Bitdeer swings to Q4 profit as revenue triples, shares fall 8% after earnings

Bitdeer Technologies Group reported a significant turnaround in the fourth quarter, swinging to a net profit of $70.5 million from a substantial loss the previous year, as revenue surged to nearly $225 million, tripling from $69 million a year prior. This growth was primarily fueled by its self-mining business, which saw revenue jump to $168.6 million and mined 1,673 bitcoins, up from 469. Consequently, the company's total hash rate under management climbed to 71 exahashes per second, positioning it as one of the largest publicly traded miners by capacity and surpassing MARA Holdings in managed hashrate.

Despite the strong top-line results, profitability pressures were noted, with gross margin slipping to 4.7% due to rising electricity and depreciation costs from rapid rig deployment. The company is also increasing R&D spending to invest in its proprietary SEALMINER chips and AI infrastructure, positioning itself as a data center provider for AI and high-performance computing customers, with about 3 gigawatts of global power capacity planned or operating.

Although Bitdeer held over 2,000 BTC at year-end, it has since sold down holdings to roughly 1,040 BTC in early 2026, likely to fund ongoing expansion. Following the earnings release on Thursday, Bitdeer's shares (BTDR) fell more than 8%, hitting a new year-to-date low below $11.

(Source：The Block)