Bitdeer Sees Q1 Revenue Drop 41%, While Net Income Soars on Derivative Gains
Singapore-headquartered crypto mining firm Bitdeer posted mixed financial results for Q1 2025, with revenue dropping significantly even as net income skyrocketed—thanks to substantial non-cash gains tied to derivatives.
According to its latest earnings report released Thursday, Bitdeer generated $70.1 million in revenue during the first quarter, marking a 41.3% decrease compared to the same period in 2024. The company’s self-mining segment, which contributed $37.2 million, also saw a 23.1% decline year-on-year.
Despite this downturn in operational revenue, the Nasdaq-listed firm reported a dramatic increase in net income, reaching $409.5 million, compared to just $0.6 million in Q1 2024. The sharp rise is largely attributed to a $503.1 million non-cash gain from changes in the fair value of derivative liabilities, including convertible notes and Tether warrants.
Matt Kong, Bitdeer’s Chief Business Officer, framed the results within the company’s broader strategy, stating:
“This quarter marked the continued execution of our SEALMINER roadmap. We have energized 3.7 EH/s and 0.5 EH/s of SEALMINER A1 and A2, respectively, bringing our self-mining hashrate to 12.4 EH/s by the end of April.”
Bitdeer has ambitious targets for the year, aiming to boost its self-mining hashrate to 40 EH/s by October 2025.
Beyond mining, the firm is actively expanding into the high-performance computing (HPC) and AI infrastructure space. In March, Bitdeer engaged Northland Capital Markets as a financial advisor to advance its HPC/AI data center strategy. According to Kong, discussions are ongoing with development partners and potential clients for large-scale U.S.-based sites tailored for AI and cloud infrastructure.
Earlier this year, Bitdeer also acquired a 101-megawatt power project in Alberta, Canada for $21.7 million, signaling a continued push to scale mining operations.
The company operates across several international locations, including the United States, Norway, and Bhutan, and continues to diversify its infrastructure portfolio in response to the evolving demands of digital computation.
Despite the financial upswing on paper, Bitdeer’s shares closed down 2.56% on Thursday at $13.73 on the Nasdaq, reflecting cautious investor sentiment amid revenue contraction.