Bitdeer Stock Plummets Despite Revenue Surge & AI Pivot

Bitdeer Stock Plummets Despite Strong Revenue Growth

Shares of Singapore-based Bitcoin miner Bitdeer Technologies experienced a sharp decline of nearly 20% on Monday following the company's report of significantly widened quarterly losses. Bitdeer posted a net loss of $266.7 million for the third quarter of 2025, a stark contrast to the $50.1 million net loss recorded during the same period last year. This increase in losses is primarily attributed to non-cash losses stemming from the revaluation of its convertible debt.

Revenue Growth Driven by Self-Mining Expansion

Despite the losses, revenue surged to $169.7 million, marking a 174% increase year-over-year, fueled by the expansion of its self-mining operations, according to the company. Bitdeer also reported gains in its operating performance, with adjusted EBITDA climbing to $43 million from a $7.9 million loss in the corresponding period of 2024. The company also doubled its Bitcoin production, mining 1,109 BTC during the quarter.

Revenue Diversification into AI Cloud Services

Bitdeer reported its inaugural revenue from high-performance and AI cloud services, generating $1.8 million in Q3 as it began allocating a portion of its computing power to artificial intelligence applications. Matt Kong, Chief Business Officer at Bitdeer, highlighted the company's unique position to capitalize on the growing demand for computing power driven by AI. He projected that dedicating 200 MW of power capacity to AI cloud services could generate an annualized revenue run-rate exceeding $2 billion by the end of 2026.

Increased Bitcoin Holdings and Mining Capacity

Bitdeer concluded the quarter holding 2,029 BTC, up from 258 BTC a year prior, and managed 241,000 mining rigs, compared to 165,000 at the same time last year.

Bitcoin Miners Turning to AI

A growing number of Bitcoin mining firms are increasingly pivoting toward AI and high-performance computing (HPC), re-purposing some of their power capacity to meet the escalating demand for computing resources. In August, MARA Holdings announced a $168 million agreement to acquire a 64% stake in Exaion, a subsidiary of France’s EDF, with the goal of expanding into low-carbon AI infrastructure. Simultaneously, TeraWulf signed 10-year colocation agreements with AI firm Fluidstack, securing $3.7 billion in contract revenue.

Significant Deals in the AI Space

On Nov. 3, Bitcoin miner IREN disclosed a five-year, $9.7 billion GPU cloud services deal with Microsoft, granting the tech giant access to Nvidia GB300 chips hosted in IREN’s data centers.

The Shift is Not Entirely New

While the move by Bitcoin miners into AI and HPC has gained momentum this year, it is not a completely novel trend. In July 2023, HIVE Blockchain Technologies rebranded as HIVE Digital Technologies, reflecting its strategic shift towards HPC alongside its core cryptocurrency mining operations. In March 2024, Core Scientific entered into a multi-year, $100 million agreement with GPU cloud firm CoreWeave to host HPC workloads at its Texas data center.