Bitdeer Technologies Group, the Singapore-based Bitcoin cloud mining and infrastructure firm, has reported a spectacular financial turnaround for the fourth quarter of 2025. The company announced revenue of nearly $225 million, a staggering 226% increase from the $69 million reported in the same quarter a year earlier. This performance marks a dramatic reversal from a net loss of $531.9 million in Q4 2024 to a net profit of $70.5 million.
The core driver of this growth was a massive expansion in the company's proprietary, or self-mining, operations. Revenue from self-mining surged to $168.6 million from $41.5 million. This was powered by a 257% increase in Bitcoin production, with Bitdeer mining 1,673 BTC in Q4 compared to 469 BTC a year prior. The company's total hash rate under management more than tripled year-over-year to 71 exahashes per second (EH/s), surpassing rival MARA Holdings and positioning Bitdeer as one of the largest publicly traded miners by computing capacity.
Despite the strong top-line results, the company faces ongoing profitability pressures. Gross margin declined to 4.7% from 7.4% a year earlier, attributed to rising electricity expenses and depreciation costs from the rapid deployment of new mining rigs. Operating expenses also increased due to continued investment in its proprietary SEALMINER chip lineup and AI infrastructure initiatives.
Market reaction was mixed. Following the earnings release, shares of Bitdeer (BTDR) fell more than 8%, dipping below $11 to a new year-to-date low. The company also revealed it has been selling portions of its Bitcoin treasury, reducing holdings from over 2,000 BTC at the end of the quarter to roughly 1,040 BTC by February 2026, likely to fund its expansion.
Looking ahead, Bitdeer is strategically positioning itself beyond pure Bitcoin mining. Management emphasized its evolution into a provider of data center capacity for artificial intelligence and high-performance computing. The company reports approximately 3 gigawatts of global power capacity across its portfolio, with plans to partially convert several sites to handle AI workloads over the next two years.
