The world of digital assets continues to evolve at a rapid pace, capturing the attention of investors, regulators, and global financial institutions. In a remarkable turn of events, Bitcoin has once again proven its growing influence by surpassing Tesla in market valuation, reclaiming a spot among the top 10 most valuable assets globally. Meanwhile, Bitdeer, the Nasdaq-listed crypto mining services platform, faced a rocky start with its shares plunging nearly 30% on its debut day. This article explores these developments, unpacks the implications for the broader cryptocurrency market, and examines the shifting landscape of digital asset adoption, blockchain infrastructure, and investor sentiment in 2025.
Bitdeer’s Nasdaq Debut: A Rocky Start for a Mining Giant
On April 14, Bitdeer Technologies Group, a leading cloud mining and miner hosting service provider, officially began trading on the Nasdaq under the ticker symbol BTDR. The company emerged from a merger with Blue Safari Group Acquisition Corp, a special purpose acquisition company (SPAC), marking a significant milestone in its journey.
Despite high expectations, Bitdeer’s market debut was underwhelming. Shares dropped 29.7% on opening day, closing at $7.03 per share. This sharp decline highlights investor caution amid ongoing volatility in the crypto sector and concerns over profitability in mining operations.
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Origins and Evolution of Bitdeer
Bitdeer was originally spun off from Bitmain, the world’s largest cryptocurrency mining hardware manufacturer, co-founded by Wu Jihan and Zhan Ketuan. While Bitmain dominated the ASIC miner market, internal disputes between the founders led to a corporate split. Wu Jihan eventually took control of Bitdeer and overseas mining operations, positioning the company as a standalone player in the global mining ecosystem.
Backed early on by top-tier investors like Sequoia Capital, IDG Capital, and Coatue Management, Bitmain was once valued at $14.2 billion during the 2017–2018 crypto boom. However, a prolonged bear market and failed IPO attempts in Hong Kong weakened its momentum.
By 2021, Bitdeer aimed for a SPAC listing with a $4 billion valuation following Bitcoin’s historic bull run. But the brutal 2022 market crash — triggered by macroeconomic pressures and major exchange collapses — severely impacted revenue. Today, Bitdeer’s post-merger valuation stands at just **$1.18 billion**, a staggering 70.5% drop from its peak.
Financial Performance Under Pressure
According to disclosures, Bitdeer expects 2022 revenues of $330 million**, down 16.5% year-over-year from $395 million. The decline is largely attributed to falling Bitcoin prices, which directly affect mining yields. Additionally, rising electricity costs squeezed margins, pushing the company into an estimated net loss of $62.4 million** — a dramatic shift from the previous year’s **$82.6 million profit**.
While Bitdeer positions itself as a leader in mining-as-a-service, offering users simplified access to hash power without managing physical hardware, the economic model remains sensitive to Bitcoin’s price swings and energy cost fluctuations.
Bitcoin’s Resurgence: Now Worth More Than Tesla
In a powerful signal of digital asset maturation, Bitcoin’s market capitalization has surged to $589.5 billion**, edging past **Tesla’s $586.3 billion valuation as of mid-April 2025. This places Bitcoin back in the elite group of the world’s top 10 most valuable assets or companies, according to data from 8marketcap.
Since the start of 2025, Bitcoin has appreciated over 80%, reclaiming levels not seen since May 2022. At one point, it reached an intraday high of $31,066, reflecting renewed institutional interest and macro-level confidence in scarce digital assets.
Global Assets Ranking: Where Does Bitcoin Stand?
Bitcoin now ranks ahead of major tech giants like NVIDIA and Berkshire Hathaway, though it still trails far behind leaders such as:
- Gold – $13.31 trillion
- Apple – $2.61 trillion
- Microsoft – $2.13 trillion
- Saudi Aramco – $1.93 trillion
- Silver – $1.43 trillion
- Alphabet (Google) – $1.4 trillion
- Amazon – $1.05 trillion
Still, surpassing Tesla — once seen as the future of disruptive innovation — underscores Bitcoin’s transformation from speculative asset to institutional-grade store of value.
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Why Is Bitcoin Rallying in 2025?
Several key factors are driving Bitcoin’s resurgence:
- Institutional Accumulation: Reports from Bank of America indicate that $368 million worth of Bitcoin flowed into private wallets in early April — the second-largest weekly outflow from exchanges this year. This suggests strong "buy and hold" behavior by sophisticated investors.
- Regulatory Clarity: Despite increased scrutiny, clearer frameworks are emerging. For example, Hong Kong’s Securities and Futures Commission (SFC) will require all virtual asset trading platforms operating in or targeting Hong Kong investors to be licensed starting June 1, 2025.
- Infrastructure Development: Traditional finance players are entering the space. The London Clearing House (LCH), part of the London Stock Exchange Group, plans to partner with GFO-X to clear Bitcoin index futures and options, signaling deeper integration with legacy markets.
- Macro Environment: With inflation stabilizing and central banks pausing rate hikes, risk assets like Bitcoin are regaining appeal among diversified portfolios.
Frequently Asked Questions (FAQ)
What caused Bitdeer’s stock to drop so sharply on its first day?
The 29.7% plunge reflects investor skepticism about profitability in crypto mining amid volatile Bitcoin prices and rising operational costs. Past losses and a significantly reduced valuation compared to earlier fundraising rounds also contributed to weak market sentiment.
How can Bitcoin be more valuable than Tesla?
Market capitalization measures total value based on price and supply. While Tesla’s value is tied to earnings and growth forecasts, Bitcoin’s scarcity (capped at 21 million coins) and increasing adoption as digital gold contribute to its rising valuation, especially during times of monetary uncertainty.
Is Bitcoin considered a legitimate asset class now?
Yes. Increasing regulatory oversight, institutional investment, and financial infrastructure support — such as futures clearing and custody solutions — confirm Bitcoin's status as a recognized asset class within modern portfolios.
Why are more traditional financial institutions adopting crypto products?
Crypto offers diversification benefits, exposure to innovation, and new revenue streams. With clearer regulations and improved risk management tools, firms like LCH are better equipped to handle digital asset products safely.
What does Hong Kong’s new licensing rule mean for crypto investors?
Starting June 1, 2025, only licensed platforms can serve Hong Kong users. This enhances investor protection, reduces fraud risks, and promotes transparency — making the market safer and more trustworthy.
Could Bitcoin re-enter a bear market soon?
While short-term corrections are always possible, long-term fundamentals remain strong. Institutional accumulation, halving-driven supply constraints (next event expected in 2028), and growing global adoption suggest resilience even in volatile conditions.
The Road Ahead: Crypto Matures Amid Challenges
Despite setbacks like Bitdeer’s weak debut, the broader blockchain and digital currency ecosystem is maturing rapidly. Regulatory bodies worldwide are moving from skepticism to structured oversight. Financial institutions are building bridges between traditional capital markets and decentralized networks.
For investors, this means opportunities — but also the need for due diligence. Platforms that offer secure access to spot trading, derivatives, staking, and yield generation are becoming essential tools in navigating this complex landscape.
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As Bitcoin cements its place among the world’s most valuable assets and mining firms adapt to new economic realities, one thing is clear: digital assets are no longer fringe experiments — they’re reshaping global finance.
Whether you're tracking price movements, evaluating mining stocks, or considering long-term holdings, staying informed is key to making smart decisions in this fast-moving space.