Bitcoin miner Bitdeer's shares sink 15% despite revenue growth, progress on AI pivot

Bitdeer's shares (BTDR) sank over 15% on Monday after the Bitcoin miner and artificial intelligence infrastructure provider posted strong revenue growth across both verticals.

The company also posted a net loss of $92.3 million, a 47% increase year-over-year, as electricity costs, depreciation, R&D, administration and interest expenses all rose.

Bitcoin mining surged nearly 400% with Bitdeer producing 2,694 BTC during the quarter, versus 565 BTC through the same period in 2025. The company closed the quarter holding only 150 BTC, signaling it sold its newly mined Bitcoin amid the cryptocurrency dropping below $60,000 during the quarter.

Overall, Bitdeer's total revenue climbed to $229 million, a 47% increase, with AI cloud revenue jumping tenfold to $14 million.

The company has increasingly positioned itself as a provider of AI infrastructure in recent quarters, expanding beyond its core bitcoin mining business.

"The second quarter reflected steady progress across our platform," Bitdeer CFO Michael Potter said in a statement. "Our AI Cloud revenue continues to scale, alongside our mining business as our SEALMINER fleet comes online."

Bitdeer's recently announced a 16-year, $4.7 billion AI data center agreement at its Tydal campus in Norway.

"Earlier this month, we converted a meaningful portion of our power portfolio into long term, contracted revenue with the Tydal, Norway agreement, our first large-scale proof point for the colocation strategy we plan to continue to build upon," Potter said.

Potter, previously at gaming hardware manufacturer Corsair Gaming, took over as Bitdeer's chief financial officer in May.