Bitcoin Market Cap Surpasses Tesla as Bitdeer Plunges on Nasdaq Debut

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In a dramatic turn of events for the digital asset landscape, Bitcoin has once again claimed a spot among the world’s top 10 most valuable assets by market capitalization—edging past electric vehicle giant Tesla. With Bitcoin’s price soaring over 80% year-to-date and reaching above $31,000 in April 2025, its total market value climbed to approximately $589.5 billion, surpassing Tesla's $586.3 billion valuation. Meanwhile, Bitdeer Technologies, a leading crypto mining services platform formerly part of Bitmain, made its Nasdaq debut under the ticker "BTDR"—only to see shares drop nearly 30% on the first trading day.

This juxtaposition highlights the volatile yet maturing nature of the cryptocurrency ecosystem: while institutional interest and infrastructure development signal growing legitimacy, individual company performances remain highly sensitive to market cycles and investor sentiment.

Bitdeer’s Rocky Nasdaq Debut

Bitdeer Technologies Group officially began trading on April 14, 2025, following a merger with Blue Safari Group Acquisition Corp, a special purpose acquisition company (SPAC). The combined entity operates under the name Bitdeer Technologies Group, with Jihan Wu—co-founder of Bitmain—serving as chairman.

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Despite high-profile backing from investors like Sequoia Capital, IDG Capital, and Coatue during its early years, Bitdeer’s public market entrance was underwhelming. Shares opened below expectations and closed at $7.03, marking a steep 29.7% decline from the reference price.

The company originated as a spin-off from Bitmain’s cloud mining and overseas mining operations amid internal leadership disputes between Wu and fellow co-founder Micree Zhan. After years of legal battles and operational restructuring, Bitdeer emerged as an independent player focused on providing simplified access to cryptocurrency mining through its machine-sharing platform.

While Bitdeer positions itself as a leader in the digital mining space, financial performance has been inconsistent. For 2022, the company reported projected revenues of $330 million—down 16.5% year-over-year—driven largely by declining Bitcoin prices. It also recorded an estimated net loss of $62.4 million, reversing a prior-year profit of $82.6 million due to reduced income and rising electricity costs.

At the time of its initial SPAC announcement in 2021, Bitdeer was valued at $4 billion following the peak of the bull market. However, today’s valuation stands at just $1.18 billion, reflecting a 70.5% decrease and underscoring how quickly sentiment can shift in the crypto sector.

Bitcoin Reclaims Top-Tier Global Asset Status

Bitcoin’s resurgence isn’t just symbolic—it’s redefining what constitutes value in the modern financial system. According to data from 8marketcap, Bitcoin’s market cap now exceeds that of Tesla and ranks 10th globally among all assets and corporations.

Here are the current top 10 largest assets/companies by market value:

This milestone reflects broader adoption trends and renewed confidence in digital assets despite recent industry setbacks such as the FTX collapse and increased regulatory scrutiny.

Notably, on-chain data reveals strong holder conviction. As Bank of America reported, the week ending April 4 saw $368 million worth of Bitcoin withdrawn from centralized exchanges into personal wallets—the second-largest outflow of the year. This movement suggests growing preference for self-custody and long-term holding behavior, often interpreted as a bullish signal.

Regulatory Momentum Builds Globally

As crypto gains mainstream traction, regulators worldwide are stepping up oversight to protect investors and ensure market integrity.

In Hong Kong, the Securities and Futures Commission (SFC) announced that starting June 1, 2025, all virtual asset trading platforms operating in or targeting Hong Kong investors must obtain a license. SFC CEO Julia Leung emphasized the need for regulation in light of recent market turbulence and platform failures globally.

“There is now a clear global consensus that virtual asset markets require robust oversight to safeguard investors and manage systemic risks,” said Leung.

Meanwhile, traditional financial infrastructure is integrating crypto derivatives. London Clearing House (LCH), part of the London Stock Exchange Group and the world’s largest derivatives clearer, plans to partner with GFO-X to clear Bitcoin index futures and options contracts—a significant step toward institutional-grade settlement standards.

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Frequently Asked Questions (FAQ)

Q: Why did Bitdeer’s stock fall so sharply on its first day?
A: Several factors contributed: lukewarm investor sentiment due to past crypto downturns, declining revenue trends in 2022, high operational costs, and skepticism about profitability in a volatile mining environment.

Q: How is Bitcoin valued compared to traditional assets?
A: Unlike companies or commodities, Bitcoin’s value stems from scarcity (capped supply of 21 million), decentralized security, increasing institutional adoption, and its role as a hedge against inflation and currency devaluation.

Q: Is Bitcoin's market cap calculation reliable?
A: Yes—Bitcoin’s market cap is calculated by multiplying the current price by the circulating supply (~19.7 million as of 2025). This metric is widely accepted across financial analytics platforms.

Q: What does it mean for Bitcoin to surpass Tesla in market cap?
A: It signifies growing recognition of digital assets as a legitimate store of value. While Tesla is an innovative tech company with physical products, Bitcoin represents a decentralized monetary network gaining trust across borders.

Q: Can other cryptocurrencies challenge Bitcoin’s dominance?
A: While Ethereum and select altcoins have strong use cases in smart contracts and decentralized applications, none currently match Bitcoin’s brand recognition, liquidity, or adoption as “digital gold.”

Q: What risks should investors consider before entering the crypto space?
A: Key risks include price volatility, evolving regulations, cybersecurity threats, and lack of consumer protections. Diversification and using regulated platforms can help mitigate these concerns.

The Road Ahead for Crypto

The contrast between Bitcoin’s soaring valuation and Bitdeer’s weak debut illustrates a maturing market where macro-level trends no longer automatically lift individual players. Success now depends on sound fundamentals, sustainable operations, and alignment with regulatory frameworks.

As more institutions adopt blockchain-based financial instruments and governments establish clearer rules, the path toward broader acceptance becomes clearer. Companies that adapt will thrive; those that don’t may fade into obscurity.

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Core Keywords:

With over 80% growth in 2025 alone, Bitcoin continues to reshape perceptions of value—and while individual ventures like Bitdeer face headwinds, the underlying momentum of decentralized finance remains stronger than ever.