Bitdeer Swings to Q4 Profit as Revenue Triples; Shares Fall 8% After Earnings

Bitdeer Technologies Group (NASDAQ: BTDR) reported a significant financial turnaround in its fourth-quarter earnings report, swinging to a net profit as total revenue tripled compared to the same period last year. The cryptocurrency mining firm’s robust performance was primarily driven by a substantial expansion in its self-mining capacity and a favorable environment in the digital asset markets during the final months of the year. For the quarter ended December 31, Bitdeer posted a net income that contrasted sharply with the net loss recorded in the previous year’s fourth quarter, reflecting improved operational efficiency and increased hash rate utilization. Despite the impressive growth in both top and bottom lines, the company’s shares fell by 8% following the announcement. Market analysts suggest that the share price drop may be a ‘sell the news’ reaction from investors or concerns over rising capital expenditures as the company prepares for the upcoming Bitcoin halving event. Bitdeer continues to focus on its long-term strategy of expanding its global data center footprint and vertically integrating its technology stack to maintain a competitive edge in the mining industry.

Source: Bitdeer swings to Q4 profit as revenue triples, shares fall 8% after earnings