In a dramatic turn of events for the digital asset world, Bitcoin has officially surpassed Tesla in market valuation, reclaiming a spot among the top 10 most valuable assets globally. Meanwhile, Bitdeer, the crypto mining infrastructure platform that recently completed a SPAC merger and listed on Nasdaq under the ticker “BTDR,” saw its shares plummet nearly 30% on its first trading day.
This contrast highlights the volatile yet maturing landscape of cryptocurrency-related investments—where macro-level optimism clashes with micro-level execution risks.
Bitdeer’s Rocky Nasdaq Debut
On April 14, Bitdeer Technologies Group, formerly known as Blue Safari Group Acquisition Corp after its merger with a blank-check company, began trading on the Nasdaq. Despite high expectations tied to its association with early Bitcoin pioneers, the stock closed at $7.03 per share—a 29.7% drop from its opening price.
The company originated as a spin-off from Bitmain, the world’s largest cryptocurrency mining hardware manufacturer, co-founded by Wu Jihan and Zhan Ketuan. While Bitmain once reached a private valuation of $14 billion during the 2017–2018 bull run—with backing from top-tier investors like Sequoia Capital and Coatue Management—its public listing ambitions faltered in 2019 amid market downturns and internal leadership disputes.
After a prolonged corporate feud between its founders, Bitmain underwent restructuring. The cloud mining and overseas mining farm operations were separated into Bitdeer, led by Wu Jihan, who now serves as Chairman. This strategic split aimed to streamline operations and focus on scalable, infrastructure-based revenue models in the mining sector.
Bitdeer operates a mining-as-a-service model, allowing users to participate in Bitcoin mining without purchasing or managing physical hardware. It offers hosted mining solutions across global facilities, reducing operational complexity for retail and institutional participants alike.
However, financial headwinds persist. For 2022, Bitdeer projected revenues of $330 million—down 16.5% year-over-year—due primarily to declining Bitcoin prices. Net losses are estimated at $62.4 million compared to a profit of $82.6 million the previous year, driven by shrinking income and rising electricity costs.
Notably, Bitdeer’s current post-SPAC valuation stands at just $1.18 billion—down 70.5% from its peak $4 billion valuation in 2021. This sharp devaluation reflects broader investor caution toward crypto-native businesses amid regulatory uncertainty and market cycles.
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Bitcoin Reclaims Global Top 10 Spot
As of mid-April 2025, Bitcoin’s market capitalization has surged to **$589.5 billion**, surpassing Tesla’s $586.3 billion and re-entering the list of the world’s top 10 most valuable assets.
This milestone marks a significant comeback for Bitcoin, which had fallen out of the top tier following the 2022 crypto winter. Year-to-date, Bitcoin has appreciated over 80%, reclaiming levels last seen in May 2022 and signaling renewed confidence among institutional and retail investors.
The surge coincides with strong performance across tech equities and growing acceptance of digital assets as a legitimate asset class. According to data from 8marketcap, Bitcoin now ranks above major corporations such as NVIDIA and Berkshire Hathaway.
Here are the current top 10 most valuable assets/companies globally:
- Gold – $13.31 trillion
- Apple – $2.61 trillion
- Microsoft – $2.13 trillion
- Saudi Aramco – $1.93 trillion
- Silver – $1.43 trillion
- Alphabet – $1.4 trillion
- Amazon – $1.05 trillion
- Berkshire Hathaway – $706.3 billion
- NVIDIA – $660.9 billion
- Bitcoin – $589.5 billion
Tesla follows closely behind at #11.
This shift underscores Bitcoin's increasing correlation with macroeconomic trends and risk-on investor sentiment. Analysts at Bank of America noted that in the week ending April 4, approximately $368 million worth of Bitcoin flowed into personal wallets—the second-largest outflow from exchanges this year—suggesting a growing preference for self-custody and long-term holding behavior.
