Bitcoin miner Bitdeer's Q3 revenue jumps 174% as firm adds over 500 BTC

Bitcoin miner Bitdeer Technologies Group (ticker BTDR) reported major increases across both revenue and gross profit for the third quarter of this year.

The company reported total revenue of $169.7 million compared to $62.0 million a year ago, translating into a 173.6% increase year-over-year, Bitdeer said Monday in a statement. Gross profit jumped to $40.8 million versus $2.8 million in Q3 2024.

Despite the major increases, however, Bitdeer posted a net loss of $266.7 million after having to book a loss associated with some convertible senior notes.

"Q3 marked a quarter of strong execution and financial performance," Bitdeer Chief Business Officer Matt Kong said in a statement. "Adjusted EBITDA increased to $43.0 million, reflecting operating leverage and efficiency gains driven by our self-mining expansion progress over the past year."

Bitdeer also said its treasury holdings rose to 2,029 BTC from 1,502 BTC the previous quarter, meaning at current prices the company holds about $214 million worth of bitcoin. In the past three months, the price of bitcoin has declined from about $119,000 to nearly $105,000 as of Monday morning, according to The Block's Price Page.

The miner also said its self-mining hashrate reached 41.2 EH/s. "Our first SEAL04 chip achieved promising results of approximately 6-7J/TH in testing, demonstrating strong progress toward our next-generation efficiency goals," Kong said.

Last month, Benchmark analysts reaffirmed a bullish outlook on Bitdeer, stating that the company’s decision to bring AI-data-center development fully in-house could improve margins and accelerate its transition from infrastructure buildout to revenue generation.