equity and no gain or loss will be recognized.

Credit losses and impairment of assets

(i) Credit losses from financial instruments at amortized cost

The Group recognizes a loss allowance for expected credit losses (“ECL”) on financial assets, such as cash and cash equivalents, restricted cash and trade receivables, which are measured at amortized cost;

Measurement of ECLs

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all expected cash shortfalls (i.e., the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). The expected cash shortfalls are discounted using the following discount rates where the effect of discounting is material:

• fixed-rate financial assets, trade and other receivables: effective interest rate determined at initial recognition or an approximation thereof;

• variable-rate financial assets: current effective interest rate.

The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions.

ECLs are measured on either of the following bases:

• 12-month ECLs: these are losses that are expected to result from possible default events within the 12 months after the reporting date; and

• lifetime ECLs: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model applies.

Loss allowances for trade receivables are always measured at an amount equal to lifetime ECLs. ECL on this type of financial asset is estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors and an assessment of both the current and forecast general economic conditions at the reporting date.

For all other financial instruments, the Group recognizes a loss allowance equal to 12-month ECLs unless there has been a significant increase in the credit risk of the financial instrument since initial recognition, in which case the loss allowance is measured at an amount equal to lifetime ECLs.

Significant increases in credit risk

In assessing whether the credit risk of a financial instrument has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument assessed at the reporting date with that assessed at the date of initial recognition. In making this reassessment, the Group considers that a default event occurs when the borrower is unlikely to pay its credit obligations to the Group in full and without recourse. The Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort.

In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition:

• failure to make payments of principal or interest on their contractually due dates;

• an actual or expected significant deterioration in a financial instrument’s external or internal credit rating (if available);

• an actual or expected significant deterioration in the operating results of the debtor; and

• existing or forecast changes in the technological, market, economic or legal environment that have a significant adverse effect on the debtor’s ability to meet its obligation to the Group.

Depending on the nature of the financial instruments, the assessment of a significant increase in credit risk is performed on either an individual basis or a collective basis. When the assessment is performed on a collective basis, the financial instruments are grouped based on shared credit risk characteristics, such as past-due status and credit risk ratings.

ECLs are remeasured at each reporting date to reflect changes in the financial instrument’s credit risk since initial recognition. Any change in the ECL amount is recognized as an impairment gain or loss in profit or loss.

The Group recognizes an impairment gain or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account.

Impairment and write-off policy

At each reporting date, the Group assesses whether a financial asset is credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

Evidence that a financial asset is credit-impaired includes the following observable events:

• significant financial difficulties of the debtor;

• a breach of contract, such as a default or delinquency in interest or principal payments;

• is becoming probable that the borrower will enter into bankruptcy or other financial reorganization;

• significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor; or

• the disappearance of an active market for a security because of financial difficulties of the issuer.

The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.

Subsequent recoveries of an asset that was previously written off are recognized as a reversal of impairment in profit or loss in the period in which the recovery occurs.

(ii) Credit losses from receivables settled in cryptocurrencies

The Group recognizes an allowance for receivables settled in cryptocurrencies using the general expected credit losses model in manner a similar to the model and consideration used for assessing credit losses from financial instruments discussed above. Under this model, the Group calculates the allowance for credit losses by considering on a discounted basis, all expected shortfalls which are the difference between the quantity of cryptocurrency due to the Group in accordance with the contract and the quantity of cryptocurrency that the Group expects to receive, in various default scenarios for prescribed future periods and multiplying the shortfalls by the probability of each scenario occurring. The allowance on the financial asset is the sum of these probability-weighted outcomes.

The Group considers both internal and external, and quantitative and qualitative factors when estimating ECL for receivables settled in cryptocurrencies such as the creditworthiness of the counterparty, the result of the historical transactions with the counterparty, the business practice of the counterparty, regulatory development relating to the industry, liquidity of the underlying cryptocurrency, and the trend of the general economy.

The Group recognizes an impairment gain or loss for expected credit losses from receivables settled in cryptocurrencies with a corresponding adjustment to their carrying amount through a loss allowance account. Subsequent recoveries of receivables settled in cryptocurrencies previously written off are recognized as a reversal of impairment in profit or loss in the period in which the recovery occurs.

No allowance, write-offs or recoveries were recognized against the receivables settled in cryptocurrencies for the years ended December 31, 2023, 2022 and 2021.

(iii) Impairment of other assets

Internal and external sources of information are reviewed at the end of each reporting period to identify indications that the following assets may be impaired or, an impairment loss previously recognized no longer exists or may have decreased:

• property, plant and equipment;

• lease right-of-use assets;

• investment properties;

• intangible assets; and

• cryptocurrencies other than USDC.

If any such indication exists, the asset’s recoverable amount is estimated. In addition, for cryptocurrencies other than USDC, the recoverable amount is estimated at each reporting date whether or not there is any indication of impairment.

• Calculation of recoverable amount

The recoverable amount of an asset is the greater of its fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e., a cash-generating unit).

The recoverable amount of cryptocurrencies other than USDC is based on the fair value less costs of disposal. The fair value of these cryptocurrencies is measured using the quoted price of these cryptocurrencies at the time the fair value is being measured.

• Recognition of impairment losses

An impairment loss is recognized in profit or loss if the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill (if any) allocated to the cash-generating unit (or group of units) and then, to reduce the carrying amount of the other assets in the unit (or group of units) on a pro-rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs of disposal (if measurable) or value in use (if determinable).

• Reversals of impairment losses

An impairment loss is reversed if there has been a favorable change in the estimates used to determine the recoverable amount.

A reversal of an impairment loss is limited to the asset’s carrying amount that would have been determined had no impairment loss been recognized in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are recognized.

Provisions

Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The timing or amount of the outflow may still be uncertain. Provisions are measured using the best estimate of the expenditure required to settle the present obligation at the end of the reporting period, taking into account risks and uncertainties associated with the obligation. Provisions are discounted where the time value of money is considered material.

Segment information

Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segments and to assess their performances.

An operating segment is a component of an entity:

•

that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to the transactions with other components of the same entity);

•

whose operating results are reviewed regularly by the entity’s chief operating decision maker to make decisions about resources to be allocated to the segments and assess its performance; and

•

for which discrete financial information is available.

The chief operating decision maker makes resource allocation decisions based on internal management functions and assesses the Group’s business performance as one integrated business instead of by separate business lines or geographical regions. Accordingly, the Group has only one operating segment and therefore, no segment information is presented.

Disaggregated revenue data by geographical region in terms of the customer’s location within the operating segment is as follows:

	Years ended December 31,
In thousands of USD	2023		2022		2021
Singapore		25,007		27,591		79,537
Asia, excluding Singapore		95,832		136,901		211,805
North America		239,064		141,174		75,559
Europe		6,346		19,075		15,487
Others		2,305		8,601		12,273
Total		368,554		333,342		394,661

Selected assets of mining machines, property, plant and equipment, investment properties, right-of-use assets and intangible assets by geographical region within the operating segment is as follows:

	At December 31,
In thousands of USD	2023		2022
Singapore		54,442		46,306
Asia, excluding Singapore		63,180		-
North America		148,021		170,439
Europe		50,443		45,540
Total		316,086		262,285

Earnings per share

Basic earnings per share is computed by dividing the income attributable to equity shareholders of the Group by the weighted average number of ordinary shares outstanding during the period.

Diluted earnings per share is computed by dividing the income attributable to equity shareholders of the Group by the weighted average number of ordinary shares outstanding during the period, after adjusting for the effects of the dilutive potential ordinary shares.

Asset acquisition

Asset acquisitions are acquisitions that do not qualify as business combinations under IFRS 3. IFRS 3 allows the use of an optional concentration test to determine if an acquisition is a business combination or an asset acquisition. Under the optional concentration test, if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the test is met, and the integrated asset of assets and activities acquired is not a business.

Assets acquired in an asset acquisition are initially recognized, at the date of acquisition, at cost. Costs directly attributable to the acquisition of such assets are included in the initial carrying amount.

Initial application of new or amended standards during the reporting periods

As from January 1, 2023, the Group adopted the following recently issued or amended standards. These new standards are not expected to have any significant impact on the Group’s financial statements:

Standard/Interpretation	Application Date of Standard	Application Date for the Group
IFRS 17, Insurance Contracts and Amendments to Address Concerns and Implementation Challenges	January 1, 2023	January 1, 2023
Amendments to IFRS 4, Expiry Date of the Deferral Approach	January 1, 2023	January 1, 2023
Amendments to IAS 1, Making Materiality Judgement	January 1, 2023	January 1, 2023
Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies	January 1, 2023	January 1, 2023
Amendments to IAS 8, Definition of Accounting Estimates	January 1, 2023	January 1, 2023
Amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction	January 1, 2023	January 1, 2023
Initial Application of IFRS 17 and IFRS 9—Comparative Information	January 1, 2023	January 1, 2023

aa.

New standards and interpretations not yet adopted

Up to the date of issue of these financial statements, the IASB has issued a number of amendments, which are not yet effective for the year ended December 31, 2023 and which have not been adopted in these financial statements.

Standard/Interpretation	Application Date for the Group
Amendments to IAS 1, Classification of Liabilities as Current or Non-current and Disclosure of Accounting Policies	January 1, 2024
Amendments to IAS 1, Classification of Debt with Covenants	January 1, 2024
Amendments to IFRS 16, Subsequent Measurement of Sale and Leaseback Transactions by a Seller-lessee	January 1, 2024
Amendments to IAS 7 and IFRS 7, Supplier Finance Arrangements	January 1, 2024
IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information	January 1, 2024
IFRS S2, Climate-related Disclosures	January 1, 2024
Amendments to IAS 21, Lack of Exchangeability	January 1, 2025

The Group is in the process of making an assessment of what the impact of these new and amended standards and interpretations would be in the period of initial application. So far, the Group has concluded that the adoption of these standards and interpretations is unlikely to have a significant impact on the Group’s financial position but will have disclosure impacts.

RELATED PARTY TRANSACTIONS, Reconciliation of Deemed Distribution (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RELATED PARTY TRANSACTIONS [Abstract]
Deemed distribution to related parties per consolidated statements of changes in invested capital and equity	$ 0	$ 0	$ (29,311)
Corporate allocations	0	0	(2,167)
Net effect of attribution of the assets and liabilities from Bitmain's business transferred to the Group during the Reorganization	0	0	20,535
Total deemed distribution to related parties per consolidated statements of cash flows	$ 0	$ 0	$ (10,943)

SHARE-BASED PAYMENTS (Tables)

12 Months Ended

Dec. 31, 2023

SHARE-BASED PAYMENTS [Abstract]

Number of Shares and Weighted Average Exercise Prices and Movement of Share Awards

The following table illustrates the number of shares and weighted average exercise prices of, and movements in, share awards. For retrospective presentation, the number of Bitdeer’s share awards have been scaled by the exchange ratio of approximately 0.00858 for periods prior to the completion of the Business Combination on April 13, 2023.

	Number of options (’000)			Average exercise price per share award (US$)		Average fair value per share award (US$)
As at January 1, 2021		-			-		-
Granted		9,419			3.50		26.16
As at December 31, 2021		9,419			3.50		26.16
Granted		1,198			3.50		18.34
Forfeited		(219	)		3.50		25.68
As at December 31, 2022		10,398			3.50		25.27
Granted		1,658			4.58		8.15
Exercised⁽¹⁾		(118	)		3.50		19.23
Forfeited		(194	)		3.68		17.96
As at December 31, 2023		11,744			3.65		23.04
Vested and exercisable at December 31, 2023		5,460			3.50		23.96

⁽¹⁾	The total proceeds received from the exercised shares under the 2023 plan during the year ended December 31, 2023 was approximately US$412,000.

Share Based Compensation Expense

The expense recognized for share awards during the year ended December 31, 2023, 2022 and 2021 was approximately US$45.5 million, US$90.6 million and US$88.4 million. The breakdown is as follows:

	Years ended December 31,
In thousands of USD	2023		2022		2021
Cost of revenue		4,722		10,050		10,424
General and administrative expenses		23,797		48,850		54,458
Research and development expenses		13,377		24,258		18,246
Selling expenses		3,592		7,490		5,227
Total		45,488		90,648		88,355

Schedule of Fair Value Assumptions of Awards

The following table provides the inputs range to the model used for determining the value of the grant for the years ended December 31, 2023, 2022 and 2021:

	Years ended December 31,
	2023			2022			2021
Dividend yield (%)		-			-			-
Expected volatility (%)		118% - 124	%		120% - 128	%		130.19% - 130.23	%
Risk-free interest rate (%)		3.81% - 4.59	%		1.618% - 3.886	%		1.24% - 1.57	%
Exercise multiple		2.20 - 2.80			2.20 - 2.80			2.20 - 2.80

Incremental Fair Value Modification

The following table provides the inputs range to the model used for determining the incremental fair value of the modification for the year ended December 31, 2023:

	Year ended December 31, 2023
Dividend yield (%)		-
Expected volatility (%)		119% - 124	%
Risk-free interest rate (%)		3.45% - 3.47	%
Exercise multiple		2.20 - 2.80

INVESTMENT PROPERTIES, Maturity Analysis of Lease Payments Receivable under Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease Payments [Abstract]
Investment properties	$ 34,346	$ 35,542
Investment Property [Member]
Lease Payments [Abstract]
Lease payments receivable	17,140
Impairment related to investment properties	0	0
Investment Property [Member] \| Level 3 [Member]
Lease Payments [Abstract]
Investment properties	36,400	$ 36,200
Investment Property [Member] \| 2024 [Member]
Lease Payments [Abstract]
Lease payments receivable	3,858
Investment Property [Member] \| 2025 [Member]
Lease Payments [Abstract]
Lease payments receivable	3,396
Investment Property [Member] \| 2026 [Member]
Lease Payments [Abstract]
Lease payments receivable	2,766
Investment Property [Member] \| 2027 [Member]
Lease Payments [Abstract]
Lease payments receivable	1,791
Investment Property [Member] \| 2028 [Member]
Lease Payments [Abstract]
Lease payments receivable	1,769
Investment Property [Member] \| Thereafter [Member]
Lease Payments [Abstract]
Lease payments receivable	$ 3,560

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Revenue Recognition (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Disclosure of disaggregation of revenue from contracts with customers [Abstract]

Useful life of mining data center

13 years

Computer equipment [member]

$ 368,554

$ 333,342

$ 394,661

Contract assets

Contract liabilities

144,337

182,297

Deferred revenues

$ 54,200

$ 102,300

11,100

Disclosure of disaggregation of revenue from contracts with customers [Abstract]

Estimated useful life

2 years

Customer One [Member]

Disclosure of disaggregation of revenue from contracts with customers [Abstract]

Percentage of entity's revenue

19.05%

20.07%

Self Mining [Member]

Disclosure of disaggregation of revenue from contracts with customers [Abstract]

Hash Rate Subscription [Member]

$ 111,683

$ 62,359

191,693

Disclosure of disaggregation of revenue from contracts with customers [Abstract]

Electricity Subscription [Member]

40,290

77,862

53,952

Disclosure of disaggregation of revenue from contracts with customers [Abstract]

Additional Consideration from Cloud Hash Rate Arrangements under Acceleration Mode [Member]

27,419

39,525

35,113

Disclosure of disaggregation of revenue from contracts with customers [Abstract]

Sales of Mining Machines [Member]

172

3,954

35,140

Disclosure of disaggregation of revenue from contracts with customers [Abstract]

Cloud Hosting Arrangements [Member]

705

45,693

Disclosure of disaggregation of revenue from contracts with customers [Abstract]

Disclosure of disaggregation of revenue from contracts with customers [Abstract]

^[1]

3,248

12,723

7,568

General Hosting [Member]

Membership Hosting [Member]

97,321

99,251

18,312

Disclosure of disaggregation of revenue from contracts with customers [Abstract]

Disclosure of disaggregation of revenue from contracts with customers [Abstract]

79,906

26,056

Others [Member]

Disclosure of disaggregation of revenue from contracts with customers [Abstract]

^[2]

$ 8,513

$ 10,907

$ 7,190

Brand of BTC [Member]

Percentage of entity's revenue

14.94%

44.68%

Brand of BTC [Member] | Customer One [Member] | Top of Range [Member]

Disclosure of disaggregation of revenue from contracts with customers [Abstract]

Percentage of entity's revenue

10.00%

[1]	The Group did not generate any revenue from the additional consideration from Cloud Hosting arrangements offered under accelerator mode for the years ended December 31, 2023, 2022 and 2021.
[2]	Others include revenue generated primarily from providing technical and human resources service, repairment services of hosted mining machines, lease of investment properties, the sale of mining machine peripherals and the sale of containerized solution product.

