BTC Digital takes a two-year option on a 300MW Vietnam park with no power deal

A memorandum of understanding is a cheap option on an expensive asset, and BTC Digital has taken one over industrial land in northern Vietnam where the park's own count puts planned load at around 300MW. The Nasdaq-listed bitcoin miner said it signed the MoU on August 20 with Nam Trang Cat Investment and Development Joint Stock Company (NTC) and SG Partners Co., Limited (SGP) to explore an AI data center at Nam Trang Cat Industrial Park in Hai Phong, a site of roughly two million square meters; the document carries no power supply agreement, and BTC Digital has not disclosed the capacity it envisions for the facility, the two figures an underwriter reaches for first. The agreement runs two years, begins with a six-month exclusivity period, and is otherwise non-binding: NTC handles local coordination and verification of site, power and supporting infrastructure, BTC Digital contributes the technical evaluation, and SGP engages potential investors, financing providers and other industry participants.

Power is the binding constraint on the AI buildout, as this publication has argued, which makes a grid position rather than square footage the thing to underwrite. The park's 300MW is a landlord's plan; a contracted allocation is an asset, and between the two sit feasibility, site conditions, power availability, network and cooling requirements, permitting needs, customer demand and financing options, all of which the three parties have agreed only to assess. Investment, construction, equipment procurement, power supply, customer and operating agreements remain subject to due diligence, regulatory approvals, financing and definitive contracts.

BTC Digital arrives at this as a mining company: it was Meten Holding Group until a rename in August 2023, and an August 2026 SEC filing describes a crypto asset technology business focused on bitcoin mining, alongside mining-machine sales, rentals and hosting. The site is early too: infrastructure work at Nam Trang Cat broke ground in May 2026, and the Hai Phong government identifies Vinhomes Industrial Park Investment Joint Stock Company as developer of the wider 200-hectare project, leaving the counterparty chain running through a park developer rather than a utility or a committed tenant.

"We intend to advance the Hai Phong opportunity in stages and make investment or construction decisions only after the key conditions have been validated," CEO Siguang Peng said, a sensible posture for a project where none of the conditions has been validated. A power supply agreement is the item to watch; a capacity figure or a groundbreaking would be a weaker signal. Until one lands, Hai Phong is a pipeline entry — a non-binding option on a park whose own infrastructure broke ground in May, with a clock that started running on August 20.