Crypto
Bitdeer Stock Sinks Amid Strong Mining Results
Bitdeer's stock price plummeted by 16.82% to $9.05 on Monday, despite strong second-quarter mining results. The Singapore-based bitcoin mining and AI infrastructure company saw its shares drop from a previous close of $10.88.
The firm's self-mined bitcoin output surged by 377% year over year to 2,694 BTC in the second quarter. Revenue rose 47% to $228.8 million, but Bitdeer's net loss widened to $92.3 million.
Chief Financial Officer Michael G. Potter attributed the numbers to a strategic shift underway at the company. He noted that the firm has been converting its power portfolio into long-term contracted revenue through deals such as the Tydal agreement in Norway.