Bitdeer (BTDR) Plunges 20%: $266M Quarterly Loss Sparks Miner Meltdown

Another day, another crypto miner bleeding red ink.

Bitdeer's stock cratered 20% after posting a staggering $266 million quarterly loss—proving once again that running rigs at scale is a game for masochists with cheap electricity.

The numbers don't lie: While Bitcoin's price flirts with all-time highs, the miners digging for it keep hitting new lows. Maybe Wall Street finally noticed these companies are just leveraged bets on energy arbitrage?

One thing's certain: When your losses outpace some nations' GDPs, it might be time to unplug a few ASICs.

TLDR

• Bitdeer Technologies shares fell nearly 20% after reporting a $266.7 million net loss in Q3 2025, mainly from non-cash convertible debt revaluation losses.
• Revenue jumped 174% year-over-year to $169.7 million, driven by expanded self-mining operations and Bitcoin production that doubled to 1,109 BTC.
• The company began its AI pivot with $1.8 million in first-time revenue from high-performance computing and cloud services.
• Bitdeer now holds 2,029 BTC and operates 241,000 mining rigs, up from 258 BTC and 165,000 rigs a year earlier.
• The company plans to allocate 200 MW of power to AI services, targeting over $2 billion in annual revenue by end of 2026.

Bitdeer Technologies shares dropped nearly 20% on Monday following the release of third quarter results. The Singapore-based Bitcoin mining company closed at $17.65.

Bitdeer Technologies Group, BTDR

The stock had reached $25.90 on October 15. That marked a 30% single-day gain driven by announced plans to expand into artificial intelligence services.

The company reported a net loss of $266.7 million for Q3 2025. This compares to a $50.1 million loss in the same period last year.

$BTDR Q3 2025 Earnings Highlights📊

👉Revenue reached $169.7 M (up 173.6% YoY), gross profit ROSE to $40.8 M, while adjusted EBITDA increased to $43 M.
👉Expanding and accelerating #AI strategy by allocating 200 MW to #AICloud services could generate an annualized revenue run… pic.twitter.com/XXGukYgDAu

— Bitdeer (@BitdeerOfficial) November 10, 2025

Most of the losses came from non-cash charges. The company revalued its convertible debt, creating paper losses that hit the bottom line.

Despite the red ink, revenue climbed 174% year-over-year to $169.7 million. The growth came from expanded self-mining operations.

Bitcoin production doubled during the quarter. Bitdeer mined 1,109 BTC in Q3 2025.

The company ended the quarter holding 2,029 BTC. That’s up from just 258 BTC a year earlier.

Mining Operations Expand

Bitdeer now operates 241,000 mining rigs. The company managed 165,000 rigs at the same time last year.

Adjusted EBITDA reached $43 million. This marked a turnaround from the $7.9 million loss recorded in Q3 2024.

The company reported its first revenue from AI and high-performance cloud services. These operations brought in $1.8 million during the quarter.

Matt Kong, chief business officer at Bitdeer, said the company could generate over $2 billion in annual revenue from AI by the end of 2026. This projection assumes 200 MW of power capacity gets allocated to AI cloud services.

AI Transition Takes Shape

Other bitcoin mining companies are also moving into AI infrastructure. MARA Holdings bought a 64% stake in Exaion for $168 million in August.

TeraWulf signed 10-year agreements with Fluidstack worth $3.7 billion in contract revenue. IREN announced a five-year deal with Microsoft on November 3.

The Microsoft agreement gives the tech company access to Nvidia GB300 chips. These chips will be hosted in IREN’s data centers, with the deal valued at $9.7 billion.

Some miners started this transition earlier. HIVE Blockchain Technologies rebranded as HIVE Digital Technologies in July 2023 to reflect its HPC strategy.

Core Scientific signed a $100 million multi-year deal with CoreWeave in March 2024. The agreement covers HPC workloads at the company’s Texas data center.

Bitcoin miners face pressure from fluctuating mining margins. The AI pivot offers a way to use existing power infrastructure for different revenue streams.

Bitdeer’s October rally reflected investor interest in this strategy. Shares jumped when the company announced plans to allocate power capacity to AI services.

The quarterly results show the cost of expansion. Capital expenditures and infrastructure spending contributed to operational expenses.

The market reaction focused on the $266.7 million loss figure. Investors sold shares despite the revenue growth and increased Bitcoin holdings.

Bitdeer operates facilities across Norway, the United States, and Asia. The company added mining capacity throughout the quarter.

The $1.8 million in AI revenue represents the start of the transition. The company targets much larger revenue contributions from these services going forward.

Bitdeer’s share price now sits 32% below its October peak. The stock fell from $25.90 to $17.65 in less than a month.