PANews reported on November 11 that, according to CoinDesk, Bitcoin mining company Bitdeer (BTDR) saw its stock price plummet 20% after releasing its third-quarter results , marking its biggest single-day drop since February. The company's revenue increased by over 173% year-over-year to $169.7 million, but its net loss widened to $266.7 million ($1.28 per share), far exceeding market expectations. Bitdeer also announced a delay in the mass production of its next-generation SEAL04 ASIC chip, and its CEO did not attend the earnings call, raising concerns among investors. Despite increasing its self-mining hashrate to 41.2 EH/s and its cryptocurrency holdings to 2029 BTC, the company's AI computing power business remains uncertain. Bitdeer anticipates that if its AI cloud services are successfully launched, its annualized revenue could exceed $2 billion by 2026.PANews reported on November 11 that, according to CoinDesk, Bitcoin mining company Bitdeer (BTDR) saw its stock price plummet 20% after releasing its third-quarter results , marking its biggest single-day drop since February. The company's revenue increased by over 173% year-over-year to $169.7 million, but its net loss widened to $266.7 million ($1.28 per share), far exceeding market expectations. Bitdeer also announced a delay in the mass production of its next-generation SEAL04 ASIC chip, and its CEO did not attend the earnings call, raising concerns among investors. Despite increasing its self-mining hashrate to 41.2 EH/s and its cryptocurrency holdings to 2029 BTC, the company's AI computing power business remains uncertain. Bitdeer anticipates that if its AI cloud services are successfully launched, its annualized revenue could exceed $2 billion by 2026.
Bitdeer shares plunged 20% due to larger-than-expected quarterly losses and ASIC chip delays.
PANews reported on November 11 that, according to CoinDesk, Bitcoin mining company Bitdeer (BTDR) saw its stock price plummet 20% after releasing its third-quarter results , marking its biggest single-day drop since February. The company's revenue increased by over 173% year-over-year to $169.7 million, but its net loss widened to $266.7 million ($1.28 per share), far exceeding market expectations.
Bitdeer also announced a delay in the mass production of its next-generation SEAL04 ASIC chip, and its CEO did not attend the earnings call, raising concerns among investors. Despite increasing its self-mining hashrate to 41.2 EH/s and its cryptocurrency holdings to 2029 BTC, the company's AI computing power business remains uncertain. Bitdeer anticipates that if its AI cloud services are successfully launched, its annualized revenue could exceed $2 billion by 2026.
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