Bitdeer Shares Plunge 20% After Wider-Than-Expected Loss, ASIC Chip Delay – 11/11/2025

Bitdeer Technologies Group (BTDR), the bitcoin miner and equipment manufacturer that recently pivoted toward AI and data center infrastructure, saw its shares tumble 20% on Monday following the announcement of a delayed next-generation ASIC chip and a deeper-than-anticipated third-quarter loss.

The company reported a net loss of $266.7 million, or $1.28 per share, compared with a $50.1 million loss a year ago. Analysts had expected a loss of around $0.25 per share. Despite the disappointing bottom line, revenue more than doubled to $169.7 million, surpassing expectations, and adjusted EBITDA turned positive after a year-earlier deficit.

“Bitdeer announced a delay on its key next-gen ASIC and provided no concrete update on AI lease potential, while the CEO didn’t join the call,” said Matthew Sigel, head of digital assets research at VanEck.

The sharp decline marked the stock’s largest drop since February, pushing it to $17.65 — the lowest level in over a month. Year-to-date, BTDR is down nearly 19%.

Operationally, Bitdeer expanded its bitcoin holdings to 2,029 BTC, fueled by growth in its self-mining operations. The company achieved a self-mining hash rate of 41.2 EH/s by the end of October, exceeding its 40 EH/s target.

The SEALMINER A3 series entered mass production, but development of the next-generation SEAL04 ASIC chip faced delays.

Looking ahead, Bitdeer projected 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.