Bitdeer Shares Plunge 20% After Q3 Loss Exceeds Estimates, Next-Gen ASIC Chip Delayed – 11/11/2025
Bitdeer Technologies Group (BTDR), a bitcoin miner and equipment manufacturer pivoting into AI and data center operations, fell 20% on Monday following a wider-than-expected third-quarter loss and a delay in its next-generation ASIC chip.
The company reported 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 forecast a loss of around $0.25 per share. Revenue more than doubled to $169.7 million, exceeding expectations, while adjusted EBITDA swung positive from a prior-year loss.
“Bitdeer announced delays on its next-gen ASIC and provided limited updates on its AI plans,” said Matthew Sigel, head of digital assets research at VanEck. “The CEO also did not participate in the call, adding to investor caution.”
The decline brought BTDR shares down to $17.65, their lowest level in over a month, marking the steepest drop since February. The stock is down nearly 19% year-to-date.
Operationally, Bitdeer increased its bitcoin holdings to 2,029 BTC and surpassed its self-mining target with a hash rate of 41.2 EH/s by the end of October. While mass production of the SEALMINER A3 series has begun, development of the next-generation SEAL04 ASIC chip is postponed.
Looking ahead, Bitdeer forecasts 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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