PROPERTY, PLANT AND EQUIPMENT, Depreciation Expense (Details) - USD ($) $ in Thousands	1 Months Ended
	Jan. 26, 2021	Dec. 31, 2023	Dec. 31, 2022
Changes in property, plant and equipment [abstract]
Contractual commitments for acquisition of property, plant and equipment		$ 7,500	$ 5,400
BitMain [Member]
Changes in property, plant and equipment [abstract]
Depreciation expense	$ 20

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Investment Properties (Details)	12 Months Ended
	Dec. 31, 2023
Buildings [Member]
Property, plant and equipment's [abstract]
Estimated useful life	15 years
Leasehold Land [Member]
Property, plant and equipment's [abstract]
Estimated useful life	15 years
Machinery, Fixtures and Fittings [Member] \| Minimum [Member]
Property, plant and equipment's [abstract]
Estimated useful life	3 years
Machinery, Fixtures and Fittings [Member] \| Maximum [Member]
Property, plant and equipment's [abstract]
Estimated useful life	10 years

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

12 Months Ended

Dec. 31, 2023

CASH, CASH EQUIVALENTS AND RESTRICTED CASH [Abstract]

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

6.	CASH, CASH EQUIVALENTS AND RESTRICTED CASH

The breakdown of cash and cash equivalents is as follows:

	At December 31,
In thousands of USD	2023		2022
US dollar		137,917		211,253
Singapore dollar		2,991		2,234
Chinese renminbi		585		2,484
Norwegian krone		2,487		12,589
Euro		701		2,791
Hongkong dollar		7		11
Bhutan ngultrum		41		-
Total cash and cash equivalents by currency		144,729		231,362

Restricted cash		9,538		11,494
Total restricted cash		9,538		11,494

As of December 31, 2023 and 2022, the Group owned short-term deposits, which were classified as cash equivalents, in an amount of approximately US$12 million with maturities in January 2024 and US$37 million with maturities ranging from January to February 2023, and interest ranging from 2.40% to 4.80% and 0.6% to 4.2%, respectively.

The Group’s restricted cash primarily relates to the application of standby letters of credit. The Group has applied a total of three standby letters of credits (“SLCs”) from the Signature Bank and CTBC Bank associated with property leased and electricity service subscribed. In April 2023, the SLC from the Signature Bank was cancelled and replaced by the deposit to the property lease holder. The SLCs provide the beneficiaries, which are the service providers, the ability to draw from the banks for a designated maximum aggregate amount (the “Draw Amount”). The details of SLCs are as follows:

	At December 31,
	2023		2022
Draw Amount (In thousands of USD)		9,538		11,477
Range of expiration dates	July 2024 to August 2024		July 2023 to June 2025

The amount and expiration dates of the SLCs are amended, from time to time, by the Group and beneficiaries, as a result of the amendments to the associated service agreements. In connection with the issuance of the SLCs, the banks held the Group’s cash balance equal to the Draw Amount as security. As of December 31, 2023 and 2022, none was utilized by the beneficiaries from the standby letters of credits.

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)

12 Months Ended

Dec. 31, 2023

CASH, CASH EQUIVALENTS AND RESTRICTED CASH [Abstract]

Summary of Cash and Cash Equivalents

The breakdown of cash and cash equivalents is as follows:

	At December 31,
In thousands of USD	2023		2022
US dollar		137,917		211,253
Singapore dollar		2,991		2,234
Chinese renminbi		585		2,484
Norwegian krone		2,487		12,589
Euro		701		2,791
Hongkong dollar		7		11
Bhutan ngultrum		41		-
Total cash and cash equivalents by currency		144,729		231,362

Restricted cash		9,538		11,494
Total restricted cash		9,538		11,494

Maximum Aggregate Draw Amount from Standby Letters of Credit

The SLCs provide the beneficiaries, which are the service providers, the ability to draw from the banks for a designated maximum aggregate amount (the “Draw Amount”). The details of SLCs are as follows:

	At December 31,
	2023		2022
Draw Amount (In thousands of USD)		9,538		11,477
Range of expiration dates	July 2024 to August 2024		July 2023 to June 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Intangible Assets

The following intangible assets with finite useful lives are amortized from the date they are available for use and their estimated useful lives are as follows:

•	Software	3 -10 years
•	Patents, trademarks and other rights	3 -5 years

Property, Plant and Equipment

Property, plant and equipment are depreciated using the straight-line method based on the estimated useful lives of the assets as follows:

•	Buildings	15 – 20 years
•	Land	Unlimited
•	Machinery	3 – 15 years
•	Electronic equipment	3 – 10 years
•	Leasehold improvements and property improvements	3 – 15 years

Investment Properties

Depreciation begins when the investment property is available for use and is calculated using a straight-line method to allocate the depreciable amounts over the estimated useful lives as follows:

•	Buildings	15 years
•	Leasehold land	15 years
•	Machinery, fixtures as part of the buildings	3 – 10 years

Contracts with Customers, Revenue

Details of revenues for each category are as follows:

	Years ended December 31,
In thousands of USD	2023		2022		2021
Self-mining		111,683		62,359		191,693
Cloud hash rate
Hash rate subscription		40,290		77,862		53,952
Electricity subscription		27,419		39,525		35,113
Additional consideration from Cloud Hash Rate arrangements under acceleration mode		172		3,954		35,140
Sales of mining machines		2		705		45,693
Cloud hosting arrangements ⁽²⁾		3,248		12,723		7,568
General hosting		97,321		99,251		18,312
Membership hosting		79,906		26,056		-
Others ⁽¹⁾		8,513		10,907		7,190
Total revenues		368,554		333,342		394,661

(1)	Others include revenue generated primarily from providing technical and human resources service, repairment services of hosted mining machines, lease of investment properties, the sale of mining machine peripherals and the sale of containerized solution product.

(2)	The Group did not generate any revenue from the additional consideration from Cloud Hosting arrangements offered under accelerator mode for the years ended December 31, 2023, 2022 and 2021.

Revenue Concentration

Revenue concentration for the years ended December 31, 2023, 2022 and 2021 is as below:

	Years ended December 31,
	2023			2022			2021
BTC		*			14.94	%		44.68	%
Customer A		19.05	%		20.07	%		*

* Less than 10%

Disaggregated Revenue Data by Geographical Region

Disaggregated revenue data by geographical region in terms of the customer’s location within the operating segment is as follows:

	Years ended December 31,
In thousands of USD	2023		2022		2021
Singapore		25,007		27,591		79,537
Asia, excluding Singapore		95,832		136,901		211,805
North America		239,064		141,174		75,559
Europe		6,346		19,075		15,487
Others		2,305		8,601		12,273
Total		368,554		333,342		394,661

Selected assets of mining machines, property, plant and equipment, investment properties, right-of-use assets and intangible assets by geographical region within the operating segment is as follows:

	At December 31,
In thousands of USD	2023		2022
Singapore		54,442		46,306
Asia, excluding Singapore		63,180		-
North America		148,021		170,439
Europe		50,443		45,540
Total		316,086		262,285

New Standards and Interpretations

Standard/Interpretation	Application Date of Standard	Application Date for the Group
IFRS 17, Insurance Contracts and Amendments to Address Concerns and Implementation Challenges	January 1, 2023	January 1, 2023
Amendments to IFRS 4, Expiry Date of the Deferral Approach	January 1, 2023	January 1, 2023
Amendments to IAS 1, Making Materiality Judgement	January 1, 2023	January 1, 2023
Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies	January 1, 2023	January 1, 2023
Amendments to IAS 8, Definition of Accounting Estimates	January 1, 2023	January 1, 2023
Amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction	January 1, 2023	January 1, 2023
Initial Application of IFRS 17 and IFRS 9—Comparative Information	January 1, 2023	January 1, 2023

Standard/Interpretation	Application Date for the Group
Amendments to IAS 1, Classification of Liabilities as Current or Non-current and Disclosure of Accounting Policies	January 1, 2024
Amendments to IAS 1, Classification of Debt with Covenants	January 1, 2024
Amendments to IFRS 16, Subsequent Measurement of Sale and Leaseback Transactions by a Seller-lessee	January 1, 2024
Amendments to IAS 7 and IFRS 7, Supplier Finance Arrangements	January 1, 2024
IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information	January 1, 2024
IFRS S2, Climate-related Disclosures	January 1, 2024
Amendments to IAS 21, Lack of Exchangeability	January 1, 2025

RELATED PARTY TRANSACTIONS, Balances and Transactions with Bitmain and BTC (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Revenue from Bitmain and BTC

^[1]

$ 0

$ 73,522

Due from Related Party [Abstract]

Total due from a related party

187

Loans to a related party

^[2]

322

187

397

Due to Related Party [Abstract]

Other payables

^[3]

316

Total due to a related party

$ 33

$ 316

[1]	Revenue from Bitmain and BTC arise from the Group’s normal course of business, See Note 2.
[2]	Loans to a related party represent unsecured, interest-free loans made to the related party. These loans are due on demand.
[3]	Other payables represent the accrued service expense related to the custody and other services provided by the related party.

TAXATION (Tables)

12 Months Ended

Dec. 31, 2023

TAXATION [Abstract]

Provisions for Income Taxes

The provisions for income taxes for the years ended December 31, 2023, 2022 and 2021 are summarized as follows:

	Years ended December 31,
In thousands of USD	2023			2022			2021
Current income tax (benefit) / expenses		11,825			(8,244	)		13,125
Deferred income tax (benefit) / expenses		(6,140	)		3,844			35,121
Total		5,685			(4,400	)		48,246

Reconciliation of Income Tax Benefit / (Expenses)

	Years ended December 31,
	2023			2022			2021
Statutory income tax rate		17.00	%		17.00	%		17.00	%
Effect of expenses not deductible for tax purpose		(24.21	%)		(22.71	%)		11.99	%
Effect of income tax difference under different tax jurisdictions		0.53	%		(4.03	%)		5.64	%
Effect of deductible temporary differences not recognized		0.49	%		0.75	%		0.63	%
Prior year true-ups		(5.06	%)		16.05	%		2.11	%
Effect of non-taxable income		-			-			(0.60	%)
Others		0.10	%		(0.27	%)		0.09	%
Total		(11.15	%)		6.79	%		36.86	%

Components of Deferred Tax Assets / (Liabilities)

Deferred tax assets / (liabilities) as of December 31, 2023 and 2022 comprise the following:

	At December 31,
In thousands of USD	2023			2022
Deferred tax assets
Net operating losses		136			4,324
Share-based payments		3,573			2,672
Deferred revenue		4,184			-
Property, plant and equipment, intangible assets and right-of-use assets		1,120			533
Total deferred tax assets		9,013			7,529
Set-off of deferred tax positions relate to income taxes levied by the same tax authority		(8,022	)		(2,672	)
Deferred tax assets		991			4,857
Deferred tax liabilities
Property, plant and equipment and intangible assets		(9,642	)		(14,298	)
Set-off of deferred tax positions relate to income taxes levied by the same tax authority		8,022			2,672
Deferred tax liabilities		(1,620	)		(11,626	)

Net deferred tax liabilities		(629	)		(6,769	)

Movements in Net Deferred Tax Assets and Liabilities)

The movements in the net deferred tax assets / (liabilities) during the years ended December 31, 2023, 2022 and 2021 are as follows:

In thousands of USD	January 1, 2023			Recognized in profit or loss			December 31, 2023
Tax losses carried forward		4,324			(4,188	)		136
Share-based payments		2,672			901			3,573
Deferred revenue		-			4,184			4,184
Property, plant and equipment, intangible assets and right-of-use assets		(13,765	)		5,243			(8,522	)
Net deferred tax assets / (liabilities)		(6,769	)		6,140			(629	)

In thousands of USD	January 1, 2022			Recognized in profit or loss			December 31, 2022
Tax losses carried forward		4,362			(38	)		4,324
Share-based payments		-			2,672			2,672
Property, plant and equipment		(7,287	)		(6,478	)		(13,765	)
Net deferred tax liabilities		(2,925	)		(3,844	)		(6,769	)

In thousands of USD	January 1, 2021		Recognized in profit or loss			Charged to invested capital ⁽¹⁾		December 31, 2021
Tax losses carried forward		23,592		(21,324	)		2,094		4,362
Accrued expenses		704		(704	)		-		-
Property, plant and equipment		5,806		(13,093	)		-		(7,287	)
Net deferred tax assets / (liabilities)		30,102		(35,121	)		2,094		(2,925	)

(1)

Expirations of Unused Tax Losses

Tax Jurisdiction	Amount in thousands of USD		Earliest year of expiration if not utilized
Singapore		5,297	Indefinitely
Hong Kong		4,143	Indefinitely
Norway		14,591	Indefinitely
Bhutan		678		2026
Total		24,709

ASSET ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2023

ASSET ACQUISITION [Abstract]

Net Identifiable Assets Acquired, and Purchase Consideration

Details of the net identifiable assets acquired, and purchase consideration are as follows:

Net identifiable assets	At July 1,
In thousands of USD	2022
Investment properties		34,986
Other assets		529
Other liabilities		8,727
Net identifiable assets		26,788

Purchase consideration	At July 1,
In thousands of USD	2022
Cash consideration paid		5,187
Liabilities settled		21,107
Transaction costs		494
Total consideration		26,788

INVESTMENT PROPERTIES

12 Months Ended

Dec. 31, 2023

INVESTMENT PROPERTIES [Abstract]

INVESTMENT PROPERTIES

12.	INVESTMENT PROPERTIES

The details of investment properties are as follows:

In thousands of USD	Leasehold land			Building			Others			Total
Cost:
At July 1, 2022 *		-			-			-			-
Acquisition of assets		4,833			29,773			380			34,986
Additions		730			-			-			730
Exchange adjustments		183			906			14			1,103
At December 31, 2022		5,746			30,679			394			36,819
Accumulated depreciation:
At January 1, 2022		-			-			-			-
Charge for the year		(192	)		(1,019	)		(26	)		(1,237	)
Exchange adjustments		(7	)		(32	)		(1	)		(40	)
At December 31, 2022		(199	)		(1,051	)		(27	)		(1,277	)
Net book value:
At December 31, 2022		5,547			29,628			367			35,542
Cost:
At January 1, 2023		5,746			30,679			394			36,819
Additions		82			224			701			1,007
Exchange adjustments		87			370			6			463
At December 31, 2023		5,915			31,273			1,101			38,289
Accumulated depreciation:
At January 1, 2023		(199	)		(1,051	)		(27	)		(1,277	)
Charge for the year		(390	)		(2,104	)		(107	)		(2,601	)
Exchange adjustments		(12	)		(50	)		(3	)		(65	)
At December 31, 2023		(601	)		(3,205	)		(137	)		(3,943	)
Net book value:
At December 31, 2023		5,314			28,068			964			34,346

* The investment properties were acquired from the acquisition of AFH, which was closed on July 1, 2022. See Note 5

Leasehold land included in investment properties were right-of-use assets associated with leasehold land under operating leases where the building was constructed on. See Note 13.

The Group leases the investment properties to its customers under operating leases for terms ranging from one to 12 years, with an option to extend for an additional lease term. The lease contracts contain market review clauses in the event that the lessees exercise their options to extend. The lessees do not have bargain purchase options to acquire the investment properties at the expiry of the lease term.

The maturity analysis of lease payments receivable under operating leases of investment properties was as follows:

In thousands of USD	At December 31, 2023
2024		3,858
2025		3,396
2026		2,766
2027		1,791
2028		1,769
Thereafter		3,560
Total		17,140

The Group has no restrictions on the use of its investment properties and no contractual obligations to each investment property purchased or for repairs, maintenance and enhancements.

The fair value of investment properties of the Group as of December 31, 2023 and 2022 was approximately US$36.4 million and US$36.2 million, respectively, determined using the income approach based on the operation projection and the discount rate with the assistance of an independent valuation specialist. The investment properties were classified as Level 3 in the fair value hierarchy.

