Finance

Bitdeer’s Stock Plummets 20% Despite Tripling Revenue: Can AI Save the Bitcoin Miner?

Bitdeer’s stock fell 20% after a $266.7M loss, despite tripling revenue and shifting to AI.

November 10, 2025, 8:18 PM

Phone screen displaying the Bitdeer website with information about Bitcoin mining and SEALMINER hardware.

The Bitdeer Technologies Group website is displayed on a mobile phone, detailing information about Bitcoin mining. By T. Schneider / Shutterstock.com.

Executive Summary

Bitdeer Technology Group reported a net loss of $266.7 million in Q3, a 422% decline year-over-year, despite nearly tripling its revenue to $169.7 million, which surpassed analyst expectations.

The company is strategically pivoting towards AI and high-performance computing, emphasizing continued investment in this area to meet rising global demand and diversify revenue streams.

Bitdeer’s operational updates include the mass production of its Sealminer A3 machine and delays in the development of its energy-efficient SEAL04 mining chip, with President Donald Trump’s cryptocurrency policies noted as potentially beneficial for the industry.

The Story So Far

The Bitcoin mining sector is facing significant pressures from rising operational costs and the halving event, which reduced mining rewards, prompting firms like Bitdeer to strategically pivot towards AI and high-performance computing to diversify revenue streams, while also navigating potential impacts from President Donald Trump’s cryptocurrency and trade policies.

Why This Matters

Bitdeer’s substantial net loss, despite significant revenue growth, underscores the severe profitability challenges confronting Bitcoin mining firms, indicating that increased activity doesn’t automatically translate to financial health in a volatile and post-halving market. This financial pressure is compelling a strategic pivot across the industry, with Bitdeer actively investing in AI and high-performance computing to diversify revenue streams, signaling a potential transformation of crypto miners into hybrid tech companies less solely reliant on cryptocurrency prices and more on broader compute power demands.

Who Thinks What?

Bitdeer’s Chief Business Officer, Matt Kong, expressed an optimistic outlook, emphasizing the company’s strategic pivot towards high-performance computing and viewing Q3 as a quarter of strong execution and financial performance despite the net loss.

Investors reacted negatively to Bitdeer’s reported net loss of $266.7 million, causing the company’s stock to plummet 20%, despite nearly tripling its revenue.

Industry observers note that the Bitcoin mining sector faces increasing pressures, such as rising operational costs and the halving event, leading many miners, including Bitdeer, to explore opportunities in AI and high-performance computing to diversify revenue streams.

Bitcoin mining firm Bitdeer Technology Group (NASDAQ: BTDR) saw its stock plummet 20% on Monday after reporting a net loss of $266.7 million for its third quarter, a substantial 422% decline compared to the previous year. Despite the significant loss, the company nearly tripled its revenue, surpassing analyst expectations.

Financial Performance Overview

Bitdeer’s loss per share for the quarter reached -$1.28, a sharp increase from -$0.35 in Q3 2024, falling below Zacks Investment Research’s consensus estimate of -$0.22 per share. Conversely, the company’s revenue surged to $169.7 million, up from $62 million in the same period last year, exceeding Zacks’ forecast.

BTDR shares closed Monday at $17.64, losing recent gains. While the stock’s performance has remained relatively flat over the past month, it is still down 22.8% year-to-date. In comparison, rivals MARA Holdings and CleanSpark ended Monday down 1.8% and 3.4% respectively, while Riot Platforms saw a 1.8% gain. Over the last month, MARA, CleanSpark, and Riot Platforms have experienced declines of 16.4%, 22%, and 17.5% respectively.

Strategic Shift to AI and High-Performance Computing

Despite the challenging financial results, Bitdeer’s Chief Business Officer, Matt Kong, expressed an optimistic outlook, emphasizing the company’s strategic pivot towards high-performance computing. “Q3 marked a quarter of strong execution and financial performance,” Kong stated, highlighting Bitdeer’s continued focus and investment in its AI strategy to meet the rising global demand for compute power.

Industry Context and Operational Updates

The Bitcoin mining sector has faced increasing pressures over the past 18 months, including rising operational costs and the halving event last year, which cut rewards for verifying blockchain transactions from 6.25 BTC to 3.125 BTC. In response, many miners, including Bitdeer, are exploring opportunities in AI and high-performance computing to diversify revenue streams.

Bitdeer had previously indicated plans to expand its U.S. rig manufacturing and invest in domestic resources. According to Bitdeer CFA Jeff LaBerge in an August interview with Decrypt, President Donald Trump’s cryptocurrency policies could be beneficial, even if his trade policies present challenges for the industry, which largely sources mining equipment from China.

The company also announced that mass production of its Sealminer A3 machine is currently underway. However, the development of its new energy-efficient mining chip, SEAL04, has encountered delays.

Looking Ahead

Bitdeer’s third-quarter results highlight the ongoing volatility and evolving landscape within the cryptocurrency mining industry. The company’s significant net loss contrasts with strong revenue growth and a declared strategic shift towards AI, signaling an adaptation to broader technological demands amidst persistent sector challenges.