Bitdeer swings to Q4 profit as revenue triples, shares fall 8% after earnings
Quick Take
- Bitdeer’s managed hashrate capacity now exceeds rival MARA, following a rapid expansion of its mining fleet through 2025.
- The company continues shifting compute resources toward AI and high-performance computing infrastructure, similar to many of its peers.
Bitdeer Technologies Group swung to a profit in the fourth quarter as revenue surged on the back of a major expansion in its bitcoin self-mining operations.
The Singapore-based miner and infrastructure firm posted nearly $225 million in revenue for the quarter ending Dec. 31, up from $69 million a year earlier. Net profit reached $70.5 million, compared with a $531.9 million loss in the same period in 2024, according to results released Thursday.
Growth was driven primarily by Bitdeer’s self-mining business, which generated $168.6 million in revenue during the quarter, up from $41.5 million last year. The company mined 1,673 bitcoins in the fourth quarter, compared with 469 a year earlier, as its deployed hashrate scaled rapidly through 2025.
Total hash rate under management climbed to 71 exahashes per second, more than triple last year’s level, making Bitdeer one of the largest publicly traded bitcoin miners by computing capacity. The figure includes 55.2 EH/s of self-mining capacity, alongside rigs hosted for customers, allowing Bitdeer to surpass rival MARA Holdings on the managed hashrate metric.
The company held just over 2,000 bitcoin on its balance sheet at quarter's end. However, BitcoinTreasuries data shows Bitdeer has since reduced those holdings to roughly 1,040 BTC after selling portions of its treasury in the first two months of 2026, likely to help fund continued mining and AI infrastructure expansion.
The Block reached out to Bitdeer for comment but did not receive an immediate response.
Pressures and AI infrastructure expansion
Despite this, profitability pressures remain. Gross margin slipped to 4.7% from 7.4% a year earlier as electricity expenses and depreciation costs climbed alongside the rapid deployment of new mining rigs. Operating expenses also rose, with research and development spending increasing as the company continued investing in its proprietary SEALMINER chip lineup and AI-focused infrastructure initiatives.
Management said the company is increasingly positioning itself as both a bitcoin miner and a provider of data center capacity for artificial intelligence and high-performance computing customers.
Bitdeer currently reports roughly 3 gigawatts of global power capacity across operating and pipeline projects, with several sites slated for partial conversion to AI workloads over the next two years.
Shares of Bitdeer (BTDR) fell more than 8% on Thursday, dipping below $11 following the earnings release, marking a new year-to-date low according to The Block price data.
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