The Group did not record any impairment related to investment properties as of December 31, 2023 and 2022.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Credit Losses and Impairment of Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Writeoff for allowance for credit loss	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Cash flows from operating activities

Revenues recognized on acceptance of cryptocurrencies

$ (56,656,000)

$ (60,366,000)

$ 82,643,000

Adjustments for:

(342,250,000)

(304,962,000)

(333,668,000)

Depreciation and amortization

75,541,000

66,424,000

63,055,000

Listing fee

33,151,000

Share-based payment expenses

45,488,000

90,648,000

88,355,000

(Gain) / loss on disposal of property, plant and equipment and intangible assets

11,000

(662,000)

(56,000)

Changes in fair value of financial assets at fair value through profit or loss

(3,527,000)

841,000

Net gain on disposal of financial asset at fair value through profit or loss

(213,000)

Loss on disposal of mining machines

1,573,000

497,000

36,000

(Gain) / loss on disposal of cryptocurrencies

(2,061,000)

3,131,000

(18,725,000)

Change in fair value of cryptocurrency-settled receivables and payable

(3,305,000)

3,735,000

Impairment charges

2,000

2,567,000

Loss on foreign currency transactions

1,016,000

2,881,000

226,000

Gain on extinguishment of debt

^[1]

(880,000)

Gain on modification of convertible debt

(481,000)

^[1]

Gain on settlement of balance with Bitmain

(4,468,000)

Loss on disposal of subsidiaries

74,000

8,000

Interest income

(7,953,000)

(4,291,000)

(2,947,000)

Interest expense on bank loan

3,000

Interest accretion on lease liabilities

^[2]

2,605,000

2,425,000

1,217,000

Interest expense on convertible debt

2,476,000

2,778,000

1,223,000

Gain on lease modification

(205,000)

Income tax (benefit) / expense

5,685,000

(4,400,000)

48,246,000

Changes in:

Restricted cash

1,956,000

(1,184,000)

(2,971,000)

Prepayments and other assets

381,000

(5,350,000)

(13,258,000)

(49,236,000)

(21,913,000)

(4,070,000)

Mining machines held for sale

4,000

1,002,000

5,957,000

Amounts due from a related party

(111,000)

337,000

(413,000)

Amount due to a related party

13,603,000

(6,018,000)

12,508,000

Deferred revenue

3,542,000

(9,159,000)

6,782,000

(283,000)

297,000

19,000

Cash used in operating activities:

(5,113,000)

1,299,000

12,667,000

(283,868,000)

(245,958,000)

(52,414,000)

Interest paid on leases

(2,605,000)

(2,425,000)

(1,217,000)

Interest paid on convertible debt

(2,181,000)

(2,433,000)

(1,080,000)

Interest received

7,572,000

2,791,000

2,202,000

Income taxes paid

(1,500,000)

(20,012,000)

(19,000)

Income taxes refunded

10,795,000

62,000

Net cash used in operating activities

(271,787,000)

(268,037,000)

(52,466,000)

Cash flows from investing activities

Purchase of property, plant and equipment, investment properties and intangible assets

(63,305,000)

(63,200,000)

(62,882,000)

Purchase of mining machines

(63,041,000)

(26,611,000)

Purchase of financial assets at fair value through profit or loss

(4,400,000)

(61,550,000)

Proceeds from disposal of financial assets at fair value through profit or loss

31,111,000

1,213,000

Purchase of cryptocurrencies

(285,990,000)

(60,045,000)

Loans to related parties

(322,000)

(32,166,000)

Repayments from related parties

322,000

1,087,000

21,698,000

Lending to a third party

(61,000)

(2,546,000)

Proceeds from disposal of property, plant and equipment and intangible assets

73,000

962,000

877,000

Proceeds from disposal of mining machines

27,000

Proceeds from disposal of cryptocurrencies

299,128,000

560,988,000

568,553,000

Disposal of subsidiaries, net of cash disposed of

9,881,000

(14,855,000)

Cash paid for asset acquisition, net of cash acquired

(26,730,000)

Net cash generated from investing activities

199,854,000

133,793,000

394,569,000

Cash flows from financing activities

Capital element of lease rentals paid

(5,191,000)

(3,884,000)

(4,181,000)

Repayments of borrowings from related parties

(10,943,000)

(29,302,000)

Proceeds from convertible debt

30,000,000

Payments of convertible debt redemption

(7,000,000)

(7,662,000)

Proceeds from issuance of shares for exercise of share awards

(2,604,000)

412,000

Proceeds from issuance of ordinary shares, net of transaction costs

9,494,000

Payment for the future issuance cost

(942,000)

Net cash used in financing activities

(13,493,000)

(3,884,000)

(14,426,000)

Net increase / (decrease) in cash and cash equivalents

(85,426,000)

(138,128,000)

327,677,000

Cash and cash equivalents at January 1

231,362,000

372,088,000

44,753,000

Effect of movements in exchange rates on cash and cash equivalents held

(1,207,000)

(2,598,000)

(342,000)

Cash and cash equivalents at December 31

$ 144,729,000

$ 231,362,000

$ 372,088,000

[1]	The Group signed a project investment agreement with a third party in April 2021 and made a payment of approximately $2 million. The project was later forfeited, and the Group is actively collecting the paid amount, which was impaired as of June 30, 2021 based on management’s estimate over the likelihood of collection at current stage.
[2]	The interest expense includes the amount related to the leasehold land included in the investment properties for the years ended December 31, 2023, 2022 and 2021 of approximately US$0.2 million, US$0.1 million and nil, respectively. See Note 12.

RELATED PARTY TRANSACTIONS, Transactions with Related Party (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 31, 2022
Transactions Between Related Parties [Abstract]
Provide service to a related party		$ 754	$ 3,076	$ 530
Receive service from a related party		228	425	294
Interest earned from a related party		0	1,499	1,552
Return of wealth management products from a related party		0	283	737
Loss on disposal of subsidiaries to a related party		74	0	0
Changes in fair value of financial assets at fair value through profit or loss		$ 3,527	(952)	$ 0
Capital contribution made by Group to limited partnership			$ 17,000
Revolving Line of Credit [Member]
Transactions Between Related Parties [Abstract]
Interest received	$ 800
Matrixport Group [Member]
Transactions Between Related Parties [Abstract]
Capital commitment					$ 20,000
Matrixport Group [Member] \| Revolving Line of Credit [Member]
Transactions Between Related Parties [Abstract]
Maximum borrowing capacity	$ 20,000
Borrowings, interest rate	12.50%
Repayments term of each tranche of credit		60 days

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Financial instruments (Details)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Effective interest rate percentage	10.00%

EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS, Other Operating Income / (Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS [Abstract]
Net gain / (losses) on disposal of cryptocurrencies	$ 2,061	$ (3,131)	$ 18,725
Impairment loss of cryptocurrencies	(2)	0	(436)
Change in fair value of cryptocurrencies settled receivables and payables	3,305	0	(3,735)
Net loss on disposal of mining machine	(1,573)	(497)	(36)
Others	0	0	107
Total	$ 3,791	$ (3,628)	$ 14,625

BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2023

BORROWINGS [Abstract]

Purchase Price Allocation of Identifiable Assets Acquired and Liabilities Assumed

Borrowings consist of the following:

	At December 31
In thousands of USD	2023		2022
Convertible debt ⁽¹⁾		22,618		29,805
Total		22,618		29,805

(1)

ORGANIZATION (Tables)

12 Months Ended

Dec. 31, 2023

ORGANIZATION [Abstract]

The details of the purchase price allocation of the identifiable assets acquired and liabilities assumed are as follows:

	At April 13, 2023
In thousands of USD, except for the closing price of BSGA’s share and the number of ordinary shares information
Number of outstanding ordinary shares held by BSGA’s shareholders on acquisition date (thousand shares)		2,607
Closing price of BSGA’s ordinary shares on acquisition date (in USD)		10
Fair value of BSGA’s ordinary shares on acquisition date		26,075
Settlement of pre-existing debtor relationship with BSGA^*		2,607
Total fair value of consideration transferred		28,682

Fair value of assets acquired and liabilities assumed:
Cash and cash equivalents		317
Prepayments and other assets		48
Other payables and accruals		(4,834	)
Total fair value of assets acquired and liabilities assumed		(4,469	)

Excess of fair value of consideration transferred over fair value of assets acquired and liabilities assumed, recognized as listing fee		33,151

* Settlement of pre-existing debtor relationship with BSGA represents lending made to BSGA. See Note 8.

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2023

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

23.	SUBSEQUENT EVENTS

In January 2024, the Group granted a total of approximately 268,087 share awards to the designated recipients under the 2023 Plan. Each share award grants an option for the recipient to purchase one share of the Group’s ordinary shares at exercise prices ranging from $3.50 to $9.86 per share. The share awards vest up to five years, and the recipient shall continue to provide services to the Group by each vesting date. The share awards expire on the tenth anniversary from the date of grant.

For the period from January 1, 2024 to March 28, 2024, the Group newly issued 6,738,555 Class A ordinary shares with net proceeds of approximately US$50.8 million.

There were no other material subsequent events during the period from December 31, 2023 to the approval date of this consolidated financial statements on March 28, 2024.

USE OF JUDGMENTS AND ESTIMATES

12 Months Ended

Dec. 31, 2023

USE OF JUDGMENTS AND ESTIMATES [Abstract]

USE OF JUDGMENTS AND ESTIMATES

3.	USE OF JUDGMENTS AND ESTIMATES

Estimates and judgments are continuously evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates may not be equal to the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Revenue from the self-mining business

There is currently no specific definitive guidance in IFRS or alternative accounting frameworks for the accounting for the revenue from the self-mining business. The Group’s management has exercised significant judgment in determining appropriate accounting treatment for the recognition of revenue from the self-mining business. Management has examined various factors surrounding the substance of the Group’s operations, such as the reliability of the measurement of the cryptocurrencies received.

Income taxes

Income tax expense, deferred tax assets and liabilities, and reserves for uncertain tax positions reflect management’s best assessment of estimated future taxes to be paid. The Group is subject to income taxes in Singapore and numerous other jurisdictions. Significant judgments and estimates are required in determining the income tax expense.

In determining the current income tax provision, management assesses temporary differences resulting from differing treatments of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are recorded in the consolidated statements of financial position. When management assesses deductible temporary differences, including those originating from tax losses carried forward, management must assess the probability that these will be recovered through adjustments to future taxable income. To the extent the management believes recovery is not probable, no deferred tax asset is recognized.

Forecasting future income requires the use of a significant amount of judgment. In estimating future income, management uses internal operating budgets and long-range planning projections. Management develops its budgets and long-range projections based on recent results, trends and economic and industry forecasts influencing the Group’s performance. Significant changes in management’s judgment related to the expected realizability of deductible temporary differences result in an adjustment to the associated deferred tax asset.

The calculation of income tax expense involves dealing with uncertainties in the application of complex tax laws and regulations in numerous jurisdictions in which the Group operates. Management recognizes tax benefits related to uncertain tax positions when, in management’s judgment, it is more likely than not that such positions will be sustained on examination, including resolutions of any related appeals or litigation, based on the technical merits. Management adjusts liabilities for uncertain tax positions when its judgment changes as a result of new information previously unavailable. Due to the complexity of some of these uncertainties, their ultimate resolution may result in payments that are materially different from current estimates. Any such differences will be reflected as adjustments to income tax expenses in the periods in which they are determined.

Share-based payments

The determination of the fair value of the Group’s ordinary shares and the share awards involves significant judgment and estimates. The Group determined the fair value of the share awards using the Binomial option valuation model. Estimates such as stock price, volatility of the Group’s ordinary shares, risk-free interest rate, exercise multiple and the expected dividend yield were used in the valuation model.

During the period from January 1, 2023 to April 13, 2023 and the years ended December 31, 2022 and 2021, the Group determined the fair value of the Group’s ordinary shares, or the stock price, used in the determination of the fair value of the share awards, using the discounted cash flow model. Estimates such as the Group’s stage of development, financial condition and operating results, general market conditions and the discount for lack of marketability of the Group’s ordinary shares were used in the valuation model.

After April 13, 2023, the Group determined the fair value of the Group’s ordinary shares, or the stock price, used in the determination of the fair value of the share awards, using the market approach based on the closing price of the Group on the grant date.

The fair value of the Group’s ordinary shares and the share awards were determined by the Group with the assistance of an independent third-party valuation firm.

Fair value of financial asset at fair value through profit or loss

Fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety. The type and level of judgment required is dependent on the amount of observable market-based data available to the Group. For financial assets valued using valuation models and techniques that use significant unobservable inputs and are therefore classified within level 3 of the fair value hierarchy, judgments used to estimate fair value are more significant than those required when estimating the fair value of instruments classified within levels 1 and 2.

In determining the estimate of fair value for an instrument within level 3, the management firstly determines the appropriate and reasonable valuation model and technique to use. Second, the lack of availability of market-based data requires management to assess relevant empirical data in deriving valuation inputs with significant judgements and assumption. Details of the significant unobservable inputs used in the level 3 valuation are presented in Note 4.

Estimation of unobservable market inputs or other factors can affect the amount of gain or loss recorded in the reporting period and the amount of the position as at year end. The Group believes the estimates applied to be based on reasonable assumptions, but which are inherently uncertain. As a result, actual results may differ from the assumptions and judgments used to determine fair value of the financial instruments acquired. Changes in these estimates and assumptions and valuation model or techniques may have a material effect on the Group’s financial condition and results of operations.

Assessment of the asset acquisition

The acquisition of Asia Freeport Holdings Pte., Ltd. was assessed as an asset acquisition by applying the optional concentration test described in Note 2(y). Management applied judgment in identifying the assets acquired, their relative fair value, and if the “substantially all” criterion has been met, based on the previous elements.

To apply the optional concentration test, the Group estimated the fair value of investment properties at the closing date using the discounted cash flow model under the income approach with the assistance of an independent valuation specialist. The key input to the model used for determining the value of the investment properties include the operation projection and the discount rate, which is 7.75%.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Segment Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment related information [Abstract]
Number of operating segments \| Segment	1
Revenue	$ 368,554	$ 333,342	$ 394,661
Non-current assets	316,086	262,285
Singapore [Member]
Segment related information [Abstract]
Revenue	25,007	27,591	79,537
Non-current assets	54,442	46,306
Asia Excluding Singapore [Member]
Segment related information [Abstract]
Revenue	95,832	136,901	211,805
Non-current assets	63,180	0
North America [Member]
Segment related information [Abstract]
Revenue	239,064	141,174	75,559
Non-current assets	148,021	170,439
Europe [Member]
Segment related information [Abstract]
Revenue	6,346	19,075	15,487
Non-current assets	50,443	45,540
Others [Member]
Segment related information [Abstract]
Revenue	$ 2,305	$ 8,601	$ 12,273

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Basis of preparation

The consolidated historical financial statements comprise the following financial information:

•

the combined results of operations of the Bitdeer Business during the period from January 1, 2021 to April 15, 2021 (the “Carve-out Period”), which have been prepared on a carve-out basis; and

•

Preparing combined historical financial information of Bitdeer Business on a carve-out basis

(i)

(ii)

Consolidation

Subsequent to the Carve-out Period, the Group’s financial information is prepared on a consolidated basis, for which the consolidation policies are described below.

Basis of accounting

The consolidated statements of cash flows are prepared using the indirect method and present the changes in cash from operating, investing, and financing activities.

The consolidated financial statements provide comparative information in respect of the previous period.

Foreign currency translation

Functional and presentation currency

Transactions and balances

Foreign currency translation

The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

• assets and liabilities for each consolidated statement of financial position presented are translated at the closing rate at the date of that balance sheet,

• income and expenses for each consolidated statement of operations and comprehensive income / (loss) are translated at average exchange rates, and

• all resulting exchange differences are recognized in invested capital and reserves.

Use of estimates and judgments

Judgments made by management in the application of IFRSs that have significant effects on the financial statements and major sources of estimation uncertainty are discussed in Note 3.

Related parties

A party is considered to be related to the Group if:

(a)

the party is a person or a close member of that person’s family and that person

has control or joint control over the Group;

ii)

has significant influence over the Group; or

iii)

is a member of the key management personnel of the Group or a parent of the Group;

(b)

the party is an entity where any of the following conditions applies:

the entity and the Group are members of the same Group;

ii)

one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity);

iii)

the entity and the Group are joint ventures of the same third party;

iv)

one entity is a joint venture of a third entity and the other entity is an associate of the third entity;

the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group;

vi)

the entity is controlled or jointly controlled by a person identified in (a);

vii)

a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); or

viii)

the entity, or any member of the Group of which it is a part, provides key management personnel services to the Group or the parent of the Group.

Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity.

Cash, cash equivalents and restricted cash

The Group is required to hold a defined amount of cash as security under the terms of standby letters of credits arrangement. See further discussion in Note 6.

Prepaid expenses and other assets

Cryptocurrencies

Cryptocurrencies includes USD Coin (“USDC”) and cryptocurrencies other than USDC held in the Group’s cryptocurrency wallets.

USDC

Cryptocurrencies other than USDC

Receivables and payables settled in cryptocurrencies

Cryptocurrency lending arrangements

Cryptocurrency-denoted wealth management products

The Group historically purchased two types of wealth management products:

Wealth management product type A

Wealth management product type B

See further discussion regarding credit losses from receivables settled in cryptocurrencies in Note 2(u). Also refer to Note 20 for more information.

Other assets primarily consist of deposits paid to various service providers, such as lessors and electricity vendors.

Intangible assets

Intangible assets acquired by the Group are stated at cost less accumulated amortization (where the estimated useful life is finite) and impairment losses.

•	Software	3 -10 years
•	Patents, trademarks and other rights	3 -5 years

Both the period and method of amortization are reviewed annually.

Property, plant and equipment

Property, plant and equipment are measured at cost, less accumulated depreciation and impairment losses, if any.

Property, plant and equipment are depreciated using the straight-line method based on the estimated useful lives of the assets as follows:

•	Buildings	15 – 20 years
•	Land	Unlimited
•	Machinery	3 – 15 years
•	Electronic equipment	3 – 10 years
•	Leasehold improvements and property improvements	3 – 15 years

Land acquired by the Group has an unlimited useful life and therefore is not depreciated.

The depreciation method, useful life and residual value of an asset are reviewed at least at each financial year-end and adjusted, if appropriate.

Investment properties

Depreciation begins when the investment property is available for use and is calculated using a straight-line method to allocate the depreciable amounts over the estimated useful lives as follows:

•	Buildings	15 years
•	Leasehold land	15 years
•	Machinery, fixtures as part of the buildings	3 – 10 years

The residual values, useful lives and depreciation method of investment properties are reviewed at least at each financial year-end and adjusted, if appropriate.

Mining machines

Leases

As a lessee

As a lessor

Trade payables and other payables and accruals

Credit losses and impairment of assets

The cost of equity-settled transactions is measured by reference to the fair value at the date on which they are granted.

Revenue recognition

Revenue is recognized applying the following five steps:

Identify the contract with a customer;

ii)

Identify the performance obligations in the contract;

iii)

Determine the transaction price;

iv)

Allocate the transaction price to the performance obligations in the contract; and

Recognize revenue when (or as) the Group satisfies a performance obligation.

When another party is involved in providing services to a customer, the Group is the principal if it controls the specified services before those services are transferred to the customer.

The primary sources of Group’s revenues are recognized as follows:

Cloud Hash Rate

Self-mining

Cloud Hosting

Sale of Mining Machines

General Hosting

Membership Hosting

Details of revenues for each category are as follows:

	Years ended December 31,
In thousands of USD	2023		2022		2021
Self-mining		111,683		62,359		191,693
Cloud hash rate
Hash rate subscription		40,290		77,862		53,952
Electricity subscription		27,419		39,525		35,113
Additional consideration from Cloud Hash Rate arrangements under acceleration mode		172		3,954		35,140
Sales of mining machines		2		705		45,693
Cloud hosting arrangements ⁽²⁾		3,248		12,723		7,568
General hosting		97,321		99,251		18,312
Membership hosting		79,906		26,056		-
Others ⁽¹⁾		8,513		10,907		7,190
Total revenues		368,554		333,342		394,661

(1)	Others include revenue generated primarily from providing technical and human resources service, repairment services of hosted mining machines, lease of investment properties, the sale of mining machine peripherals and the sale of containerized solution product.

(2)	The Group did not generate any revenue from the additional consideration from Cloud Hosting arrangements offered under accelerator mode for the years ended December 31, 2023, 2022 and 2021.

Revenue concentration for the years ended December 31, 2023, 2022 and 2021 is as below:

	Years ended December 31,
	2023			2022			2021
BTC		*			14.94	%		44.68	%
Customer A		19.05	%		20.07	%		*

* Less than 10%

Contract assets and liabilities

Cost of revenue

Taxes

Income tax

Deferred tax

Uncertainty over income tax treatments

Financial instruments

Financial assets

The Group classifies its financial assets in the following measurement categories:

•

those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and

•

those to be measured at amortized cost.

The classification depends on the Group’s business model for managing the financial assets and the contractual cash flow characteristics.

Debt instruments

Equity instruments

• Changes in the fair value of financial assets at fair value through profit or loss are recognized in profit or loss as applicable.

Financial liabilities

The Group’s financial liabilities are classified and measured at amortized cost using the effective interest method.

Convertible debt

Interest related to the financial liability is recognized in profit or loss. Upon conversion, the financial liability is reclassified to equity and no gain or loss will be recognized.

(i) Credit losses from financial instruments at amortized cost

Measurement of ECLs

• fixed-rate financial assets, trade and other receivables: effective interest rate determined at initial recognition or an approximation thereof;

• variable-rate financial assets: current effective interest rate.

The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

ECLs are measured on either of the following bases:

• 12-month ECLs: these are losses that are expected to result from possible default events within the 12 months after the reporting date; and

• lifetime ECLs: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model applies.

Significant increases in credit risk

In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition:

• failure to make payments of principal or interest on their contractually due dates;

• an actual or expected significant deterioration in a financial instrument’s external or internal credit rating (if available);

• an actual or expected significant deterioration in the operating results of the debtor; and

• existing or forecast changes in the technological, market, economic or legal environment that have a significant adverse effect on the debtor’s ability to meet its obligation to the Group.

The Group recognizes an impairment gain or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account.

Impairment and write-off policy

Evidence that a financial asset is credit-impaired includes the following observable events:

• significant financial difficulties of the debtor;

• a breach of contract, such as a default or delinquency in interest or principal payments;

• is becoming probable that the borrower will enter into bankruptcy or other financial reorganization;

• significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor; or

• the disappearance of an active market for a security because of financial difficulties of the issuer.

Subsequent recoveries of an asset that was previously written off are recognized as a reversal of impairment in profit or loss in the period in which the recovery occurs.

(ii) Credit losses from receivables settled in cryptocurrencies

No allowance, write-offs or recoveries were recognized against the receivables settled in cryptocurrencies for the years ended December 31, 2023, 2022 and 2021.

(iii) Impairment of other assets

• property, plant and equipment;

• lease right-of-use assets;

• investment properties;

• intangible assets; and

• cryptocurrencies other than USDC.

• Calculation of recoverable amount

• Recognition of impairment losses

• Reversals of impairment losses

An impairment loss is reversed if there has been a favorable change in the estimates used to determine the recoverable amount.

Provisions

Segment information

An operating segment is a component of an entity:

•

that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to the transactions with other components of the same entity);

•

whose operating results are reviewed regularly by the entity’s chief operating decision maker to make decisions about resources to be allocated to the segments and assess its performance; and

•

for which discrete financial information is available.

Disaggregated revenue data by geographical region in terms of the customer’s location within the operating segment is as follows:

	Years ended December 31,
In thousands of USD	2023		2022		2021
Singapore		25,007		27,591		79,537
Asia, excluding Singapore		95,832		136,901		211,805
North America		239,064		141,174		75,559
Europe		6,346		19,075		15,487
Others		2,305		8,601		12,273
Total		368,554		333,342		394,661

Selected assets of mining machines, property, plant and equipment, investment properties, right-of-use assets and intangible assets by geographical region within the operating segment is as follows:

	At December 31,
In thousands of USD	2023		2022
Singapore		54,442		46,306
Asia, excluding Singapore		63,180		-
North America		148,021		170,439
Europe		50,443		45,540
Total		316,086		262,285

Earnings per share

Basic earnings per share is computed by dividing the income attributable to equity shareholders of the Group by the weighted average number of ordinary shares outstanding during the period.

Asset acquisition

Initial application of new or amended standards during the reporting periods

Standard/Interpretation	Application Date of Standard	Application Date for the Group
IFRS 17, Insurance Contracts and Amendments to Address Concerns and Implementation Challenges	January 1, 2023	January 1, 2023
Amendments to IFRS 4, Expiry Date of the Deferral Approach	January 1, 2023	January 1, 2023
Amendments to IAS 1, Making Materiality Judgement	January 1, 2023	January 1, 2023
Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies	January 1, 2023	January 1, 2023
Amendments to IAS 8, Definition of Accounting Estimates	January 1, 2023	January 1, 2023
Amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction	January 1, 2023	January 1, 2023
Initial Application of IFRS 17 and IFRS 9—Comparative Information	January 1, 2023	January 1, 2023

New standards and interpretations not yet adopted

aa.

New standards and interpretations not yet adopted

Standard/Interpretation	Application Date for the Group
Amendments to IAS 1, Classification of Liabilities as Current or Non-current and Disclosure of Accounting Policies	January 1, 2024
Amendments to IAS 1, Classification of Debt with Covenants	January 1, 2024
Amendments to IFRS 16, Subsequent Measurement of Sale and Leaseback Transactions by a Seller-lessee	January 1, 2024
Amendments to IAS 7 and IFRS 7, Supplier Finance Arrangements	January 1, 2024
IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information	January 1, 2024
IFRS S2, Climate-related Disclosures	January 1, 2024
Amendments to IAS 21, Lack of Exchangeability	January 1, 2025

EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS, Expenses by Nature (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Expenses by Nature [abstract]
Staff cost - salaries, wages and other benefits	$ 52,873	$ 50,132	$ 37,730
Share-based payments	45,488	90,648	88,355
Amortization - intangible assets	754	97	146
Electricity cost in operating mining machines	180,565	139,469	58,447
Cost of mining machines sold	4	1,002	5,978
Consulting service fee	9,757	6,797	8,787
Tax and surcharge	5,442	3,355	2,202
Advertising expenses	1,383	737	880
Office expenses	3,987	3,124	2,219
Research and development technical service fees	2,854	1,313	1,964
Expenses of low-value consumables	2,557	4,025	1,662
Expenses of variable payment lease	224	639	610
Expenses of short-term leases	286	527	351
Impairment loss of mining machines	0	0	106
Logistic expenses	557	3,060	1,391
Travel expenses	2,843	3,202	1,393
Insurance fee	2,427	3,446	983
Others	8,191	12,756	4,826
Total cost of revenue, selling, general and administrative and research and development expenses	394,979	390,656	280,939
Mining Machines [Member]
Expenses by Nature [abstract]
Depreciation	25,663	29,281	43,857
Property, Plant and Equipment [Member]
Expenses by Nature [abstract]
Depreciation	39,899	30,438	14,416
Investment Properties [Member]
Expenses by Nature [abstract]
Depreciation	2,601	1,237	0
Right-of-use Assets [Member]
Expenses by Nature [abstract]
Depreciation	$ 6,624	$ 5,371	$ 4,636

EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS

12 Months Ended

Dec. 31, 2023

EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS [Abstract]

EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS

16.	EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS

(a) Expenses by nature

	Years ended December 31,
In thousands of USD	2023		2022		2021
Staff cost
- salaries, wages and other benefits		52,873		50,132		37,730
Share-based payments		45,488		90,648		88,355
Amortization
- intangible assets		754		97		146
Depreciation
- mining machines		25,663		29,281		43,857
- property, plant and equipment		39,899		30,438		14,416
- investment properties		2,601		1,237		-
- right-of-use assets		6,624		5,371		4,636
Electricity cost in operating mining machines		180,565		139,469		58,447
Cost of mining machines sold		4		1,002		5,978
Consulting service fee		9,757		6,797		8,787
Tax and surcharge		5,442		3,355		2,202
Advertising expenses		1,383		737		880
Office expenses		3,987		3,124		2,219
Research and development technical service fees		2,854		1,313		1,964
Expenses of low-value consumables		2,557		4,025		1,662
Expenses of variable payment lease		224		639		610
Expenses of short-term leases		286		527		351
Impairment loss of mining machines		-		-		106
Logistic expenses		557		3,060		1,391
Travel expenses		2,843		3,202		1,393
Insurance fee		2,427		3,446		983
Others		8,191		12,756		4,826
Total cost of revenue, selling, general and administrative and research and development expenses		394,979		390,656		280,939

(b) Other operating income / (expenses)

	Years ended December 31,
In thousands of USD	2023			2022			2021
Net gain / (losses) on disposal of cryptocurrencies		2,061			(3,131	)		18,725
Impairment loss of cryptocurrencies		(2	)		-			(436	)
Change in fair value of cryptocurrency-settled receivables and payables		3,305			-			(3,735	)
Net loss on disposal of mining machine		(1,573	)		(497	)		(36	)
Others		-			-			107
Total		3,791			(3,628	)		14,625

	Years ended December 31,
In thousands of USD	2023			2022			2021
Gain on extinguishment of debt		-			-			880
Net gain / (losses) on disposal of property, plant and equipment and intangible assets		(11	)		662			56
Government grants		48			42			35
Changes in fair value of financial asset at fair value through profit or loss		3,527			(841	)		-
Net gain on disposal of financial assets at fair value through profit or loss		-			213			-
Impairment loss of a pre-matured investment ⁽¹⁾		-			-			(2,025	)
Net gain on settlement of balances with Bitmain		-			-			4,468
Gain on convertible debt modification		481			-			-
Others		(507	)		281			(931	)
Total		3,538			357			2,483

(1)

The Group signed a project investment agreement with a third party in April 2021 and made a payment of approximately $2 million. The project was later forfeited, and the Group is actively collecting the paid amount, which was impaired as of June 30, 2021 based on management’s estimate over the likelihood of collection at current stage.

(d) Finance income / (expenses)

	Years ended December 31,
In thousands of USD	2023			2022			2021
Interest on lease liabilities		(2,605	)		(2,425	)		(1,217	)
Cryptocurrency transaction service fee		(233	)		(159	)		(109	)
Loss on foreign currency transactions		(1,016	)		(2,881	)		(226	)
Interest income		7,953			4,291			2,947
Interest expenses on bank loan		-			-			(3	)
Interest expense on convertible debt		(2,476	)		(2,778	)		(1,223	)
Others		(347	)		(229	)		(110	)
Total		1,276			(4,181	)		59

OTHER PAYABLES AND ACCRUALS

12 Months Ended

Dec. 31, 2023

OTHER PAYABLES AND ACCRUALS [Abstract]

OTHER PAYABLES AND ACCRUALS

15.	OTHER PAYABLES AND ACCRUALS

Other payables and accruals consist of the following:

	At December 31,
In thousands of USD	2023		2022
Payables for surtaxes		9,952		8,928
Accrued operating expenses		9,732		5,539
Payables for staff-related costs		2,554		2,182
Deposits from hosting customers		8,114		2,911
Restoration provision for leasehold land		1,363		1,343
Others		436		1,273
Total		32,151		22,176

Except for the deposits from hosting customers, which are repayable to customers based on their respective contractual arrangements, and restoration provision for leasehold land, which is repayable upon the expiration of the lease, all other payables and accruals are expected to be settled within one year or are repayable on demand.

EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS, Other Net Gain (Details) - USD ($)
$ in Thousands

1 Months Ended

12 Months Ended

Apr. 30, 2021

Dec. 31, 2023

Dec. 31, 2022

^[1]

Dec. 31, 2021

EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS [Abstract]

Gain on extinguishment of debt

$ 0

$ 880

Net gain / (losses) on disposal of property, plant and equipment and intangible assets

(11)

662

Government grants

Changes in fair value of financial asset at fair value through profit or loss

3,527

(841)

Net gain on disposal of financial assets at fair value through profit or loss

213

Impairment loss of a pre-matured investment

(2,025)

Net gain on settlement of balances with Bitmain

4,468

Gain on convertible debt modification

481

Others

(507)

281

(931)

Total

$ 3,538

$ 357

$ 2,483

Payment for project investment agreement with a third party

$ 2,000

[1]

CRYPTOCURRENCIES, Group's Cryptocurrencies (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cryptocurrencies [Abstract]
Cryptocurrencies other than USDC	$ 15,336	$ 2,086
USDC	35	89
Total cryptocurrencies	$ 15,371	$ 2,175	$ 6,187	$ 9,582

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, Breakdown of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Breakdown of cash and cash equivalents [Abstract]
Cash and cash equivalents by currency	$ 144,729	$ 231,362	$ 372,088	$ 44,753
Restricted cash	9,538	11,494
Total restricted cash	9,538	11,494
Short-term Deposits [Abstract]
Short-term deposits, classified as cash equivalents	$ 12,000	$ 37,000
Short-term deposits, maturity date	January 2024
Minimum [Member]
Short-term Deposits [Abstract]
Short-term deposits, maturity date		Jan-2023
Interest rate on short-term deposits	2.40%	0.60%
Maximum [Member]
Short-term Deposits [Abstract]
Short-term deposits, maturity date		February 2023
Interest rate on short-term deposits	4.80%	4.20%
US Dollar [Member]
Breakdown of cash and cash equivalents [Abstract]
Cash and cash equivalents by currency	$ 137,917	$ 211,253
Singapore Dollar [Member]
Breakdown of cash and cash equivalents [Abstract]
Cash and cash equivalents by currency	2,991	2,234
Chinese Renminbi [Member]
Breakdown of cash and cash equivalents [Abstract]
Cash and cash equivalents by currency	585	2,484
Norwegian Krone [Member]
Breakdown of cash and cash equivalents [Abstract]
Cash and cash equivalents by currency	2,487	12,589
Euro [Member]
Breakdown of cash and cash equivalents [Abstract]
Cash and cash equivalents by currency	701	2,791
Hongkong Dollar [Member]
Breakdown of cash and cash equivalents [Abstract]
Cash and cash equivalents by currency	7	11
Bhutan, Ngultrum [Member]
Breakdown of cash and cash equivalents [Abstract]
Cash and cash equivalents by currency	$ 41	$ 0

PROPERTY, PLANT AND EQUIPMENT, Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	$ 138,636	$ 102,617
Ending balance	154,860	138,636	$ 102,617
Cost [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	196,886	130,538	68,527
Additions	56,207	66,742	65,446
Additions related to asset acquisition		15
Construction in progress transferred in	0	0	0
Disposals	(164)	(409)	(3,435)
Ending balance	252,929	196,886	130,538
Accumulated Depreciation [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(58,250)	(27,921)	(14,158)
Charge for the year	(39,899)	(30,438)	(14,434)
Disposals	80	109	671
Ending balance	(98,069)	(58,250)	(27,921)
Impairment [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance		0	(2,211)
Additions			2,211
Ending balance			0
Construction in Progress [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	16,512	33,589
Ending balance	30,095	16,512	33,589
Construction in Progress [Member] \| Cost [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	16,512	33,589	3,373
Additions	49,421	54,107	59,524
Additions related to asset acquisition		0
Construction in progress transferred in	(35,838)	(71,184)	(27,097)
Disposals	0	0	(2,211)
Ending balance	30,095	16,512	33,589
Construction in Progress [Member] \| Accumulated Depreciation [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	0	0	0
Charge for the year	0	0	0
Disposals	0	0	0
Ending balance	0	0	0
Construction in Progress [Member] \| Impairment [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance		0	(2,211)
Additions			2,211
Ending balance			0
Building [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	19,924	21,061
Ending balance	22,733	19,924	21,061
Building [Member] \| Cost [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	23,449	23,449	22,563
Additions	0	0	886
Additions related to asset acquisition		0
Construction in progress transferred in	3,915	0	0
Disposals	0	0	0
Ending balance	27,364	23,449	23,449
Building [Member] \| Accumulated Depreciation [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(3,525)	(2,388)	(1,288)
Charge for the year	(1,106)	(1,137)	(1,100)
Disposals	0	0	0
Ending balance	(4,631)	(3,525)	(2,388)
Building [Member] \| Impairment [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance		0	0
Additions			0
Ending balance			0
Land [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	484	484
Ending balance	2,058	484	484
Land [Member] \| Cost [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	484	484	484
Additions	1,574	0	0
Additions related to asset acquisition		0
Construction in progress transferred in	0	0	0
Disposals	0	0	0
Ending balance	2,058	484	484
Land [Member] \| Accumulated Depreciation [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	0	0	0
Charge for the year	0	0	0
Disposals	0	0	0
Ending balance	0	0	0
Land [Member] \| Impairment [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance		0	0
Additions			0
Ending balance			0
Machinery [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	26,069	13,307
Ending balance	35,276	26,069	13,307
Machinery [Member] \| Cost [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	32,872	15,734	9,143
Additions	459	1,228	479
Additions related to asset acquisition		0
Construction in progress transferred in	15,476	16,132	6,133
Disposals	(69)	(222)	(21)
Ending balance	48,738	32,872	15,734
Machinery [Member] \| Accumulated Depreciation [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(6,803)	(2,427)	(1,193)
Charge for the year	(6,678)	(4,392)	(1,235)
Disposals	19	16	1
Ending balance	(13,462)	(6,803)	(2,427)
Machinery [Member] \| Impairment [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance		0	0
Additions			0
Ending balance			0
Electronic Equipment [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	8,151	4,301
Ending balance	10,837	8,151	4,301
Electronic Equipment [Member] \| Cost [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	10,624	5,335	2,042
Additions	3,789	4,681	3,228
Additions related to asset acquisition		1
Construction in progress transferred in	909	794	936
Disposals	(36)	(187)	(871)
Ending balance	15,286	10,624	5,335
Electronic Equipment [Member] \| Accumulated Depreciation [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(2,473)	(1,034)	(703)
Charge for the year	(1,994)	(1,532)	(793)
Disposals	18	93	462
Ending balance	(4,449)	(2,473)	(1,034)
Electronic Equipment [Member] \| Impairment [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance		0	0
Additions			0
Ending balance			0
Leasehold Improvements and Property Improvements [member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	61,514	27,314
Ending balance	46,830	61,514	27,314
Leasehold Improvements and Property Improvements [member] \| Cost [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	104,517	48,425	28,926
Additions	876	2,431	0
Additions related to asset acquisition		0
Construction in progress transferred in	12,424	53,661	19,646
Disposals	(9)	0	(147)
Ending balance	117,808	104,517	48,425
Leasehold Improvements and Property Improvements [member] \| Accumulated Depreciation [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(43,003)	(21,111)	(10,418)
Charge for the year	(27,978)	(21,892)	(10,805)
Disposals	3	0	112
Ending balance	(70,978)	(43,003)	(21,111)
Leasehold Improvements and Property Improvements [member] \| Impairment [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance		0	0
Additions			0
Ending balance			0
Others [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	5,982	2,561
Ending balance	7,031	5,982	2,561
Others [Member] \| Cost [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	8,428	3,522	1,996
Additions	88	4,295	1,329
Additions related to asset acquisition		14
Construction in progress transferred in	3,114	597	382
Disposals	(50)	0	(185)
Ending balance	11,580	8,428	3,522
Others [Member] \| Accumulated Depreciation [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(2,446)	(961)	(556)
Charge for the year	(2,143)	(1,485)	(501)
Disposals	40	0	96
Ending balance	$ (4,549)	(2,446)	(961)
Others [Member] \| Impairment [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance		$ 0	0
Additions			0
Ending balance			$ 0

ASSET ACQUISITION, Summary (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 01, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022	Jun. 17, 2022
Asset Acquisition [Abstract]
Liabilities settled		$ 7,000	$ 0	$ 0
Asia Freeport Holdings Pte. Ltd [Member]
Asset Acquisition [Abstract]
Percent of equity interests acquired						100.00%
Purchase consideration	$ 26,788
Cash consideration					$ 6,000
Liabilities settled	$ 21,107

SHARE-BASED PAYMENTS, Inputs to Model Used for Determining Value of Grant (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation arrangement by share based payment award fair value assumptions [Abstract]
Dividend yield	0.00%	0.00%	0.00%
Share-based compensation arrangement by share based payment award incremental fair value of modification [Abstract]
Dividend yield	0.00%
Expected dividend	$ 0
Minimum [Member]
Share-based compensation arrangement by share based payment award fair value assumptions [Abstract]
Expected volatility	118.00%	120.00%	130.19%
Risk-free interest rate	3.81%	1.618%	1.24%
Exercise multiple (in dollars per share)	$ 2.2	$ 2.2	$ 2.2
Share-based compensation arrangement by share based payment award incremental fair value of modification [Abstract]
Expected volatility	119.00%
Risk-free interest rate	3.45%
Exercise multiple (in dollars per share)	$ 2.2
Maximum [Member]
Share-based compensation arrangement by share based payment award fair value assumptions [Abstract]
Expected volatility	124.00%	128.00%	130.23%
Risk-free interest rate	4.59%	3.886%	1.57%
Exercise multiple (in dollars per share)	$ 2.8	$ 2.8	$ 2.8
Share-based compensation arrangement by share based payment award incremental fair value of modification [Abstract]
Expected volatility	124.00%
Risk-free interest rate	3.47%
Exercise multiple (in dollars per share)	$ 2.8

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Entity Addresses [Line Items]
Document Type	20-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-41687
Entity Registrant Name	BITDEER TECHNOLOGIES GROUP
Entity Central Index Key	0001899123
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	08 Kallang Avenue
Entity Address, Address Line Two	Aperia tower 1, #09-03/04
Entity Address, Country	SG
Entity Address, Postal Zip Code	339509
Title of 12(b) Security	Class A ordinary shares, par value US$0.0000001
Trading Symbol	BTDR
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	111,966,298
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Auditor Firm ID	206
Auditor Name	MaloneBailey, LLP
Auditor Location	Houston, Texas
Business Contact [Member]
Entity Addresses [Line Items]
Contact Personnel Name	Jihan Wu
Entity Address, Address Line One	08 Kallang Avenue
Entity Address, Address Line Two	Aperia tower 1, #09-03/04
Entity Address, Country	SG
Entity Address, Postal Zip Code	339509
City Area Code	65
Local Phone Number	62828220

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2023

PROPERTY, PLANT AND EQUIPMENT [Abstract]

Schedule of Property, Plant and Equipment

The details of property, plant and equipment are as follows:

In thousands of USD	Construction in progress			Building			Land		Machinery			Electronic equipment			Leasehold improvements and property improvements			Others			Total
Cost:
At January 1, 2021		3,373			22,563			484		9,143			2,042			28,926			1,996			68,527
Additions		59,524			886			-		479			3,228			-			1,329			65,446
Construction in progress transferred in		(27,097	)		-			-		6,133			936			19,646			382			-
Disposals		(2,211	)		-			-		(21	)		(871	)		(147	)		(185	)		(3,435	)
At December 31, 2021		33,589			23,449			484		15,734			5,335			48,425			3,522			130,538
Accumulated depreciation:
At January 1, 2021		-			(1,288	)		-		(1,193	)		(703	)		(10,418	)		(556	)		(14,158	)
Charge for the year		-			(1,100	)		-		(1,235	)		(793	)		(10,805	)		(501	)		(14,434	)
Disposals		-			-			-		1			462			112			96			671
At December 31, 2021		-			(2,388	)		-		(2,427	)		(1,034	)		(21,111	)		(961	)		(27,921	)
Impairment:
At January 1, 2021		(2,211	)		-			-		-			-			-			-			(2,211	)
Disposals		2,211			-			-		-			-			-			-			2,211
At December 31, 2021		-			-			-		-			-			-			-			-
Net book value:
At December 31, 2021		33,589			21,061			484		13,307			4,301			27,314			2,561			102,617
Cost:
At January 1, 2022		33,589			23,449			484		15,734			5,335			48,425			3,522			130,538
Additions		54,107			-			-		1,228			4,681			2,431			4,295			66,742
Additions related to asset acquisition (See Note 5)		-			-			-		-			1			-			14			15
Construction in progress transferred in		(71,184	)		-			-		16,132			794			53,661			597			-
Disposals		-			-			-		(222	)		(187	)		-			-			(409	)
At December 31, 2022		16,512			23,449			484		32,872			10,624			104,517			8,428			196,886
Accumulated depreciation:
At January 1, 2022		-			(2,388	)		-		(2,427	)		(1,034	)		(21,111	)		(961	)		(27,921	)
Charge for the year		-			(1,137	)		-		(4,392	)		(1,532	)		(21,892	)		(1,485	)		(30,438	)
Disposals		-			-			-		16			93			-			-			109
At December 31, 2022		-			(3,525	)		-		(6,803	)		(2,473	)		(43,003	)		(2,446	)		(58,250	)
Net book value:
At December 31, 2022		16,512			19,924			484		26,069			8,151			61,514			5,982			138,636
Cost:
At January 1, 2023		16,512			23,449			484		32,872			10,624			104,517			8,428			196,886
Additions		49,421			-			1,574		459			3,789			876			88			56,207
Construction in progress transferred in		(35,838	)		3,915			-		15,476			909			12,424			3,114			-
Disposals		-			-			-		(69	)		(36	)		(9	)		(50	)		(164	)
At December 31, 2023		30,095			27,364			2,058		48,738			15,286			117,808			11,580			252,929
Accumulated depreciation:
At January 1, 2023		-			(3,525	)		-		(6,803	)		(2,473	)		(43,003	)		(2,446	)		(58,250	)
Charge for the year		-			(1,106	)		-		(6,678	)		(1,994	)		(27,978	)		(2,143	)		(39,899	)
Disposals		-			-			-		19			18			3			40			80
At December 31, 2023		-			(4,631)			-		(13,462	)		(4,449	)		(70,978	)		(4,549	)		(98,069	)
Net book value:
At December 31, 2023		30,095			22,733			2,058		35,276			10,837			46,830			7,031			154,860

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME / (LOSS) - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME / (LOSS) [Abstract]

General and administrative expenses

$ 368,554

$ 333,342

$ 394,661

Cost of revenue

(290,745)

(250,090)

(153,255)

Gross profit

77,809

83,252

241,406

Selling expenses

(8,246)

(11,683)

(8,448)

(66,454)

(93,453)

(89,735)

Research and development expenses

(29,534)

(35,430)

(29,501)

Listing fee

(33,151)

Other operating income / (expenses)

3,791

(3,628)

14,625

Other net gain

3,538

357

^[1]

2,483

Profit / (loss) from operations

(52,247)

(60,585)

130,830

Finance income / (expenses)

1,276

(4,181)

Profit / (loss) before taxation

(50,971)

(64,766)

130,889

Income tax benefit / (expense)

(5,685)

4,400

(48,246)

Item that may be reclassified to profit or loss

(56,656)

(60,366)

82,643

Exchange differences on translation of financial statements

(26)

(22)

(195)

Other comprehensive loss for the year, net of tax

(26)

(22)

(195)

Total comprehensive income / (loss) for the year

$ (56,682)

$ (60,388)

$ 82,448

Earnings / (loss) per share

Basic earnings / (loss) per share (in dollars per share)

^[2]

$ (0.51)

$ (0.56)

$ 0.76

Diluted earnings / (loss) per share (in dollars per share)

^[2]

$ (0.51)

$ (0.56)

$ 0.75

Weighted average number of shares outstanding (thousand shares)

Weighted average number of shares outstanding - basic (in shares)

^[2],[3]

110,494

108,681

Weighted average number of shares outstanding - diluted (in shares)

^[2]

110,494

108,681

111,243

[1]	The Group signed a project investment agreement with a third party in April 2021 and made a payment of approximately $2 million. The project was later forfeited, and the Group is actively collecting the paid amount, which was impaired as of June 30, 2021 based on management’s estimate over the likelihood of collection at current stage.
[2]	After giving the effects of the reverse recapitalization completed in April 2023 as described in Note 1.
[3]	The weighted average number of ordinary shares outstanding for the years ended December 31, 2022 and 2021 was retrospectively adjusted to reflect the reverse recapitalization effectuated in April 2023. See Note 1

EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS (Tables)

12 Months Ended

Dec. 31, 2023

EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS [Abstract]

