Shares of Singapore-based Bitcoin miner Bitdeer Technologies fell nearly 20% on Monday after the company reported a jump in quarterly losses.
Bitdeer recorded a net loss of $266.7 million for the third quarter of 2025, compared with a net loss of $50.1 million for the same period a year ago, largely due to non-cash losses resulting from the revaluation of its convertible debt.
Revenue climbed to $169.7 million, up 174% from the previous year, driven by the expansion of its self-mining operations, according to the company.
Bitdeer also reported gains in its operating performance, with adjusted EBITDA rising to $43 million from a $7.9 million loss in the same period in 2024. The company also doubled its Bitcoin production, mining 1,109 BTC during the quarter.
Bitdeer reported its first revenue from high-performance and AI cloud services, bringing in $1.8 million in Q3 as it began shifting part of its computing power toward artificial intelligence.
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 added 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.”
Bitdeer ended the quarter holding 2,029 BTC, up from 258 BTC a year earlier, and managed 241,000 mining rigs, compared with 165,000 at the same time last year.
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Bitcoin miners turn to AI
An increasing number of Bitcoin mining companies are pivoting to AI and high-performance computing (HPC), repurposing a portion of their power capacity to meet the fast-growing demand for computing power.
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, while TeraWulf signed 10-year colocation agreements with AI company Fluidstack worth $3.7 billion in contract revenue.
On Nov. 3, Bitcoin miner IREN announced a five-year, $9.7 billion GPU cloud services deal with Microsoft, giving the tech giant access to Nvidia GB300 chips hosted in IREN’s data centers.
While the pivot by Bitcoin miners into AI and HPC has been picking up momentum this year, it isn’t entirely new.
In July 2023, HIVE Blockchain Technologies rebranded as HIVE Digital Technologies, reflecting its shift to an HPC strategy, alongside its traditional cryptocurrency mining operations.
In March 2024, Core Scientific signed a multi-year, $100 million deal with GPU cloud firm CoreWeave to host HPC workloads at its Texas data center.
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