Bitdeer Shares Plunge 20% on Bigger-Than-Expected Q3 Loss and ASIC Chip Delay – 11/11/2025
Bitdeer Technologies Group (BTDR), a bitcoin miner and equipment manufacturer pivoting into AI and data center infrastructure, dropped 20% on Monday after reporting a third-quarter net loss far exceeding estimates and delaying its next-generation ASIC chip.
The company posted a net loss of $266.7 million, or $1.28 per share, compared with $50.1 million in the same quarter last year. Analysts had expected a loss of roughly $0.25 per share. Revenue more than doubled to $169.7 million, beating expectations, while adjusted EBITDA turned positive after a prior-year shortfall.
“Bitdeer flagged delays on its next-gen ASIC and offered limited updates on AI initiatives,” said Matthew Sigel, head of digital assets research at VanEck. “The absence of the CEO from the earnings call heightened investor concerns.”
The drop marked BTDR’s largest decline since February, pushing shares to $17.65, the lowest in over a month. Year-to-date, the stock has fallen nearly 19%.
On the operational side, Bitdeer increased its bitcoin holdings to 2,029 BTC and exceeded its self-mining target with a hash rate of 41.2 EH/s by October. The SEALMINER A3 series is in mass production, but development of the next-generation SEAL04 ASIC chip has been postponed.
Looking forward, Bitdeer projects that dedicating 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.