Expenses by Nature

(a) Expenses by nature

	Years ended December 31,
In thousands of USD	2023		2022		2021
Staff cost
- salaries, wages and other benefits		52,873		50,132		37,730
Share-based payments		45,488		90,648		88,355
Amortization
- intangible assets		754		97		146
Depreciation
- mining machines		25,663		29,281		43,857
- property, plant and equipment		39,899		30,438		14,416
- investment properties		2,601		1,237		-
- right-of-use assets		6,624		5,371		4,636
Electricity cost in operating mining machines		180,565		139,469		58,447
Cost of mining machines sold		4		1,002		5,978
Consulting service fee		9,757		6,797		8,787
Tax and surcharge		5,442		3,355		2,202
Advertising expenses		1,383		737		880
Office expenses		3,987		3,124		2,219
Research and development technical service fees		2,854		1,313		1,964
Expenses of low-value consumables		2,557		4,025		1,662
Expenses of variable payment lease		224		639		610
Expenses of short-term leases		286		527		351
Impairment loss of mining machines		-		-		106
Logistic expenses		557		3,060		1,391
Travel expenses		2,843		3,202		1,393
Insurance fee		2,427		3,446		983
Others		8,191		12,756		4,826
Total cost of revenue, selling, general and administrative and research and development expenses		394,979		390,656		280,939

Other Operating Income / (Expenses)

(b) Other operating income / (expenses)

	Years ended December 31,
In thousands of USD	2023			2022			2021
Net gain / (losses) on disposal of cryptocurrencies		2,061			(3,131	)		18,725
Impairment loss of cryptocurrencies		(2	)		-			(436	)
Change in fair value of cryptocurrency-settled receivables and payables		3,305			-			(3,735	)
Net loss on disposal of mining machine		(1,573	)		(497	)		(36	)
Others		-			-			107
Total		3,791			(3,628	)		14,625

Other Net Gain

	Years ended December 31,
In thousands of USD	2023			2022			2021
Gain on extinguishment of debt		-			-			880
Net gain / (losses) on disposal of property, plant and equipment and intangible assets		(11	)		662			56
Government grants		48			42			35
Changes in fair value of financial asset at fair value through profit or loss		3,527			(841	)		-
Net gain on disposal of financial assets at fair value through profit or loss		-			213			-
Impairment loss of a pre-matured investment ⁽¹⁾		-			-			(2,025	)
Net gain on settlement of balances with Bitmain		-			-			4,468
Gain on convertible debt modification		481			-			-
Others		(507	)		281			(931	)
Total		3,538			357			2,483

(1)

Finance Income / (Expenses)

(d) Finance income / (expenses)

	Years ended December 31,
In thousands of USD	2023			2022			2021
Interest on lease liabilities		(2,605	)		(2,425	)		(1,217	)
Cryptocurrency transaction service fee		(233	)		(159	)		(109	)
Loss on foreign currency transactions		(1,016	)		(2,881	)		(226	)
Interest income		7,953			4,291			2,947
Interest expenses on bank loan		-			-			(3	)
Interest expense on convertible debt		(2,476	)		(2,778	)		(1,223	)
Others		(347	)		(229	)		(110	)
Total		1,276			(4,181	)		59

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands

Total

Share Capital [Member]

^[1]

Treasury shares [member]

Retained Earnings / (Accumulated Deficit) [Member]

Exchange Reserve [Member]

Other Reserve [Member]

^[1]

Invested Capital [Member]

Beginning balance at Dec. 31, 2020

$ 145,904

$ 0

$ 145,904

Capital share allotment relating to the Reorganization

82,643

67,169

15,474

Other comprehensive loss

(195)

^[2]

Recognition of equity component of convertible debt

88,355

683

Reclassification of invested capital

(29,311)

132,067

(132,067)

Ending balance at Dec. 31, 2021

288,079

67,169

(195)

221,105

(60,366)

Other comprehensive loss

(22)

90,648

Ending balance at Dec. 31, 2022

318,339

6,803

(217)

311,753

18,096

^[2]

18,096

(56,656)

Other comprehensive loss

(26)

45,488

412

^[2]

412

Issuance of shares for cash, net of transaction costs

(2,604)

^[2]

(2,604)

9,517

^[2]

9,517

Ending balance at Dec. 31, 2023

$ 332,566

$ (2,604)

$ (49,853)

$ (243)

$ 385,266

$ 0

[1]	After giving the effects of the reverse recapitalization completed in April 2023 as described in Note 1.
[2]	Amount less than US$1,000

RELATED PARTY TRANSACTIONS, Compensation for Key Management and Board of Directors (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RELATED PARTY TRANSACTIONS [Abstract]
Salaries and other emoluments	$ 8,986	$ 11,969	$ 11,627
Total	$ 8,986	$ 11,969	$ 11,627

CRYPTOCURRENCIES, Details of Cryptocurrencies (Details) - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

$ 2,175,000

$ 6,187,000

$ 9,582,000

Loss on change in fair value of cryptocurrencies

15,371,000

2,175,000

6,187,000

3,305,000

(3,735,000)

Other than USD Coin [Member]

2,086,000

6,088,000

9,527,000

15,336,000

2,086,000

6,088,000

Cost [Member]

2,179,000

6,697,000

9,656,000

Cryptocurrencies paid on behalf of related parties

310,265,000

865,333,000

655,028,000

^[1]

(24,852,000)

Purchase of cryptocurrency-denoted wealth management product from a related party

(297,067,000)

(569,854,000)

(562,894,000)

Loan to a third party

^[2]

(10,222,000)

^[3]

(149,972,000)

(30,004,000)

Loan to a related party

^[4]

(150,025,000)

(30,015,000)

Cost [Member] | Other than USD Coin [Member]

15,377,000

2,179,000

6,697,000

2,090,000

6,598,000

9,601,000

Cryptocurrencies paid on behalf of related parties

302,621,000

586,117,000

575,730,000

^[1]

(24,852,000)

Purchase of cryptocurrency-denoted wealth management product from a related party

(289,369,000)

(425,649,000)

(513,655,000)

Loan to a third party

^[2]

(10,222,000)

^[3]

(149,972,000)

(30,004,000)

Loan to a related party

^[4]

(15,004,000)

15,342,000

2,090,000

6,598,000

Impairment [Member]

(4,000)

(510,000)

(74,000)

(2,000)

(436,000)

506,000

Impairment [Member] | Other than USD Coin [Member]

(6,000)

(4,000)

(510,000)

(4,000)

(510,000)

(74,000)

506,000

Lease liabilities mature within 12 months

$ (6,000)

$ (4,000)

$ (510,000)

[1]	Cryptocurrencies or cryptocurrencies other than USDC paid on behalf of related parties represent the net effect of cryptocurrencies or cryptocurrencies other than USDC transferred through the wallets held by the Group relating to transactions arising from Bitmain and BTC’s businesses during the Carve-out Period.
[2]	Represent an unsecured, interest-free cryptocurrency loan the Group made to a third party. The lending was collected in full as of December 31, 2021. The Group recorded approximately US$3,735,000 loss on change in fair value of cryptocurrency-settled receivable for the year ended December 31, 2021.
[3]	Represent cryptocurrency-denoted wealth management products purchased from the Matrixport Group, a related party. All such wealth management products were fully redeemed as of December 31, 2022 and 2021, respectively, and the redemptions are included in the additions of cryptocurrencies above during the respective periods. Also see Note 20.
[4]	Represent cryptocurrency loans made to the Matrixport Group, a related party. All loans were fully collected as of December 31, 2022 and 2021 and the collections are included in the additions of cryptocurrencies above. Also see Note 20.

LEASES, Lease Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Lease liabilities [Abstract]

$ 5,288

$ 4,973

Lease liabilities mature over 12 months

64,923

65,452

Investment Properties [Member] | Leasehold Land [Member]

^[1]

70,211

70,425

Lease liabilities [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION [Abstract]

$ 4,600

$ 4,700

[1]	Lease liabilities in amount of approximately US$4.6 million and US$4.7 million was related to the leasehold land included in the investment properties as of December 31, 2023 and 2022, respectively. See Note 12.

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Non-cash Investing and Financing Activities

The non-cash investing and financing activities are as follows:

	Years ended December 31,
In thousands of USD	2023		2022		2021
NON-CASH INVESTING AND FINANCING TRANSACTIONS
Operating lease right-of-use assets and leasehold land obtained in exchange for operating lease liabilities		4,492		7,270		47,178
Operating lease right-of-use assets resulted from lease modification		646		-		-
Settlement of pre-existing relationship with BSGA		2,607		-		-
Payment for purchase of mining machines in form of cryptocurrencies		-		4,805		11,986
Cryptocurrencies paid on behalf of related parties		-		-		24,852
Lending made to a third party in form of cryptocurrencies		-		-		10,222
Collection of lending from a third party in form of cryptocurrencies		-		-		6,487
Lending made to related party in form of cryptocurrencies		-		150,025		30,015
Collection of lending from related party in form of cryptocurrencies		-		151,525		30,735
Purchase of wealth management products using cryptocurrencies		-		149,972		30,004
Redemption of wealth management products in form of cryptocurrencies		-		150,268		30,724
Liabilities assumed in connection with acquisition of property, plant and equipment and intangible assets		8,205		-		3,494
Receivable on the proceeds from issuance of ordinary shares		23		-		-

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, Standby Letters of Credits (Details) - Standby Letter of Credit [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) StandbyLettersofCredit	Dec. 31, 2022 USD ($)
Standby Letters of Credits [Abstract]
Number of standby letters of credits applied \| StandbyLettersofCredit	3
Draw amount	$ 9,538	$ 11,477
Utilized by beneficiaries from standby letters of credits	$ 0	$ 0
Bottom of Range [member]
Standby Letters of Credits [Abstract]
Range of expiration dates	July 2024	July 2023
Top of Range [Member]
Standby Letters of Credits [Abstract]
Range of expiration dates	August 2024	June 2025

CRYPTOCURRENCIES

12 Months Ended

Dec. 31, 2023

CRYPTOCURRENCIES [Abstract]

CRYPTOCURRENCIES

7.	CRYPTOCURRENCIES

As of December 31, 2023 and 2022, the Group’s cryptocurrencies consist of the following:

	At December 31,
In thousands of USD	2023		2022
Cryptocurrencies other than USDC		15,336		2,086
USDC		35		89
Total cryptocurrencies		15,371		2,175

The details of cryptocurrencies are as follows:

	At December 31,
In thousands of USD	2023			2022			2021
Cost:
Beginning balances		2,179			6,697			9,656
Additions		310,265			865,333			655,028
Cryptocurrencies paid on behalf of related parties ⁽¹⁾		-			-			(24,852	)
Disposals		(297,067	)		(569,854	)		(562,894	)
Loan to a third party⁽²⁾		-			-			(10,222	)
Purchase of cryptocurrency-denoted wealth management product from a related party⁽⁴⁾		-			(149,972	)		(30,004	)
Loan to a related party⁽³⁾		-			(150,025	)		(30,015	)
Ending balances		15,377			2,179			6,697
Impairment:
Beginning balances		(4	)		(510	)		(74	)
Additions		(2	)		-			(436	)
Disposals		-			506			-
Ending balances		(6	)		(4	)		(510	)
Net book value:
Beginning balances		2,175			6,187			9,582
Ending balances		15,371			2,175			6,187

The supplemental information of cryptocurrencies other than USDC is as follows:

	At December 31,
In thousands of USD	2023			2022			2021
Cost:
Beginning balances		2,090			6,598			9,601
Additions		302,621			586,117			575,730
Cryptocurrencies other than USDC paid on behalf of related parties ⁽¹⁾		-			-			(24,852	)
Disposals		(289,369	)		(425,649	)		(513,655	)
Loan to a third party ⁽²⁾		-			-			(10,222	)
Purchase of cryptocurrency-denoted wealth management product from a related party⁽⁴⁾		-			(149,972	)		(30,004	)
Loan to a related party ⁽³⁾		-			(15,004	)		-
Ending balances		15,342			2,090			6,598
Impairment:
Beginning balances		(4	)		(510	)		(74	)
Additions		(2	)		-			(436	)
Disposals		-			506			-
Ending balances		(6	)		(4	)		(510	)
Net book value:
Beginning balances		2,086			6,088			9,527
Ending balances		15,336			2,086			6,088

(1)

Cryptocurrencies or cryptocurrencies other than USDC paid on behalf of related parties represent the net effect of cryptocurrencies or cryptocurrencies other than USDC transferred through the wallets held by the Group relating to transactions arising from Bitmain and BTC’s businesses during the Carve-out Period.

(2)	Represent an unsecured, interest-free cryptocurrency loan the Group made to a third party. The lending was collected in full as of December 31, 2021. The Group recorded approximately US$3,735,000 loss on change in fair value of cryptocurrency-settled receivable for the year ended December 31, 2021.

(3)	Represent cryptocurrency loans made to the Matrixport Group, a related party. All loans were fully collected as of December 31, 2022 and 2021 and the collections are included in the additions of cryptocurrencies above. Also see Note 20.

(4)

Represent cryptocurrency-denoted wealth management products purchased from the Matrixport Group, a related party. All such wealth management products were fully redeemed as of December 31, 2022 and 2021, respectively, and the redemptions are included in the additions of cryptocurrencies above during the respective periods. Also see Note 20.

The management’s estimates of impairment provision of cryptocurrencies other than USDC are made based on the current market prices of cryptocurrencies as of each balance sheet date. Fluctuations in the market price of cryptocurrencies after the balance sheet date is not considered in determining the provision for impairment of cryptocurrencies other than USDC.

TAXATION, Reconciliation of Income Tax Benefit/(Expenses) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation between Provision for Income Tax Benefit / (Expense) by Applicable Tax Rate [Abstract]
Statutory income tax rate	17.00%	17.00%	17.00%
Effect of expenses not deductible for tax purpose	(24.21%)	(22.71%)	11.99%
Effect of income tax difference under different tax jurisdictions	0.53%	(4.03%)	5.64%
Effect of deductible temporary differences not recognized	0.49%	0.75%	0.63%
Prior year true-ups	(5.06%)	16.05%	2.11%
Effect of non-taxable income	0.00%	0.00%	(0.60%)
Others	0.10%	(0.27%)	0.09%
Total	(11.15%)	6.79%	36.86%

ORGANIZATION, Purchase Price Allocation of Identifiable Assets Acquired and Liabilities Assumed (Details)
$ / shares in Units, shares in Thousands, $ in Thousands

12 Months Ended

Apr. 13, 2023

USD ($)

$ / shares

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Fair value of assets acquired and liabilities assumed:

Excess of fair value of consideration transferred over fair value of assets acquired and liabilities assumed, recognized as listing fee

$ 33,151

$ 0

BSGA [Member]

Purchase Price Allocation of Identifiable Assets Acquired and Liabilities Assumed [Abstract]

Number of outstanding ordinary shares held by BSGA's shareholders on acquisition date (in shares) | shares

2,607

Closing price of BSGA's ordinary shares on acquisition date (in dollars per share) | $ / shares

$ 10

Fair value of BSGA's ordinary shares on acquisition date

$ 26,075

Settlement of pre-existing debtor relationship with BSGA

^[1]

2,607

Total fair value of consideration transferred

28,682

Fair value of assets acquired and liabilities assumed:

Cash and cash equivalents

317

Prepayments and other assets

Total fair value of assets acquired and liabilities assumed

(4,834)

(4,469)

Excess of fair value of consideration transferred over fair value of assets acquired and liabilities assumed, recognized as listing fee

$ 33,151

[1]	Settlement of pre-existing debtor relationship with BSGA represents lending made to BSGA. See Note 8.

FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS, Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial instruments measured at fair value [Abstract]
Transfers out of level 1 to level 2	$ 0	$ 0	$ 0
Transfers out of level 2 to level 1	0	0	0
Transfers into level 3	0	0	0
Transfers out of level 3	0	0	$ 0
Quoted Price [Member] \| USDC [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	35	89
Net Asset Value [Member] \| Investment A, B, D and E in Unlisted Equity Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	23,375
Net Asset Value [Member] \| Investment G in Unlisted Debt Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	1,000	31,111
Net Asset Value [Member] \| Investment A, B and D in Unlisted Equity Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value		18,348
Recent Transaction Price [Member] \| Investment F in Unlisted Equity Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	400
Recent Transaction Price [Member] \| Investment H in Unlisted Debt Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	3,000
Recent Transaction Price [Member] \| Investment C and E in Unlisted Equity Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value		11,500
Market Calibration Method [Member] \| Investment C in Unlisted Equity Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	10,000
Level 1 [Member] \| Quoted Price [Member] \| USDC [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	35	89
Level 1 [Member] \| Net Asset Value [Member] \| Investment A, B, D and E in Unlisted Equity Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	0
Level 1 [Member] \| Net Asset Value [Member] \| Investment G in Unlisted Debt Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	0	0
Level 1 [Member] \| Net Asset Value [Member] \| Investment A, B and D in Unlisted Equity Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value		0
Level 1 [Member] \| Recent Transaction Price [Member] \| Investment F in Unlisted Equity Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	0
Level 1 [Member] \| Recent Transaction Price [Member] \| Investment H in Unlisted Debt Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	0
Level 1 [Member] \| Recent Transaction Price [Member] \| Investment C and E in Unlisted Equity Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value		0
Level 1 [Member] \| Market Calibration Method [Member] \| Investment C in Unlisted Equity Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	0
Level 2 [Member] \| Quoted Price [Member] \| USDC [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	0	0
Level 2 [Member] \| Net Asset Value [Member] \| Investment A, B, D and E in Unlisted Equity Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	0
Level 2 [Member] \| Net Asset Value [Member] \| Investment G in Unlisted Debt Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	0	0
Level 2 [Member] \| Net Asset Value [Member] \| Investment A, B and D in Unlisted Equity Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value		0
Level 2 [Member] \| Recent Transaction Price [Member] \| Investment F in Unlisted Equity Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	0
Level 2 [Member] \| Recent Transaction Price [Member] \| Investment H in Unlisted Debt Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	0
Level 2 [Member] \| Recent Transaction Price [Member] \| Investment C and E in Unlisted Equity Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value		0
Level 2 [Member] \| Market Calibration Method [Member] \| Investment C in Unlisted Equity Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	0
Level 3 [Member] \| Quoted Price [Member] \| USDC [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	0	0
Level 3 [Member] \| Net Asset Value [Member] \| Investment A, B, D and E in Unlisted Equity Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	23,375
Level 3 [Member] \| Net Asset Value [Member] \| Investment G in Unlisted Debt Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	1,000	31,111
Level 3 [Member] \| Net Asset Value [Member] \| Investment A, B and D in Unlisted Equity Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value		18,348
Level 3 [Member] \| Recent Transaction Price [Member] \| Investment F in Unlisted Equity Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	400
Level 3 [Member] \| Recent Transaction Price [Member] \| Investment H in Unlisted Debt Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	3,000
Level 3 [Member] \| Recent Transaction Price [Member] \| Investment C and E in Unlisted Equity Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value		$ 11,500
Level 3 [Member] \| Market Calibration Method [Member] \| Investment C in Unlisted Equity Instrument [Member]
Financial instruments measured at fair value [Abstract]
Financial assets at fair value	$ 10,000

LEASES, Recognized in Profit or Loss (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Recognized in Profit or Loss [Abstract]

Depreciation expense of right-of-use assets

$ 6,624

$ 5,371

$ 4,636

Gain on lease modification

(205)

Interest expense

^[1]

2,605

2,425

1,217

Expenses relating to variable payment leases

224

639

610

Expenses relating to short-term leases

286

527

351

Total amounts recognized in profit or loss

9,739

8,962

6,609

Total cash outflow for leases

7,800

6,300

5,400

Investment Properties [Member] | Leasehold Land [Member]

Recognized in Profit or Loss [Abstract]

Interest expense

$ 200

$ 100

[1]	The interest expense includes the amount related to the leasehold land included in the investment properties for the years ended December 31, 2023, 2022 and 2021 of approximately US$0.2 million, US$0.1 million and nil, respectively. See Note 12.

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
NON-CASH INVESTING AND FINANCING TRANSACTIONS [Abstract]
Operating lease right-of-use assets and leasehold land obtained in exchange for operating lease liabilities	$ 4,492	$ 7,270	$ 47,178
Operating lease right-of-use assets resulted from lease modification	646	0	0
Settlement of pre-existing relationship with BSGA	2,607	0	0
Payment for purchase of mining machines in form of cryptocurrencies	0	4,805	11,986
Cryptocurrencies paid on behalf of related parties	0	0	24,852
Lending made to a third party in form of cryptocurrencies	0	0	10,222
Collection of lending from a third party in form of cryptocurrencies	0	0	6,487
Lending made to related party in form of cryptocurrencies	0	150,025	30,015
Collection of lending from related party in form of cryptocurrencies	0	151,525	30,735
Purchase of wealth management products using cryptocurrencies	0	149,972	30,004
Redemption of wealth management products in form of cryptocurrencies	0	150,268	30,724
Liabilities assumed in connection with acquisition of property, plant and equipment and intangible assets	8,205	0	3,494
Receivable on the proceeds from issuance of ordinary shares	$ 23	$ 0	$ 0

- Definition

The amount of collection of lending from a third party in form of cryptocurrencies in non-cash investing and financing activities.

+ References + Details

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

PROPERTY, PLANT AND EQUIPMENT [Abstract]

PROPERTY, PLANT AND EQUIPMENT

11.	PROPERTY, PLANT AND EQUIPMENT

The details of property, plant and equipment are as follows:

In thousands of USD	Construction in progress			Building			Land		Machinery			Electronic equipment			Leasehold improvements and property improvements			Others			Total
Cost:
At January 1, 2021		3,373			22,563			484		9,143			2,042			28,926			1,996			68,527
Additions		59,524			886			-		479			3,228			-			1,329			65,446
Construction in progress transferred in		(27,097	)		-			-		6,133			936			19,646			382			-
Disposals		(2,211	)		-			-		(21	)		(871	)		(147	)		(185	)		(3,435	)
At December 31, 2021		33,589			23,449			484		15,734			5,335			48,425			3,522			130,538
Accumulated depreciation:
At January 1, 2021		-			(1,288	)		-		(1,193	)		(703	)		(10,418	)		(556	)		(14,158	)
Charge for the year		-			(1,100	)		-		(1,235	)		(793	)		(10,805	)		(501	)		(14,434	)
Disposals		-			-			-		1			462			112			96			671
At December 31, 2021		-			(2,388	)		-		(2,427	)		(1,034	)		(21,111	)		(961	)		(27,921	)
Impairment:
At January 1, 2021		(2,211	)		-			-		-			-			-			-			(2,211	)
Disposals		2,211			-			-		-			-			-			-			2,211
At December 31, 2021		-			-			-		-			-			-			-			-
Net book value:
At December 31, 2021		33,589			21,061			484		13,307			4,301			27,314			2,561			102,617
Cost:
At January 1, 2022		33,589			23,449			484		15,734			5,335			48,425			3,522			130,538
Additions		54,107			-			-		1,228			4,681			2,431			4,295			66,742
Additions related to asset acquisition (See Note 5)		-			-			-		-			1			-			14			15
Construction in progress transferred in		(71,184	)		-			-		16,132			794			53,661			597			-
Disposals		-			-			-		(222	)		(187	)		-			-			(409	)
At December 31, 2022		16,512			23,449			484		32,872			10,624			104,517			8,428			196,886
Accumulated depreciation:
At January 1, 2022		-			(2,388	)		-		(2,427	)		(1,034	)		(21,111	)		(961	)		(27,921	)
Charge for the year		-			(1,137	)		-		(4,392	)		(1,532	)		(21,892	)		(1,485	)		(30,438	)
Disposals		-			-			-		16			93			-			-			109
At December 31, 2022		-			(3,525	)		-		(6,803	)		(2,473	)		(43,003	)		(2,446	)		(58,250	)
Net book value:
At December 31, 2022		16,512			19,924			484		26,069			8,151			61,514			5,982			138,636
Cost:
At January 1, 2023		16,512			23,449			484		32,872			10,624			104,517			8,428			196,886
Additions		49,421			-			1,574		459			3,789			876			88			56,207
Construction in progress transferred in		(35,838	)		3,915			-		15,476			909			12,424			3,114			-
Disposals		-			-			-		(69	)		(36	)		(9	)		(50	)		(164	)
At December 31, 2023		30,095			27,364			2,058		48,738			15,286			117,808			11,580			252,929
Accumulated depreciation:
At January 1, 2023		-			(3,525	)		-		(6,803	)		(2,473	)		(43,003	)		(2,446	)		(58,250	)
Charge for the year		-			(1,106	)		-		(6,678	)		(1,994	)		(27,978	)		(2,143	)		(39,899	)
Disposals		-			-			-		19			18			3			40			80
At December 31, 2023		-			(4,631)			-		(13,462	)		(4,449	)		(70,978	)		(4,549	)		(98,069	)
Net book value:
At December 31, 2023		30,095			22,733			2,058		35,276			10,837			46,830			7,031			154,860

Construction in progress primarily represents the construction of mining datacenters.

The Group had entered into contractual commitments, which was not recognized in payables, for the acquisition of property, plant and equipment amounting to approximately US$7.5 million and US$5.4 million as of December 31, 2023 and 2022, respectively.

For the period from January 1, 2021 to January 26, 2021, approximately US$0.02 million of depreciation expense was allocated to Bitmain and included in changes in invested capital.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Mining Machines (Details) - Mining Asset [member]	12 Months Ended
	Dec. 31, 2023
Minimum [Member]
Property, plant and equipment's [abstract]
Estimated useful life	1 year
Maximum [Member]
Property, plant and equipment's [abstract]
Estimated useful life	5 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Initial Application of New or Amended Standards During the Reporting Periods (Details)	12 Months Ended
	Dec. 31, 2023
IFRS 17, Insurance Contracts and Amendments to Address Concerns and Implementation Challenges [Member]
Initial application of new or amended standards during the reporting periods [Abstract]
Standard/Interpretation	IFRS 17, Insurance Contracts and Amendments to Address Concerns and Implementation Challenges
Application Date of Standard	Jan. 01, 2023
Application Date for the Group	Jan. 01, 2023
Amendments to IFRS 4, Expiry Date of the Deferral Approach [Member]
Initial application of new or amended standards during the reporting periods [Abstract]
Standard/Interpretation	Amendments to IFRS 4, Expiry Date of the Deferral Approach
Application Date of Standard	Jan. 01, 2023
Application Date for the Group	Jan. 01, 2023
Amendments to IAS 1, Making Materiality Judgement [Member]
Initial application of new or amended standards during the reporting periods [Abstract]
Standard/Interpretation	Amendments to IAS 1, Making Materiality Judgement
Application Date of Standard	Jan. 01, 2023
Application Date for the Group	Jan. 01, 2023
Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies [Member]
Initial application of new or amended standards during the reporting periods [Abstract]
Standard/Interpretation	Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies
Application Date of Standard	Jan. 01, 2023
Application Date for the Group	Jan. 01, 2023
Amendments to IAS 8, Definition of Accounting Estimates [Member]
Initial application of new or amended standards during the reporting periods [Abstract]
Standard/Interpretation	Amendments to IAS 8, Definition of Accounting Estimates
Application Date of Standard	Jan. 01, 2023
Application Date for the Group	Jan. 01, 2023
Amendments to IAS 12, Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction [Member]
Initial application of new or amended standards during the reporting periods [Abstract]
Standard/Interpretation	Amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction
Application Date of Standard	Jan. 01, 2023
Application Date for the Group	Jan. 01, 2023
Initial Application of IFRS 17 and IFRS 9-Comparative Information [Member]
Initial application of new or amended standards during the reporting periods [Abstract]
Standard/Interpretation	Initial Application of IFRS 17 and IFRS 9—Comparative Information
Application Date of Standard	Jan. 01, 2023
Application Date for the Group	Jan. 01, 2023

EARNINGS / (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2023

EARNINGS / (LOSS) PER SHARE

21.	EARNINGS / (LOSS) PER SHARE

The calculation of basic earnings / (loss) per share is based on the profit or loss attributable to ordinary equity shareholders of the Group and the weighted average number of ordinary shares outstanding for the years ended December 31, 2023, 2022 and 2021.

Diluted earnings / (loss) per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the respective periods.

As the Group incurred losses for the years ended December 31, 2023 and 2022, the potential ordinary shares related to the outstanding share awards exercisable into approximately 11.7 million and 10.4 million ordinary shares and convertible debt into approximately 3.1 million and 4.1 million ordinary shares respectively, were not included in the calculation of dilutive loss per share, as their inclusion would be anti-dilutive. The number of ordinary shares are stated after giving retrospective effects to the reverse recapitalization.

The following reflects the income and share data used in the basic and diluted earnings / (loss) per ordinary share computations:

	Years ended December 31,
In thousands of USD, except for the per share data	2023			2022			2021
Profit / (loss) attributable to ordinary equity shareholders of the Group		(56,656	)		(60,366	)		82,643
Weighted average number of ordinary shares outstanding (thousand shares)⁽¹⁾		110,494			108,681			108,681
Basic earnings / (loss) per share (In USD)		(0.51	)		(0.56	)		0.76

Profit / (loss) attributable to ordinary equity shareholders of the Group		(56,656	)		(60,366	)		82,643
Increase in profit attributable to ordinary equity shareholders of the Group resulted from conversion of convertible debt		-			-			1,223
Profit / (loss) attributable to ordinary equity shareholders of the Group for diluted EPS		(56,656	)		(60,366	)		83,866

Weighted average number of ordinary shares outstanding (thousand shares)		110,494			108,681			108,681
Adjusted for:
- Assumed conversion of convertible debt		-			-			1,808
- Assumed exercise of share awards		-			-			754
Weighted average number of shares outstanding for diluted EPS (thousand shares)		110,494			108,681			111,243

Diluted earnings / (loss) per share (In USD)		(0.51	)		(0.56	)		0.75

(1)	The weighted average number of ordinary shares outstanding for the years ended December 31, 2022 and 2021 was retrospectively adjusted to reflect the reverse recapitalization effectuated in April 2023. See Note 1

(2)

Each Class A ordinary share carries 1 vote and each Class V ordinary share carries 10 votes. All classes of shares are entitled to dividend and rank pari passu except for voting rights. They are included in the ordinary shares and the shareholders of the shares are referred to as the ordinary equity shareholders in the context of notes and presentations of earnings per share.

LEASES, Term of Lease (Details)	12 Months Ended
LEASES, Term of Lease (Details)	Dec. 31, 2023
Minimum [Member]
Lease term [Abstract]
Lease term	1 year 6 months
Maximum [Member]
Lease term [Abstract]
Lease term	30 years

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Tables)

12 Months Ended

Dec. 31, 2023

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS [Abstract]

Breakdown of Financial Assets at Fair Value Through Profit or Loss

The breakdown of financial asset at fair value through profit or loss is as follows:

	At December 31,
In thousands of USD	2023		2022
Investments in unlisted equity instruments
- Investment A		1,000		1,000
- Investment B		1,000		1,000
- Investment C		10,000		10,000
- Investment D – investment in a limited partnership set up by Matrixport Group ⁽¹⁾		19,875		16,348
- Investment E		1,500		1,500
- Investment F		400		-
Investments in unlisted debt instruments
- Investment G		1,000		31,111
- Investment H		3,000		-
Total		37,775		60,959

(1)	See Note 20.

INVESTMENT PROPERTIES, Summary (Details) - USD ($)
$ in Thousands

6 Months Ended

12 Months Ended

Dec. 31, 2022

Dec. 31, 2023

Dec. 31, 2022

Reconciliation of changes in investment property [abstract]

$ 35,542

Reconciliation of changes in investment property [abstract]

$ 35,542

$ 34,346

$ 35,542

Minimum [Member]

Operating lease term

1 year

Maximum [Member]

Reconciliation of changes in investment property [abstract]

Operating lease term

12 years

Cost [Member]

Reconciliation of changes in investment property [abstract]

^[1]

$ 36,819

34,986

730

1,007

1,103

463

Accumulated Depreciation [Member]

36,819

38,289

36,819

Reconciliation of changes in investment property [abstract]

(1,277)

(2,601)

(1,237)

(65)

(40)

Reconciliation of changes in investment property [abstract]

(1,277)

(3,943)

(1,277)

Leasehold Land [Member]

5,547

Leasehold Land [Member] | Cost [Member]

5,547

5,314

5,547

Reconciliation of changes in investment property [abstract]

^[1]

5,746

4,833

730

183

Leasehold Land [Member] | Accumulated Depreciation [Member]

5,746

5,915

5,746

Reconciliation of changes in investment property [abstract]

(199)

(390)

(192)

(12)

(7)

Reconciliation of changes in investment property [abstract]

(199)

(601)

(199)

Building [Member]

29,628

Building [Member] | Cost [Member]

29,628

28,068

29,628

Reconciliation of changes in investment property [abstract]

^[1]

30,679

29,773

224

906

370

Building [Member] | Accumulated Depreciation [Member]

30,679

31,273

30,679

Reconciliation of changes in investment property [abstract]

(1,051)

(2,104)

(1,019)

(50)

(32)

Reconciliation of changes in investment property [abstract]

(1,051)

(3,205)

(1,051)

Others [Member]

367

Others [Member] | Cost [Member]

367

964

367

Reconciliation of changes in investment property [abstract]

^[1]

394

380

701

Others [Member] | Accumulated Depreciation [Member]

394

1,101

394

Reconciliation of changes in investment property [abstract]

(27)

(107)

(26)

(3)

(1)

PREPAYMENTS AND OTHER ASSETS [Abstract]

$ (27)

$ (137)

$ (27)

[1]	The investment properties were acquired from the acquisition of AFH, which was closed on July 1, 2022. See Note 5

PREPAYMENTS AND OTHER ASSETS

12 Months Ended

Dec. 31, 2023

PREPAYMENTS AND OTHER ASSETS

8.	PREPAYMENTS AND OTHER ASSETS

The breakdown of prepayments and other assets is as follows:

	At December 31,
In thousands of USD	2023		2022
Prepayments to suppliers		35,219		9,664
Deposits ⁽¹⁾		54,304		26,577
Deductible input value-added tax		3,425		757
Prepayments of income tax		15		18,459
Receivable from a third party ⁽²⁾		-		2,546
Others		4,470		1,573
Total		97,433		59,576

(1)

(2)

During the years ended December 31, 2023, 2022 and 2021, the Group did not recognize any allowance for expected credit losses or impairment for prepayments and other assets.

