Bitdeer Technologies Group (BTDR -2.88%), one of a clutch of cryptocurrency mining companies attempting to lean into its data center operations business, reported earnings earlier this week. The company missed analyst estimates on both the top and bottom lines; what’s more, it announced a potentially huge secondary share issue.
Neither of these developments did the stock any favors. It was down by almost 20% week to date as of early Friday morning, according to data compiled by S&P Global Market Intelligence.
Going to market
On Monday, Bitdeer both published its second-quarter figures and announced that aim to raise equity.
Image source: Getty Images.
As for the quarter, Bitdeer’s revenue came in at just under $229 million, well up from the year-ago period’s under $156 million. The company’s headline net loss, however, deepened to over $92 million, or $0.37 per share. The second quarter 2025 deficit was nearly $63 million.
Analysts tracking the stock were modeling revenue of slightly above $231 million and a net loss per share of $0.32.
Bitdeer benefited from the continued scaling of its artificial intelligence (AI) cloud revenue and improvements in its mining fleet. But the bottom line was affected by sharp increases in expenses like electricity costs.
Soon after publishing the earnings release, Bitdeer revealed in a regulatory filing that it plans to float up to $1 billion of its class A ordinary shares via an at-the-market offering to the public.
Bitdeer Technologies Group
Today’s Change
(-2.88%) $-0.26
Current Price
$8.76
Key Data Points
Market Cap
Day’s Range
$8.65 – $9.35
52wk Range
$6.92 – $27.80
Volume
11.5M
Avg Vol
11.4M
Gross Margin
47.15%
Energized by Volta
Last week, Bitdeer announced it had contracted with AI infrastructure company Volta for a 121 IT megawatt lease for AI compute. The base term of the arrangement is 16 years, and its total value is approximately $4.7 billion.
The pivot from crypto miner to advanced data center landlord is a potentially very lucrative move, hence its current popularity. The catch is that there can be quite some time between signing a large contract and earning the initial revenue from it.
That said, Bitdeer is clearly on the right path. Investors who are positive on the pivot shouldn’t be dissuaded by that potentially large equity issue or the second-quarter misses.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.