Overview
- Bitdeer reported $228.8 million in revenue and mined 2,694 BTC in Q2, figures released in the company’s August quarterly report that showed adjusted EBITDA rose to $31.1 million despite a net loss of $92.3 million.
- The company sharply scaled mining scale: average self‑mining hashrate climbed roughly 389% year‑over‑year to about 69.5 EH/s and total managed hashrate reached about 86.1 EH/s.
- Bitdeer sold its treasury earlier in the year and ended the quarter holding just 150 BTC, reflecting a deliberate liquidity move that left the firm largely unhedged against Bitcoin price swings.
- Management disclosed a 16‑year, roughly $4.7 billion lease for 121 MW at its Tydal, Norway campus that the company says could generate long‑term contracted revenue but requires about $500 million of additional capital and financing support.
- Investors punished the report with a double‑digit share decline and analysts trimmed valuations while some maintained Buy ratings, citing execution risk, heavy financing needs, GPU supply constraints for AI tenants, and the company’s high borrowings as key near‑term tests.