Bitdeer Technologies Group, a company most people associate with Bitcoin mining, just signed a colocation lease for what’s expected to become Norway’s largest AI data center. The facility in Tydal, Norway, will pack somewhere between 180 and 225 MW of capacity.

The tenant is reportedly Volta, a $2.4 billion AI cloud startup, though Bitdeer hasn’t publicly confirmed the identity or valuation of its colocation partner. The lease has been executed but hasn’t technically taken effect yet, with full commercial terms expected to be nailed down within the month.

Bitdeer’s Tydal subsidiary, Tydal Data Center AS, is the entity behind the deal. The development of the site is backed by an agreement signed in March 2026 with Data Center Installations AS, known as DCI, which handles the physical buildout. If everything stays on track, completion of the Tydal facility is targeted as early as December 2026.

The focus for colocation at the site primarily involves NVIDIA AI technology. Bitdeer, which trades on the NASDAQ under the ticker BTDR, has been telegraphing this strategic shift for a while. Advanced negotiations for colocation deals were described as a top priority in early 2026.

For BTDR shareholders, the Tydal colocation deal is a potential inflection point. The company operates Bitcoin mining and HPC data centers across multiple countries, but this lease represents a clear bet on long-term revenue streams that don’t depend on crypto market cycles. Investors should watch for updates on the contractual details, particularly around pricing per megawatt, lease duration, and any buildout milestones that could trigger penalties or renegotiation clauses.

There’s also the question of whether Volta, if it is indeed the tenant, can sustain the kind of demand that fills a 225 MW facility. A $2.4 billion valuation is impressive for a startup, but the viability of the tenant matters almost as much as the lease itself.