Bitdeer Suffers Major Losses After Promising Start in October
Bitdeer Technologies recently faced a dramatic market reversal, with shares plummeting by 32% to close at $17.65. This sharp decline overshadowed the company’s strong start in October, when its stock surged 30% following announcements of AI expansion and new data center plans. Despite achieving significant operational milestones, such as mining 1,109 Bitcoin in Q3, Bitdeer reported a staggering quarterly loss of $266.7 million, leaving investors wary.
What Happened? A Closer Look at Q3 Performance
In its unaudited Q3 2025 financial report, Bitdeer recorded a 174% revenue growth compared to the previous year, reaching $169.7 million. Adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) came in at $43 million, driven by efficiency gains and increased self-mining capacity. The company also allocated 200 MW of energy toward AI cloud services, signaling its intent to diversify beyond traditional Bitcoin mining. These efforts aim to generate an annual revenue exceeding $2 billion by 2026.
Despite these positive developments, the company’s net loss ballooned to $266.7 million, up from $50.1 million in the same quarter last year. This loss was primarily due to non-cash revaluation of convertible debt and rising operational expenditure. Investors responded negatively, leading to a nearly 30% drop in Bitdeer’s stock price on NASDAQ.
The Push Into AI and High-Performance Computing
Bitdeer’s expansion into artificial intelligence (AI) and high-performance computing (HPC) is part of a broader industry trend among major crypto mining firms like MARA and Core Scientific. By adding 241,000 mining machines across the US, Norway, and Asia, Bitdeer is scaling its capability to support diverse workloads. However, these capital-intensive upgrades have also strained the company’s balance sheet, dampening short-term investor enthusiasm.
Matt Kong, Chief Business Officer at Bitdeer, emphasized the company’s strategic pivot: “Allocating 200 MW to AI cloud services could generate annualized revenue exceeding $2 billion by the end of 2026. Q3 marked a quarter of strong execution and financial performance.”
Investor Sentiment Remains Cautious
While Bitdeer’s diversification strategy appears promising in the long term, the short-term financial challenges remain evident. The substantial increase in operational costs, coupled with market volatility in both Bitcoin prices and AI adoption, has weighed heavily on investor confidence. Despite achieving a higher BTC mining output and progress with AI infrastructure, analysts underline the critical balance Bitdeer must strike between growth and profitability.
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Conclusion
As Bitdeer accelerates its foray into the AI and HPC sectors, it faces mounting financial pressures from capital-intensive infrastructure expansion. While its Q3 achievements underscore its potential, the significant quarterly losses have created headwinds. Whether Bitdeer turns its bold vision into sustained profitability remains to be seen, but investors should remain cautious as the company navigates this complex transition.
