From Hero to Zero: How Bitdeer Lost 32% Despite Mining 1,109 Bitcoin
Bitdeer Technologies’ shares fell almost 32%, closing at $17.65, after reporting a $266 million quarterly loss. The drop adopted a 30% rally on October 15, when the inventory hit $25.90, fueled by investor optimism over AI and information heart growth plans.
The reversal highlights pressure between rising income and Bitcoin manufacturing, and the affect of non-cash losses, capital expenditures, and large-scale infrastructure funding on profitability.
October Rally Fueled by AI and Infrastructure Expansion
On October 15, Bitdeer (NASDAQ: BTDR) shares surged by more than 30% to $25.90 after saying plans to develop into AI and high-performance computing (HPC) workloads. BTDR inventory had fallen to $17.65 on Monday, marking a virtually 32% decline from its October peak.
The firm stated it should allocate 200 MW of power to AI companies. It targets annual revenues exceeding $2 billion by 2026. Bitdeer additionally added 241,000 mining machines throughout Norway, the US, and Asia. The agency mined 1,109 BTC through the quarter.
The growth positioned Bitdeer alongside different miners equivalent to MARA, IREN, and Core Scientific, that are more and more integrating AI and HPC capabilities. Investors initially responded positively, seeing diversification into AI as a manner to offset volatility in Bitcoin mining margins.
Quarterly Loss and Market Reaction
Bitdeer launched unaudited Q3 2025 outcomes, with income rising 174% 12 months over 12 months to $169.7 million. Adjusted EBITDA reached $43 million. The development displays greater Bitcoin manufacturing and effectivity positive aspects from self-mining growth.
“Q3 marked 1 / 4 of sturdy execution and monetary efficiency. Revenue, gross revenue, and adjusted EBITDA improved considerably. Efficiency positive aspects have been pushed by our self-mining growth. Allocating 200 MW to AI cloud companies may generate annualized income exceeding $2 billion by the tip of 2026.” Matt Kong, Chief Business Officer at Bitdeer stated.
However, the optimism reversed as the corporate posted a net loss of $266.7 million. This compares to a $50.1 million loss in the identical quarter final 12 months. It stemmed primarily from non-cash revaluation losses on convertible debt and elevated operational bills.
Despite mining positive aspects and expanded infrastructure, together with the AI transition, which generated $1.8 million in income, traders targeted on the affect of those paper losses. Following the report, Bitdeer shares dropped almost 30% on the NASDAQ.
Continued AI Transition and Operational Highlights
In October, Bitdeer continued its progress on its AI-focused infrastructure buildout. Operational information verify elevated manufacturing capability and a rising hash price, signaling the corporate’s intent to scale AI workloads whereas sustaining mining operations. However, Q3 outcomes present monetary pressures from capital-intensive growth and market volatility. This weighed on short-term investor sentiment.
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