Bitdeer Shares Fell 20% on Wider-Than-Estimated Q3 Net Loss, ASIC Chip Delay

Bitdeer, a bitcoin miner and equipment manufacturer, experienced a significant drop in shares, falling 20% following its Q3 financial report. The company reported a net loss of $266.7 million, or $1.28 per share, which is a considerable increase from $50.1 million in losses reported in the same quarter last year. This loss was much larger than analysts had predicted, who estimated losses of only 25 cents per share. Despite this, Bitdeer achieved more than double its revenue, totaling $169.7 million, surpassing expectations. However, the announcement of a delay in the next-generation SEAL04 ASIC chip further affected investor confidence. As of the end of October, Bitdeer had increased its self-mining capacity to 41.2 EH/s and raised its bitcoin holdings to 2,029 BTC. The stock closed at $17.65, marking its lowest position in over a month, and is down nearly 19% for the year.

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