Bitdeer increases self-mining hashrate to 13.6 EH/s, ships 1.6 EH/s to customers

Bitdeer Technologies (BTDR) reported its self-mining hashrate reached 13.6 EH/s in May 2025, mining 196 Bitcoins, an 18.1% increase from April, while total hashrate under management reached 27.4 EH/s. Despite progress in infrastructure projects and plans to release its SEALMINER A3 series, the company faces profitability challenges with a gross profit margin of 9.67% and missed Q1 2025 revenue and adjusted loss per share estimates, although it did report a net income of $409.5 million due to non-cash fair value changes; B. Riley maintains a Buy rating with an $18 target, while a Callisto Research report has raised concerns about Bitdeer's financial transparency and governance.

Analysis

Bitdeer Technologies (BTDR) demonstrated operational growth in May 2025, with its self-mining hashrate reaching 13.6 EH/s and Bitcoin production increasing 18.1% month-over-month to 196 BTC. The company's total hashrate under management stood at 27.4 EH/s, and it continued its hardware sales by shipping 1.6 EH/s of SEALMINER A2 rigs. However, this operational expansion is set against a backdrop of financial challenges, evidenced by a low gross profit margin of 9.67% over the last twelve months and a Q1 2025 performance where revenue of $70.1 million and an adjusted loss per share of $0.37 both missed analyst consensus. Although a net income of $409.5 million was reported for Q1, this was largely attributable to non-cash fair value changes of derivative liabilities, not underlying operational profitability. Bitdeer is pursuing ambitious expansion, aiming for over 40 EH/s in self-mining capacity by October 2025, launching its new SEALMINER A3 series, advancing infrastructure projects in Norway and Ohio, and initiating an AI Cloud service. A recent $50 million cash infusion from Tether through warrant exercise and holding 1,351 Bitcoins provide some financial flexibility. While a B. Riley analyst raised the stock target to $18, citing new market entries and expansion, significant governance and financial transparency concerns have been highlighted by a Callisto Research report, to which Bitdeer has not yet publicly responded, contributing to the stock's high beta of 2.32 and reflecting substantial market uncertainty.

Key Decisions for Investors

• Investors should carefully balance Bitdeer's significant operational growth trajectory and expansion targets against its current profitability struggles, recent earnings shortfall, and the unresolved, serious allegations regarding its financial transparency and governance.
• Considering the stock's high beta of 2.32, indicative of significant volatility, and the inherent risks of the crypto-mining sector, any investment in BTDR should be approached with caution and may only be suitable for investors with a high-risk appetite.
• Key developments to monitor closely include Bitdeer's official response to the Callisto Research allegations, tangible progress towards its stated 40 EH/s self-mining capacity by October 2025, improvements in gross profit margins, and the market adoption of its forthcoming SEALMINER A3 rigs and new AI Cloud services.