Bitdeer Drops 20% Amid Bigger Net Loss and Postponed ASIC Chip Shipments

Bitdeer Shares Drop 20% Following Wider-Than-Expected Q3 Loss and ASIC Chip Delay – 11/11/2025

Bitdeer Technologies Group (BTDR), the bitcoin mining and equipment firm that recently pivoted toward AI and data center infrastructure, saw its shares fall 20% on Monday after reporting a larger-than-expected third-quarter loss and announcing delays to its next-generation ASIC chip.

The company posted a net loss of $266.7 million, or $1.28 per share, compared with a $50.1 million loss in the same quarter last year. Analysts had forecast a loss of roughly $0.25 per share. Despite the steep loss, Bitdeer’s revenue more than doubled to $169.7 million, exceeding expectations, and adjusted EBITDA turned positive after a year-earlier deficit.

“Bitdeer flagged a delay on its next-gen ASIC and provided limited updates on its AI initiatives,” said Matthew Sigel, head of digital assets research at VanEck. “The absence of the CEO from the earnings call added to investor uncertainty.”

The decline marked the stock’s largest drop since February, bringing shares to $17.65 — the lowest level in over a month. Year-to-date, BTDR is down nearly 19%.

Operationally, Bitdeer expanded its bitcoin holdings to 2,029 BTC, supported by growth in its self-mining operations. By the end of October, the firm achieved a self-mining hash rate of 41.2 EH/s, surpassing its 40 EH/s target.

The SEALMINER A3 series entered mass production, but development of the next-generation SEAL04 ASIC chip has been delayed.

Looking ahead, Bitdeer projected that allocating 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.

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