Bitdeer Reports $532M Q4 Loss, Ramps Up ASIC Development for Long-Term Growth
Bitdeer Technologies Group (BTDR) posted a fourth-quarter net loss of $531.9 million, a sharp increase from the $5 million loss reported in the same period last year.
The Singapore-based bitcoin mining firm attributed the decline to substantial investments in developing its proprietary ASIC mining chips, which it sees as a strategic move to enhance efficiency and scalability.
“Our priority has been to advance our ASIC technology, which temporarily slowed our hashrate growth but positions us for long-term competitive advantages,” said Matt Kong, Bitdeer’s chief business officer. “Controlling our own ASIC supply will allow us to scale operations faster, optimize costs, and improve capital efficiency.”
Quarterly revenue dropped 40% year-over-year to $69 million, driven by weaker performance across self-mining, hosting services, and cloud hashrate offerings.
Despite the near-term financial setback, Bitdeer remains focused on expansion, with a goal to increase its self-mining capacity to 40 exahashes per second (EH/s) by the end of 2025—placing it among the industry’s largest players.
The company is also doubling its energy infrastructure, targeting over 1 gigawatt (GW) of power capacity by 2026, up from its current 900 megawatts (MW).
In addition to mining, Bitdeer is eyeing opportunities in the ASIC chip market, citing strong demand for alternative suppliers. It is also exploring partnerships to provide energy solutions for AI and high-performance computing centers.
Following the earnings release, Bitdeer’s stock tumbled 28%, reflecting broader weakness in both traditional and crypto markets. The stock now trades at $9.49, down 64% from its December peak.