Regulatory Shifts Shape Market Evolution
Despite setbacks like the collapse of FTX and increased regulatory scrutiny in the U.S., the crypto ecosystem continues to evolve with structural improvements.
In Hong Kong, the Securities and Futures Commission (SFC) announced that starting June 1, all virtual asset trading platforms operating in or targeting Hong Kong investors must obtain an official license. This move aligns with global efforts to bring transparency and investor protection to digital asset markets.
Hong Kong SFC CEO Julia Leung emphasized: “Given recent instability in the global virtual asset market and the failure of several major crypto platforms, regulators worldwide agree that oversight is essential to protect investors and manage systemic risks.”
Meanwhile, traditional financial institutions are integrating crypto derivatives into mainstream finance. On April 14, The Block reported that LCH (London Clearing House), part of the London Stock Exchange Group—the world’s largest derivatives clearinghouse—is partnering with GFO-X to clear Bitcoin index futures and options contracts.
Such developments signal that Bitcoin is no longer operating on the fringes but is increasingly embedded within established financial infrastructure.
Core Keywords Integration
Throughout this analysis, key themes emerge: Bitcoin, cryptocurrency, market capitalization, Bitdeer, Nasdaq listing, mining-as-a-service, digital assets, and regulatory oversight. These terms reflect both investor interest and structural shifts shaping the future of decentralized finance.
Bitcoin’s resurgence isn’t merely speculative; it’s supported by real adoption trends—from institutional custody solutions to regulated derivatives trading and cross-border payment innovations.
Similarly, while Bitdeer’s IPO stumble may reflect short-term skepticism, its underlying business model addresses a persistent need: accessible, reliable mining infrastructure in an energy-intensive industry.
Frequently Asked Questions (FAQ)
Q: Why did Bitdeer’s stock drop so sharply on its first trading day?
A: Several factors contributed: reduced profitability due to lower Bitcoin prices in 2022, increased energy costs, a significantly lower valuation than previous fundraising rounds, and general market caution around crypto-related IPOs post-FTX collapse.
Q: How can Bitcoin be more valuable than Tesla if it’s not a company?
A: Market value (or market cap) simply measures total value based on price multiplied by supply. Bitcoin’s market cap reflects global demand for its 21 million fixed supply. Unlike stocks, it represents decentralized digital scarcity rather than corporate equity.
Q: What is mining-as-a-service?
A: Mining-as-a-service allows individuals or institutions to lease mining power without buying or maintaining hardware. Providers like Bitdeer handle setup, maintenance, cooling, and power logistics, offering transparent returns based on hash rate performance.
Q: Is Bitcoin’s rise sustainable in 2025?
A: While short-term volatility remains likely, long-term drivers—including halving events, growing institutional adoption, regulatory clarity in regions like Hong Kong, and integration into traditional finance—support continued relevance.
Q: What does Bitdeer’s SPAC merger mean for investors?
A: The merger provides access to public capital markets and enhances transparency through regular reporting. However, investors should monitor energy efficiency metrics, geopolitical risks in mining locations, and Bitcoin price sensitivity when evaluating performance.
Q: Could Bitcoin overtake Apple or gold in market value?
A: While highly speculative today, some analysts project that under certain macroeconomic scenarios—such as hyperinflation or widespread dollar diversification—Bitcoin could see exponential growth. For now, it remains a high-growth alternative asset rather than a replacement for traditional stores of value.
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Conclusion
The story of Bitcoin surpassing Tesla while Bitdeer struggles post-listing encapsulates the duality of modern digital finance: immense potential coexists with significant execution risk.
As regulatory frameworks mature and infrastructure strengthens, assets like Bitcoin are transitioning from speculative instruments to recognized components of global wealth. At the same time, companies like Bitdeer must prove their resilience beyond hype cycles.
For investors navigating this space, understanding both macro trends and micro fundamentals is crucial—and opportunities abound for those who act with insight.