Despite record revenue and Bitcoin output, investor sentiment weakens as the miner expands into AI-powered computing.
Singapore-based Bitcoin miner Bitdeer Technologies saw its shares plunge by nearly 20% on Monday after reporting a $266.7 million net loss for the third quarter of 2025. The sharp drop came despite a surge in both revenue and Bitcoin production, underscoring investor caution amid the company’s ongoing pivot toward artificial intelligence (AI) and high-performance computing (HPC).
According to Bitdeer’s quarterly filing, the losses were primarily non-cash revaluation charges on its convertible debt, while revenue climbed to $169.7 million, a 174% year-on-year increase driven by an expansion of self-mining operations. The company also reported an adjusted EBITDA gain of $43 million, a dramatic turnaround from a $7.9 million loss in the same period last year.
In operational terms, Bitdeer’s Bitcoin output doubled to 1,109 BTC in Q3, and its total holdings rose to 2,029 BTC, up from just 258 BTC a year earlier. The company’s mining infrastructure also expanded to 241,000 active rigs, compared to 165,000 during the same period in 2024.
“Bitdeer is uniquely positioned to capitalize on the AI revolution,” said Matt Kong, the company’s chief business officer. “Allocating 200 megawatts of capacity to AI cloud services could generate an annualized revenue run rate exceeding $2 billion by the end of 2026.”
The firm reported $1.8 million in initial AI cloud service revenue last quarter, signaling early traction in its diversification strategy.
Bitdeer’s move mirrors a broader trend across the Bitcoin mining sector. Companies such as MARA Holdings, TeraWulf, and IREN have announced billion-dollar partnerships to repurpose mining infrastructure for AI workloads, aiming to tap into soaring demand for computing power and GPU capacity.
“AI is emerging as a critical growth engine for miners seeking revenue stability,” noted one market analyst. “Those who adapt early could redefine the economics of digital infrastructure.”
Still, Bitdeer’s steep paper losses have weighed on market sentiment, with investors questioning the timing and execution risks of its AI transition. Despite short-term volatility, analysts suggest the company’s blend of Bitcoin mining and AI-driven computing could position it as a key player in the next wave of digital infrastructure innovation.
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This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.