On February 13, after Bitdeer Technologies Group announced its Q4 2025 earnings, the stock price dropped over 8% on the same day, falling below $11 despite the company’s strong rebound from significant losses to profitability. Data shows that Bitdeer’s net profit for this quarter reached $70.5 million, compared to a loss of $531.9 million in the same period last year; revenue surged from $69 million to nearly $225 million, nearly doubling.
Bitcoin operations are the main driving force. During the quarter, the company mined a total of 1,673 bitcoins, significantly higher than 469 in the same period last year; mining revenue increased from $41.5 million to $168.6 million, accounting for most of the revenue. Meanwhile, its total hash rate management capacity has risen to 71 EH/s, with self-mining hash rate at 55.2 EH/s, and hosted hash rate growing in tandem, surpassing some peers in hash rate scale.
However, the market is more focused on cost pressures. Gross margin declined from 7.4% to 4.7%, mainly due to increased electricity costs, equipment depreciation, and higher R&D investment in SEALMINER chips. Data from BitcoinTreasuries shows that Bitdeer sold some bitcoins between January and February 2026, reducing holdings from over 2,000 to about 1,040, possibly to support expansion plans.
The company is accelerating diversification, planning to convert some mining farms into artificial intelligence and high-performance computing workloads, and disclosed that its global operations and projects under construction have an electricity capacity of approximately 3 gigawatts, laying the foundation for dual-purpose data centers.
Roth Capital analyst Darren Aftahi lowered the target price from $40 to $30 but maintained a “Buy” rating. He believes the company’s shift toward AI infrastructure has potential, but profit margin pressures and reduced bitcoin holdings make investors cautious about short-term performance.
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