Bitdeer (BTDR) Stock: Why Shares Tanked 8% After Profitable Quarter

TLDR

• Bitdeer posted Q4 net profit of $70.5 million versus a $531.9 million loss a year earlier as revenue jumped to $225 million from $69 million
• The company mined 1,673 bitcoins in Q4 compared to 469 a year earlier while total managed hashrate hit 71 EH/s, surpassing rival MARA Holdings
• Self-mining revenue reached $168.6 million, up from $41.5 million last year, driving most of the revenue growth
• Gross margin dropped to 4.7% from 7.4% as electricity costs and depreciation expenses climbed with rapid mining rig deployment
• Shares fell over 8% Thursday to below $11 after earnings while Roth Capital cut its price target to $30 from $40

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Bitdeer Technologies Group delivered a sharp turnaround in Q4, posting net profit of $70.5 million compared to a $531.9 million loss in the same quarter last year. Revenue tripled to nearly $225 million from $69 million as the Singapore-based miner ramped up its bitcoin operations.

The company mined 1,673 bitcoins during the quarter, up from 469 a year earlier. Self-mining revenue alone jumped to $168.6 million from $41.5 million, accounting for most of the top-line growth.

Bitdeer’s total hashrate under management reached 71 exahashes per second by quarter’s end. That’s more than triple the prior year’s level. The figure includes 55.2 EH/s of self-mining capacity plus rigs hosted for customers, putting Bitdeer ahead of MARA Holdings on managed hashrate.

Bitdeer Technologies Group, BTDR

The company held just over 2,000 bitcoin on its balance sheet at the end of December. BitcoinTreasuries data shows those holdings have since dropped to roughly 1,040 BTC after sales in January and February 2026, likely to fund ongoing expansion.

Margin Pressure Despite Revenue Growth

Gross margin fell to 4.7% from 7.4% a year earlier. Electricity expenses and depreciation costs climbed alongside the rapid deployment of new mining equipment. Operating expenses also increased as the company invested in research and development for its SEALMINER chip lineup.

The company is positioning itself beyond pure bitcoin mining. Management highlighted plans to offer data center capacity for artificial intelligence and high-performance computing customers. Bitdeer currently reports roughly 3 gigawatts of global power capacity across operating and pipeline projects.

Several sites are slated for partial conversion to AI workloads over the next two years. This mirrors a trend across the mining sector as companies look to diversify revenue streams.

Market Reaction and Analyst Views

Shares dropped more than 8% Thursday, falling below $11 after the earnings release. The decline marked a new year-to-date low for the stock. Roth Capital analyst Darren Aftahi lowered his price target to $30 from $40 while maintaining a Buy rating.

The analyst acknowledged the strategic shift toward AI infrastructure. However, the margin compression and share price reaction suggest investors remain cautious about near-term profitability.

Bitdeer deployed hashrate aggressively through 2025. The company now ranks among the largest publicly traded bitcoin miners by computing capacity. Operating expenses rose alongside the expansion, particularly in R&D spending for proprietary chips and infrastructure.

The company continues investing in its SEALMINER chip technology. These proprietary chips are designed to compete with industry-standard mining hardware while potentially offering better efficiency and cost structure over time.

Power capacity remains a key asset. With 3 gigawatts across current and pipeline projects, Bitdeer has infrastructure to support both mining and AI workloads. The dual-use approach could provide revenue stability if bitcoin mining margins remain under pressure.

Roth Capital’s price target cut reflects mixed Q4 results and the shift toward high-performance compute colocation.

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