The increased losses resulted largely from non-cash charges stemming from the revaluation of the company's convertible debt.
Bitcoin News
Shares of Singapore-based Bitcoin miner Bitdeer Technologies fell almost 20% on Monday after the company reported a $266.7 million net loss for the third quarter of 2025, compared with a $50.1 million net loss for the same period last year.
The increased losses resulted largely from non-cash charges stemming from the revaluation of the company's convertible debt. Despite the quarterly loss, Bitdeer demonstrated strong operational performance across multiple business segments, including traditional mining and emerging artificial intelligence services.
Revenue climbed to $169.7 million, up 174% from the previous year, driven by the expansion of self-mining operations. The company also doubled its Bitcoin production during the quarter, mining 1,109 Bitcoin compared to significantly lower output in the same period of 2024.
Bitdeer reported gains in operating performance, with adjusted EBITDA rising to $43 million from a $7.9 million loss in the same period in 2024. The operational improvements demonstrate the company's ability to generate positive cash flow from core business activities despite accounting losses.
The company reported its first revenue from high-performance and AI cloud services, bringing in $1.8 million in the third quarter as it began shifting part of its computing power toward artificial intelligence applications. The diversification strategy mirrors moves by other major Bitcoin mining companies seeking alternative revenue streams.
Matt Kong, chief business officer at Bitdeer, said the company was "uniquely positioned to capitalize" on AI and the surge in demand for computing power. He projected that allocating 200 megawatts of power capacity to AI cloud services could generate an annualized revenue run-rate exceeding $2 billion by the end of 2026.
Bitdeer ended the quarter holding 2,029 Bitcoin, up from 258 Bitcoin a year earlier, representing a nearly eight-fold increase in Bitcoin reserves. The company managed 241,000 mining rigs, compared with 165,000 at the same time last year, reflecting substantial infrastructure expansion.
An increasing number of Bitcoin mining companies are pivoting to AI and high-performance computing, repurposing a portion of their power capacity to meet fast-growing demand. In August, MARA Holdings announced a $168 million deal to acquire a 64% stake in Exaion, a subsidiary of France's EDF, to expand into low-carbon AI infrastructure.
Core Scientific signed a multi-year, $100 million deal with GPU cloud firm CoreWeave in March 2024 to host HPC workloads at its Texas data center.
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