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

12 Months Ended

Dec. 31, 2023

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS [Abstract]

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

9.	FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

The breakdown of financial asset at fair value through profit or loss is as follows:

	At December 31,
In thousands of USD	2023		2022
Investments in unlisted equity instruments
- Investment A		1,000		1,000
- Investment B		1,000		1,000
- Investment C		10,000		10,000
- Investment D – investment in a limited partnership set up by Matrixport Group ⁽¹⁾		19,875		16,348
- Investment E		1,500		1,500
- Investment F		400		-
Investments in unlisted debt instruments
- Investment G		1,000		31,111
- Investment H		3,000		-
Total		37,775		60,959

(1)	See Note 20.

The above investments in unlisted debt and equity instruments at December 31, 2023 and 2022 were investments in funds and privately-held enterprises. These financial assets at fair value through profit or loss are measured at fair value using Levels 3 inputs. Refer to Note 4 for more information. The Group does not have control or significant influence over the privately-held enterprises.

TAXATION, Movements in Net Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Movements in Net Deferred Tax Assets [Abstract]

$ (6,769)

$ (2,925)

$ 30,102

6,140

(3,844)

(35,121)

^[1]

2,094

Tax Losses Carried Forward [Member]

(629)

(6,769)

(2,925)

Movements in Net Deferred Tax Assets [Abstract]

4,324

4,362

23,592

(4,188)

(38)

(21,324)

^[1]

2,094

Share-Based Payments [Member]

136

4,324

4,362

Movements in Net Deferred Tax Assets [Abstract]

2,672

901

2,672

Accrued Expenses [Member]

3,573

2,672

Movements in Net Deferred Tax Assets [Abstract]

704

(704)

^[1]

Deferred Revenue [Member]

Movements in Net Deferred Tax Assets [Abstract]

4,184

Property, Plant and Equipment, Intangible Assets and Right-of-use Assets [Member]

4,184

Movements in Net Deferred Tax Assets [Abstract]

(13,765)

5,243

Property, Plant and Equipment [Member]

(8,522)

(13,765)

Movements in Net Deferred Tax Assets [Abstract]

$ (13,765)

(7,287)

5,806

(6,478)

(13,093)

^[1]

$ (13,765)

$ (7,287)

[1]

TAXATION, Expirations of Unused Tax Losses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Unused Tax Losses Carryforwards [Abstract]
Unused tax losses tax loss carryforwards	$ 24,709
Singapore [Member]
Unused Tax Losses Carryforwards [Abstract]
Unused tax losses tax loss carryforwards	5,297
Hong Kong [Member]
Unused Tax Losses Carryforwards [Abstract]
Unused tax losses tax loss carryforwards	4,143
Norway [Member]
Unused Tax Losses Carryforwards [Abstract]
Unused tax losses tax loss carryforwards	14,591
Bhutan [Member]
Unused Tax Losses Carryforwards [Abstract]
Unused tax losses tax loss carryforwards	$ 678
Earliest year of expiration if not utilized	2026

SHARE-BASED PAYMENTS

12 Months Ended

Dec. 31, 2023

SHARE-BASED PAYMENTS [Abstract]

SHARE-BASED PAYMENTS

17.	SHARE-BASED PAYMENTS

In July 2021, the Board of Directors of Bitdeer approved the adoption of the 2021 Share Incentive Plan (the “2021 Plan”). Bitdeer granted a total of 1,097,852,000 share awards (before the effects of reverse recapitalization) in two batches in August and November 2021 in the year ended December 31, 2021, a total of 139,690,400 share awards (before the effects of reverse recapitalization) in four batches in January, April, July and October 2022 in the year ended December 31, 2022, and a total of 46,805,600 share awards (before the effects of reverse recapitalization) in two batches in January and April 2023, to the designated recipients under the 2021 Plan. Each share award grants an option for the recipient to purchase one share of Bitdeer’s ordinary shares at an exercise price of US$0.03 per share (before the effects of reverse recapitalization). The majority of the share awards vest from two to seven years and certain share awards vest immediately upon issuance. The recipient shall continue to provide services to the Group by each vesting date. All share awards granted expire on July 20, 2031.

In March 2023, the Board of Directors of BTG approved the 2023 Share Incentive Plan (the “2023 Plan”), which was effective upon the completion of the Business Combination on April 13, 2023. Under the 2023 Plan, the Group is able to issue up to an aggregate of 21,877,912 Class A ordinary shares to the designated recipients. BTG granted a total of 1,256,122 shares awards in two batches in July and October 2023 to the designated recipients under the 2023 Plan. Each share award grants an option for the recipient to purchase one share of the Group’s ordinary shares at exercise prices ranging from US$3.50 to US$11.49 per share. The majority of the share awards vest from four to six years and certain share awards vest immediately upon issuance. The recipient shall continue to provide services to the Group by each vesting date. All share awards granted expire on the tenth anniversary from the date of grant.

Upon completion of the Business Combination, the share awards granted under 2021 Plan of Bitdeer were assumed by BTG and converted into the share awards under the 2023 Plan at an exchange ratio of approximately 0.00858 with rounded down to the nearest whole share, and the exercise price of the Bitdeer share awards was also adjusted at an exchange ratio of approximately 0.00858. Also see Note 1. In April 2023, the Group modified the expiration date of all outstanding share awards to be the tenth anniversary from the date of grant. The modification had no impact to the overall financial presentation.

In June 2023, the Board of Directors of BTG approved the 2023 Performance Share Plan (the “2023 Performance Plan”), which was effective in October 2023. Under the 2023 Performance Plan, the Group is able to issue up to an aggregate of 1,112,886 Class A ordinary shares to the designated recipients. The number of Class A ordinary shares available for issuance under the 2023 Performance Plan could be subsequently adjusted to be no more than 11,128,861 based on the Group’s market capitalization as set forth in the 2023 Performance Plan. The Group did not issue any award under the 2023 Performance Plan for the year ended December 31, 2023.

	Number of options (’000)			Average exercise price per share award (US$)		Average fair value per share award (US$)
As at January 1, 2021		-			-		-
Granted		9,419			3.50		26.16
As at December 31, 2021		9,419			3.50		26.16
Granted		1,198			3.50		18.34
Forfeited		(219	)		3.50		25.68
As at December 31, 2022		10,398			3.50		25.27
Granted		1,658			4.58		8.15
Exercised⁽¹⁾		(118	)		3.50		19.23
Forfeited		(194	)		3.68		17.96
As at December 31, 2023		11,744			3.65		23.04
Vested and exercisable at December 31, 2023		5,460			3.50		23.96

⁽¹⁾	The total proceeds received from the exercised shares under the 2023 plan during the year ended December 31, 2023 was approximately US$412,000.

The expense recognized for share awards during the year ended December 31, 2023, 2022 and 2021 was approximately US$45.5 million, US$90.6 million and US$88.4 million. The breakdown is as follows:

	Years ended December 31,
In thousands of USD	2023		2022		2021
Cost of revenue		4,722		10,050		10,424
General and administrative expenses		23,797		48,850		54,458
Research and development expenses		13,377		24,258		18,246
Selling expenses		3,592		7,490		5,227
Total		45,488		90,648		88,355

The fair value of the share awards is estimated at the grant date using the binomial model with the assistance of an independent valuation specialist. The following table provides the inputs range to the model used for determining the value of the grant for the years ended December 31, 2023, 2022 and 2021:

	Years ended December 31,
	2023			2022			2021
Dividend yield (%)		-			-			-
Expected volatility (%)		118% - 124	%		120% - 128	%		130.19% - 130.23	%
Risk-free interest rate (%)		3.81% - 4.59	%		1.618% - 3.886	%		1.24% - 1.57	%
Exercise multiple		2.20 - 2.80			2.20 - 2.80			2.20 - 2.80

The incremental fair value related to the modification of expiration date of the share awards is estimated at the modification date using the binomial model with the assistance of an independent valuation specialist. The following table provides the inputs range to the model used for determining the incremental fair value of the modification for the year ended December 31, 2023:

	Year ended December 31, 2023
Dividend yield (%)		-
Expected volatility (%)		119% - 124	%
Risk-free interest rate (%)		3.45% - 3.47	%
Exercise multiple		2.20 - 2.80

The above inputs for the binomial model have been determined based on the following:

•

Dividend return is estimated by reference to the Group’s plan to distribute dividends in the near future. Currently, this is estimated to be zero as the Group plans to retain all profit for corporate expansion;

•

Expected volatility is estimated based on the daily close price volatility of a number of comparable companies to the Group;

•

Risk-free interest rate is based on the yield to maturity of U.S. treasury bills denominated in US$ at the option valuation date;

•

Exercise multiple is based on empirical research on typical share award exercise behavior.

EARNINGS / (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Earnings / (Loss) Per Share

The following reflects the income and share data used in the basic and diluted earnings / (loss) per ordinary share computations:

	Years ended December 31,
In thousands of USD, except for the per share data	2023			2022			2021
Profit / (loss) attributable to ordinary equity shareholders of the Group		(56,656	)		(60,366	)		82,643
Weighted average number of ordinary shares outstanding (thousand shares)⁽¹⁾		110,494			108,681			108,681
Basic earnings / (loss) per share (In USD)		(0.51	)		(0.56	)		0.76

Profit / (loss) attributable to ordinary equity shareholders of the Group		(56,656	)		(60,366	)		82,643
Increase in profit attributable to ordinary equity shareholders of the Group resulted from conversion of convertible debt		-			-			1,223
Profit / (loss) attributable to ordinary equity shareholders of the Group for diluted EPS		(56,656	)		(60,366	)		83,866

Weighted average number of ordinary shares outstanding (thousand shares)		110,494			108,681			108,681
Adjusted for:
- Assumed conversion of convertible debt		-			-			1,808
- Assumed exercise of share awards		-			-			754
Weighted average number of shares outstanding for diluted EPS (thousand shares)		110,494			108,681			111,243

Diluted earnings / (loss) per share (In USD)		(0.51	)		(0.56	)		0.75

(1)	The weighted average number of ordinary shares outstanding for the years ended December 31, 2022 and 2021 was retrospectively adjusted to reflect the reverse recapitalization effectuated in April 2023. See Note 1

(2)

SUBSEQUENT EVENTS, (Details) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Mar. 28, 2024 USD ($) shares	Jan. 31, 2024 shares $ / shares	Dec. 31, 2023 USD ($) shares $ / shares	Dec. 31, 2022 USD ($) shares $ / shares	Dec. 31, 2021 USD ($) shares $ / shares	Apr. 13, 2023 shares
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Number of awards granted (in shares)			1,658,000	1,198,000	9,419,000
Exercise price (in dollars per share) \| $ / shares			$ 4.58	$ 3.5	$ 3.5
Net proceeds \| $			$ 9,494	$ 0	$ 0
Transaction costs \| $			$ 942	$ 0	$ 0
Class A Ordinary Shares [Member]
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Number of shares issued (in shares)						4,384,796,703
B. Riley Principal Capital II, LLC [Member] \| Class A Ordinary Shares [Member]
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Number of shares issued (in shares)			1,166,533
Net proceeds \| $			$ 9,500
Subsequent Events [Member] \| B. Riley Principal Capital II, LLC [Member]
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Transaction costs \| $	$ 0
Subsequent Events [Member] \| B. Riley Principal Capital II, LLC [Member] \| Class A Ordinary Shares [Member]
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Number of shares issued (in shares)	6,738,555
Subsequent Events [Member] \| 2023 Share Incentive Plan [Member]
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Number of awards granted (in shares)		268,087
Number of shares for each award (in shares)		1
Subsequent Events [Member] \| 2023 Share Incentive Plan [Member] \| Minimum [Member]
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Exercise price (in dollars per share) \| $ / shares		$ 3.5
Subsequent Events [Member] \| 2023 Share Incentive Plan [Member] \| Maximum [Member]
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Exercise price (in dollars per share) \| $ / shares		$ 9.86
Vesting period			5 years
Subsequent Events [Member] \| 2023 Share Incentive Plan [Member] \| Class A Ordinary Shares [Member]
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Net proceeds \| $	$ 50,800

EQUITY, Classes of Shares (Details) - USD ($)
$ in Thousands

12 Months Ended

Apr. 13, 2023

Dec. 31, 2023

Dec. 31, 2021

Share Capital [Abstract]

Shares issued and outstanding at beginning of period

$ 318,339

18,096

412

Issuance of shares for cash

(2,604)

9,517

Shares issued and outstanding at ending of period

$ 332,566

Class A Ordinary Shares [Member]

Share Capital [Abstract]

Shares issued and outstanding at beginning of period (in shares)

60,281,184

Shares issued and outstanding at beginning of period

$ 6

$ 0

Share allotment upon Reorganization (in shares)

60,281,185

60,281,184

Share allotment upon Reorganization

$ 6

Issuance of shares through Business Combination (in shares)

2,607,498

Issuance of shares for exercise of share awards (in shares)

^[1]

117,917

Acquisition of treasury shares (in shares)

^[1]

(606,756)

Issuance of shares for cash (in shares)

^[1]

1,166,533

Issuance of shares for cash

^[1]

Shares issued and outstanding at end of period (in shares)

4,384,796,703

63,566,376

60,281,184

Shares issued and outstanding at ending of period

$ 6

Class V Ordinary Shares [Member]

Share Capital [Abstract]

Shares issued and outstanding at beginning of period (in shares)

48,399,922

Shares issued and outstanding at beginning of period

$ 5

$ 0

Share allotment upon Reorganization (in shares)

48,399,922

Share allotment upon Reorganization

$ 5

Issuance of shares through Business Combination (in shares)

Issuance of shares for exercise of share awards (in shares)

$ 0

Acquisition of treasury shares (in shares)

$ 0

Issuance of shares for cash (in shares)

$ 0

Issuance of shares for cash

$ 0

Shares issued and outstanding at end of period (in shares)

48,399,922

Shares issued and outstanding at ending of period

$ 5

[1]	Amount less than US$1

FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS, Financial Liabilities Based on Contractual Undiscounted Payments (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Financial liabilities based on contractual undiscounted payments [Abstract]

$ 32,484

$ 15,768

32,151

22,176

316

23,000

29,805

86,701

88,075

Trade payables, carrying amount

174,369

156,140

32,484

15,768

Other payables and accruals, carrying amount

32,151

22,176

Amounts due to a related party, carrying amount

316

Borrowings, carrying amount

22,618

29,805

Lease liabilities, carrying amount

^[1]

70,211

70,425

Financial liabilities, carrying amount

157,497

138,490

Within 1 Year or on Demand [Member]

Financial liabilities based on contractual undiscounted payments [Abstract]

32,484

15,768

32,151

22,176

316

29,805

7,835

7,471

More than 1 Year but Less than 2 Years [Member]

72,503

75,536

Financial liabilities based on contractual undiscounted payments [Abstract]

23,000

7,787

6,967

More than 2 Year but Less than 5 Years [Member]

30,787

6,967

Financial liabilities based on contractual undiscounted payments [Abstract]

22,217

20,290

More than 5 Years [Member]

22,217

20,290

Financial liabilities based on contractual undiscounted payments [Abstract]

48,862

53,347