Bitdeer Technologies Group (BTDR) said its fourth-quarter net loss widened to $531.9 million from $5 million in the year-earlier quarter.
The Singapore-based bitcoin (BTC) mining company attributed the expenses to strategic investments in developing its proprietary ASIC mining rigs.
“While our focus on ASIC development temporarily limited hashrate expansion, we made significant progress in strengthening our technology roadmap,” said Matt Kong, the firm’s chief business officer. “Owning our own ASICs allows us to rapidly deploy hashrate, lower cost and improve capital efficiency.”
Revenue fell to $69 million, down 40% from the year-earlier period, with declines across self-mining, hosting and cloud hash rate services.
The company is doubling down on growth, aiming to increase its self-mining capacity to 40 exahash per second (EH/s) by the end of 2025, which would place the company among the largest bitcoin mining operations in the world.
It also plans to scale its power infrastructure, with over 1 gigawatt (GW) of capacity set to go online next year — more than doubling the current 900 megawatts (MW).
Bitdeer said it sees potential in the ASIC market, noting strong demand for alternative suppliers. The firm is also positioning itself to supply energy for AI data centers, aiming to capitalize on rising demand for computing power.
The shares fell 28% on the day amid a broader decline in traditional and crypto markets. The stock is now trading for $9.49, more than 64% lower than its end-December all-time high.
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