In short
- Bitdeer shares fell as the company reported a third-quarter net loss.
- The company posted a loss per share of $-1.28.
- Bitdeer told Decrypt in August that it was building mining rigs in the US
Bitcoin miner Bitdeer Technology Group (NASDAQ: BTDR) saw its shares drop 20% on Monday after the company reported a net loss of $266.7 million for the third quarter, down 422% from the previous year.
BitDeer’s loss per share was -$1.28, compared to -$0.35 in Q3 2024 and lower than the Zacks Investment Research consensus estimate of -$0.22. However, the company nearly tripled its revenue to $169.7 million from $62 million last year, surpassing Zacks expectations.
BTDR closed Monday at $17.64 per share, according to Yahoo Finance data, giving up the gains it made over the past month.
The company’s share price has remained roughly flat over this period and is holding up better than its peers, although the stock is still down 22.8% this year.
Rivals MARA Holdings and CleanSpark ended Monday up 1.8% and 3.4%, while Riot Platforms rose 1.8%. MARA is down about 16.4% over the past month, while CleanSpark and Riot Platforms have shaved 22% and 17.5% respectively over the past month.
Despite the headwinds, BitDeer Chief Business Officer Matt Kong struck an optimistic tone, highlighting the company’s shift toward high-performance computing.
“The third quarter marked a quarter of strong execution and financial performance,” Kong said in a statement, adding that Bitdeer would continue to focus on its AI pivot.
“In the field of AI, we have intensified our focus and investments to meet the rising global demand for computers,” Kong added.
Bitdeer belongs to a group within the crypto mining sector that sees opportunities in the growing demand for AI.
Bitcoin minersmainly large industrial operations of specialized computers, have faced increasing pressure over the past 18 months, with rewards for verifying blockchain transactions reduced from 6.25 BTC to 3.125 BTC following last year’s halving and rising operational costs.
A number of miners have completely refocused to become crypto darlings, in an effort to find alternative ways to generate value for shareholders.
In August, Bitdeer said Declutter that it focused on building oil rigs and investing in American resources. Most mining equipment for the industry comes from China.
The company said on Monday that mass production of its Sealminer A3 machine was underway, while development of a new low-energy mining chip, SEAL04, has been postponed.
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