Bitcoin mining firm Bitdeer Technologies reported a net loss of $266.7 million for the third quarter of 2025, triggering a 20% decline in its share price. The loss was largely attributed to a non-cash revaluation of convertible debt, offsetting otherwise strong operational growth.
Revenue surged 174% year-over-year to $169.7 million, driven by a doubling of self-mined Bitcoin output to 1,109 BTC and new contributions from AI cloud services, which generated $1.8 million. Despite the revenue increase, investors reacted negatively to the accounting loss and uncertainty over Bitdeer’s strategic expansion beyond traditional mining.
Analysts noted that while Bitdeer’s diversification into AI and high-performance computing is promising, it highlights the challenges crypto miners face as they adapt to evolving market and technology trends.