Bitdeer Stock Price Decline

Bitcoin mining firm Bitdeer saw its stock price on Nasdaq fall 3.55% on Monday after the company reported net losses in the second quarter of this year.

According to its latest earnings report, the Singapore-headquartered company reported a net loss of $17.7 million in the second quarter of this year, compared to $40.4 million in the same period last year.

The miner’s total revenue climbed to $99.2 million in the second quarter from $93.8 million in the same period last year. Its gross profit expanded by 50.6% year-on-year to $24.4 million in the second quarter.

“We achieved these results despite significant growth in the global network hashrate and the April 2024 halving,” Matt Kong, chief business officer of Bitdeer, said in a statement. “Our previous R&D investment in our cloud hashrate business contributed a gross profit of $7.3 million with a nearly 60% gross margin in Q2 and helped us generate more revenue for the same amount of hashrate relative to our peers.”

Bitdeer’s self-mining revenue increased to $41.6 million in the second quarter from $21.6 million in last year’s same quarter. This was mainly due to the increase in self-mining hash rate that expanded to 7.3 EH/s from 3.8 EH/s at its 100MW mining facility in Bhutan.

Kong also said that Bitdeer has “energized the first batch of our SEALMINER A1 chips” and plans to install 3.4 EH/s at its mining sites by the end of this year.

In May, Bitdeer finalized a deal with stablecoin issuer Tether for a private sale of up to $150 million worth of its shares. Through the deal, Bitdeer raised $100 million in a private placement, with a warrant that would allow Tether to buy additional shares for another $50 million.

Bitdeer’s share price on Nasdaq closed down 3.55% on Monday at $7.61 with a market cap of $1.04 billion. Its stock price has slid 14.3% year-to-date.