Shares of Singapore-based Bitcoin miner Bitdeer Technologies experienced a significant decline, falling nearly 20% on Monday. This drop followed the company's announcement of a substantial increase in its quarterly losses.
Bitdeer reported a net loss of $266.7 million for the third quarter of 2025. This represents a considerable increase compared to the net loss of $50.1 million recorded for the same period in the previous year. The company attributed the widened loss primarily to non-cash losses stemming from the revaluation of its convertible debt.
Despite the increased net loss, Bitdeer saw a significant rise in revenue, which climbed to $169.7 million. This marks a 174% increase from the prior year and was largely driven by the expansion of its self-mining operations, as stated by the company.
In terms of operating performance, Bitdeer reported positive gains. Adjusted EBITDA rose to $43 million, a notable improvement from a $7.9 million loss in the same period of 2024. The company also doubled its Bitcoin production, successfully mining 1,109 BTC during the third quarter.
Bitdeer also generated its first revenue from high-performance and AI cloud services, bringing in $1.8 million in Q3. This development signifies the company's strategic shift, allocating a portion of its computing power towards artificial intelligence applications.
Matt Kong, chief business officer at Bitdeer, expressed optimism about the company's position in the market. He stated that Bitdeer is "uniquely positioned to capitalize" on the burgeoning AI sector and the surging demand for computing power. Kong further elaborated that allocating "200 MW of power capacity to AI cloud services could generate an annualized revenue run-rate exceeding $2 billion by the end of 2026."
By the end of the quarter, Bitdeer held 2,029 BTC, a substantial increase from the 258 BTC held a year earlier. The company also managed 241,000 mining rigs, up from 165,000 at the same time last year, indicating significant growth in its mining infrastructure.
Bitcoin Miners Pivot Towards AI and High-Performance Computing
Bitdeer's strategic move is part of a broader trend among Bitcoin mining companies. An increasing number of these firms are actively pivoting towards AI and high-performance computing (HPC). They are repurposing parts of their existing power capacity to address the rapidly growing demand for advanced computing resources.
Several notable examples highlight this trend. In August, MARA Holdings announced a $168 million deal to acquire a 64% stake in Exaion, a subsidiary of France’s EDF, with the aim of expanding into low-carbon AI infrastructure. Concurrently, TeraWulf secured 10-year colocation agreements with AI company Fluidstack, valued at $3.7 billion in contract revenue.
More recently, on November 3, Bitcoin miner IREN announced a five-year, $9.7 billion GPU cloud services deal with Microsoft. This agreement grants the tech giant access to Nvidia GB300 chips hosted within IREN’s data centers.
While the momentum for Bitcoin miners entering the AI and HPC sectors has intensified this year, the underlying strategy is not entirely new.
In July 2023, HIVE Blockchain Technologies underwent a rebranding to HIVE Digital Technologies Ltd. This name change reflected its strategic shift towards HPC, complementing its established cryptocurrency mining operations.
Further demonstrating this shift, in March 2024, Core Scientific finalized a multi-year, $100 million deal with GPU cloud firm CoreWeave. This agreement involves hosting HPC workloads at Core Scientific's Texas data center, with potential revenue exceeding $100 million.