Bitdeer (BTDR) Stock: Why Mining Giant Dropped 20% Despite Revenue Surge

TLDR

• Bitdeer Technologies shares plunged nearly 20% Monday after the company reported a $266.7 million Q3 2025 net loss driven by convertible debt revaluation.
• Revenue surged 174% to $169.7 million while Bitcoin production doubled to 1,109 BTC as the mining company expanded operations.
• The firm generated $1.8 million in first-time AI cloud services revenue and now holds 2,029 BTC with 241,000 active mining rigs.
• Adjusted EBITDA turned positive at $43 million compared to a $7.9 million loss in Q3 2024.
• Management projects AI services could generate over $2 billion annually by end of 2026 with 200 MW allocated to cloud computing.

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Bitdeer Technologies shares tumbled nearly 20% Monday after releasing third quarter earnings. The Bitcoin miner closed at $17.65 per share.

Bitdeer Technologies Group, BTDR

The stock previously hit $25.90 on October 15. That represented a 30% jump fueled by AI expansion announcements.

Bitdeer posted a $266.7 million net loss for Q3 2025. The company lost $50.1 million in the same quarter last year.

Non-cash charges drove most of the losses. Convertible debt revaluation created paper losses that impacted reported earnings.

Revenue climbed 174% year-over-year to $169.7 million. Self-mining expansion powered the growth.

Production Metrics Improve

Bitcoin production doubled during the quarter. The company mined 1,109 BTC in Q3.

Bitdeer’s Bitcoin holdings reached 2,029 BTC by quarter end. This compares to 258 BTC one year ago.

The mining operation now runs 241,000 rigs. Last year the company operated 165,000 machines.

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

The company generated $1.8 million from AI and high-performance cloud services. This marked Bitdeer’s first revenue from these operations.

AI Strategy Takes Shape

Chief Business Officer Matt Kong said 200 MW of power capacity allocated to AI could produce over $2 billion in annual revenue by late 2026.

Other miners are pursuing similar strategies. MARA Holdings acquired a 64% stake in Exaion for $168 million in August.

IREN signed a $9.7 billion five-year deal with Microsoft on November 3. The agreement provides Microsoft access to Nvidia GB300 chips in IREN data centers.

TeraWulf inked 10-year agreements with Fluidstack worth $3.7 billion. Core Scientific signed a $100 million multi-year deal with CoreWeave in March 2024.

The AI pivot started earlier for some companies. HIVE Blockchain rebranded to HIVE Digital Technologies in July 2023 to reflect its high-performance computing focus.

Market Response

Investors focused on the quarterly loss despite operational improvements. Shares fell from the October peak of $25.90 to current levels.

The stock now trades 32% below its recent high. Capital expenditures and infrastructure spending pressured margins during expansion.

Bitdeer operates mining facilities in Norway, the United States, and Asia. The company added capacity throughout Q3.

The $1.8 million in AI revenue represents early stage transition results. Management expects this revenue stream to grow substantially.

Mining operations remain the core business while AI services develop. The company holds more Bitcoin and runs more rigs than a year ago.

Adjusted EBITDA turned positive as operational efficiency improved. Revenue growth outpaced the increase in mining rigs deployed.

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