Bitdeer Shares Tumble 20% After Q3 Loss Widens, ASIC Chip Delayed – 11/11/2025
Bitdeer Technologies Group (BTDR), a bitcoin miner and hardware manufacturer expanding into AI and data center operations, saw its shares drop 20% on Monday following a larger-than-expected third-quarter loss and a delay in its next-generation ASIC chip.
The company reported a net loss of $266.7 million, or $1.28 per share, compared with a $50.1 million loss in the same period last year. Analysts had forecast a loss of around $0.25 per share. Revenue more than doubled to $169.7 million, surpassing estimates, while adjusted EBITDA turned positive from a prior-year deficit.
“Bitdeer announced delays on its next-gen ASIC and provided limited updates on AI initiatives,” said Matthew Sigel, head of digital assets research at VanEck. “The CEO did not join the earnings call, adding to investor caution.”
Shares fell to $17.65, the lowest level in over a month, marking the steepest drop since February. The stock is down nearly 19% year-to-date.
Operationally, Bitdeer increased its bitcoin holdings to 2,029 BTC and exceeded its self-mining target with a hash rate of 41.2 EH/s by October’s end. While mass production of the SEALMINER A3 series is underway, development of the next-generation SEAL04 ASIC chip has been postponed.
The company forecasts that dedicating 200 MW to AI cloud services could generate an annualized revenue run rate exceeding $2 billion by the end of 2026 under its most optimistic scenario.
