Bitcoin Miner Bitdeer Shares Drop 20% After Q2 Loss

Crypto News

Bitcoin (BTC) miner Bitdeer saw its Nasdaq-listed shares retreat sharply after its second-quarter results showed a wider loss and revenue short of Wall Street expectations. The company’s investor-relations disclosure recorded a net loss of $92.3 million for the quarter, compared with a $62.9 million deficit in the same period last year. The loss per share came to $0.37, larger than the $0.32 analysts had anticipated. Revenue reached $228.8 million, below the $231.16 million consensus, even though it grew 47% from $155.6 million a year earlier. The stock responded by falling 20.08% on Monday, closing at $8.70 and marking its lowest finish since March 31. That move erased much of the rally that had made Bitdeer one of the stronger Bitcoin-linked equity stories earlier in the year. The earnings miss also followed a difficult first quarter, when the company reported a $159.5 million loss, underscoring how costly capital deployment and power consumption have become for listed miners. Gross profitability reversed as well: Bitdeer recorded an $8.5 million gross loss after posting a $12.0 million gross profit in the prior-year quarter. Cost of revenue climbed to $237.3 million, driven by electricity and depreciation charges, which means the company spent more to produce its services than it collected in sales. For investors, the print separates Bitcoin’s network value from the economics of hashing power. Bitcoin may remain the sector’s benchmark asset, but Bitdeer’s quarter shows that mining equity can behave like a high-beta altcoin when margins compress. The decline placed the stock well below the level reached during its second-quarter advance, removing the premium that had built around expectations for faster margin recovery. Traders treated the miss as evidence that expansion alone cannot offset the capital intensity of mining. The result was not a move tied to a token all-time-high; it was a balance-sheet reaction to higher operating costs.

The same filing presented a stronger operational picture, particularly in Bitdeer’s self-mining business and early AI infrastructure line. Self-mining revenue increased from $59.3 million to $168.4 million, a jump that reflects the company’s decision to use more capacity for its own Bitcoin production rather than hosting only third-party machines. Bitcoin mined during the quarter rose to 2,694 coins from 565 in the comparable period, showing that fleet expansion and utilization translated into measurable output. Adjusted EBITDA also improved to $31.1 million from $4.6 million, indicating that the underlying cash-generation profile moved in a better direction despite the net loss. The AI Cloud segment remains small relative to mining, but it grew to $14 million from $1.3 million, giving Bitdeer a second revenue stream tied to compute demand. Management has linked that effort to the rollout of its SEALMINER fleet, with Chief Financial Officer Michael G. Potter describing the quarter as measured progress and emphasizing a fully integrated stack spanning power, hardware and infrastructure. That positioning matters because it frames Bitdeer as more than a pure hash-rate vehicle; it is trying to capture value across energy contracts, equipment deployment and data-center services. The market, however, has been less patient with that transition since July. After rising roughly 83% in the second quarter and outpacing the broader Bitcoin market, the stock fell 43.7% from July through Monday’s session, with the latest drop wiping out the remainder of that advance. The next update is scheduled for November, when investors will look for evidence that AI Cloud and SEALMINER can support profitability. The distinction is important for Bitcoin holders because mining output can rise while equity returns lag if power pricing, depreciation and financing costs absorb the benefit of higher production. This is not a consumer-facing AI crypto wallet or an automated AI trading bot story; it is an infrastructure bet.

COINOTAG’s analysis: Bitdeer’s quarter shows that Bitcoin mining is entering a capital-allocation phase where scale alone does not guarantee profitability. The company’s investor-relations disclosure is the primary source here: revenue grew sharply, but electricity and depreciation pushed cost of revenue above sales, producing a gross loss. At the same time, higher Bitcoin output and AI Cloud growth suggest the strategy is gaining traction operationally. The market is therefore pricing execution risk, not a failure of demand. The November report will be the next test of whether the SEALMINER rollout can convert production into gross margin.