Bitdeer Technologies Group, one of the world’s leading bitcoin-mining companies, saw its stock tumble this week after reporting a steep third-quarter loss and revealing that Tether had reduced its investment in the company.
Bitdeer reported a net loss of $266.7 million for the third quarter of 2025, compared to a $50.1 million loss in the same period last year. Revenue rose to $169.7 million, up more than 170 percent year-on-year, but the spike in operating costs and market volatility eroded profits.
The company also disclosed that Tether, one of its largest shareholders, sold about 7.7 million shares, cutting its stake from roughly 23 percent to 18 percent.
The stock fell more than 20 percent following the announcement, with investors reacting to both the widening loss and the symbolic retreat by Tether, which had been one of Bitdeer’s most visible backers.
Analysts said the move likely reflected profit-taking and portfolio diversification rather than a loss of confidence in crypto infrastructure, though the timing added pressure to Bitdeer’s already volatile share price.
AI And High-Performance Computing
Bitdeer, founded by crypto entrepreneur Jihan Wu, has been expanding beyond bitcoin mining into high-performance computing and artificial intelligence infrastructure.
The company currently operates over 240,000 mining rigs and holds around 2,000 BTC in reserves. Its new direction is aimed at offsetting the volatility of the crypto-mining business by leveraging existing data center capacity for AI workloads and cloud computing.
However, the large quarterly loss and Tether’s reduced stake raise concerns about execution and financial resilience during this transition.
Analysts warn that pivoting from crypto mining to AI services requires major capital investment, complex integration, and competition with established cloud providers.
Market Signal For Crypto Infrastructure Stocks
The drop in Bitdeer’s shares follows a broader downturn in publicly listed mining companies, which continue to face rising energy costs, tighter regulation, and declining profit margins amid bitcoin price fluctuations.
Tether’s move may be seen as a pragmatic step to rebalance exposure in a challenging sector. For Bitdeer, the focus now turns to stabilising its core mining operations while convincing investors that its AI ambitions are realistic.
The company said it plans to maintain long-term strategic partnerships and continue expanding in Singapore, Norway, and the United States to strengthen its infrastructure base.
As crypto markets evolve, Bitdeer’s struggles highlight the industry’s crossroads: balancing growth narratives with operational credibility.
Whether its shift toward AI infrastructure can restore investor confidence will determine if Bitdeer’s current downturn is a short-term stumble or the start of a deeper recalibration in crypto mining’s next chapter.
