Bitdeer’s second-quarter results show a mining company producing far more Bitcoin while holding far less of it on its balance sheet, as rapid expansion of its self-mining fleet and data-center infrastructure absorbed capital. The company mined 2,694 BTC during the quarter, nearly five times the 565 BTC mined in the same quarter of 2025, but ended June with only 150 BTC, down 90% from 1,502 BTC a year earlier.
The contrast followed Bitdeer’s February sale of its entire 943 BTC treasury. The company said the sale was a liquidity decision and did not signal a retreat from Bitcoin mining. Its subsequent accumulation to 150 BTC suggests it continued retaining at least part of its mining output by the end of the second quarter, though at a much smaller scale than a year earlier.
Bitdeer reported second-quarter revenue of $228.8 million, a 47% increase from $155.6 million in the prior-year period. The figure also edged above the $225 million analyst consensus estimate compiled by Yahoo Finance. Shares rose 1.5% in premarket trading Monday following the report, although the stock remained down 15% over the preceding month.
Self-mining becomes Bitdeer’s main revenue engine
Self-mining accounted for $168.4 million of Bitdeer’s quarterly revenue, making it the company’s largest business line. The increase came as average self-mining hashrate climbed 389% year over year to 69.5 exahashes per second, giving Bitdeer a substantially larger share of computing power devoted to securing the Bitcoin network and competing for block rewards.
Hashrate measures the speed at which mining machines perform the calculations required to process Bitcoin blocks. Higher hashrate generally gives a miner more capacity to generate Bitcoin, though its financial results also depend on Bitcoin’s price, network mining difficulty, energy costs, machine performance and uptime.
Bitdeer’s Q2 report said its active hardware fleet more than doubled over the past 12 months to 243,000 rigs. That expansion helps explain the steep increase in Bitcoin production, but it also places a heavy financial burden on the company. Building mining capacity requires upfront spending on specialized machines, sites, electrical infrastructure and power arrangements before those assets generate revenue.
The company posted a net loss of $92.3 million in the quarter, widening from a $62.9 million loss a year earlier despite the revenue increase. The result illustrates the cost of Bitdeer’s strategy: higher mining output has not yet translated into profitability as the company builds out its physical computing base.
Bitdeer Chief Financial Officer Potter said in the company’s results materials that controlling the supply chain from power sources through data-center construction can produce better long-term returns. The approach gives Bitdeer more direct control over the assets that determine mining economics, including electricity access and facility design, rather than relying entirely on third-party hosting providers.
Norway agreement extends computing strategy beyond Bitcoin
Bitdeer has also begun applying that infrastructure strategy to artificial intelligence and high-performance computing, businesses that require many of the same ingredients as industrial-scale mining: large power supplies, specialized facilities, cooling systems and dense clusters of computing equipment.
In August, Bitdeer signed a 16-year lease valued at $4.7 billion for 121 megawatts of AI computing capacity in Norway, according to the company. The planned site would use local renewable hydropower to support advanced computing systems.
The agreement places a long-duration contract alongside Bitdeer’s mining operations, potentially giving the company an additional customer base beyond Bitcoin block rewards. AI and high-performance computing customers typically pay for contracted infrastructure capacity, while mining revenue can fluctuate daily with Bitcoin prices, network difficulty and transaction fees.
That distinction does not eliminate risk. A 16-year commitment also ties Bitdeer’s future performance to its ability to develop, equip and operate the Norwegian capacity while meeting customer demand. The project will require execution on construction, power delivery, hardware installation and commercial agreements, all while the company is already funding a fast-growing mining operation.
The combination of mining and AI hosting also changes how Bitdeer’s financial performance may be assessed. Bitcoin production remains the dominant source of current revenue, but the company is committing resources to assets that could support different forms of computing demand. Its earnings will increasingly reflect both mining conditions and the economics of data-center leasing.
Treasury sale leaves a smaller Bitcoin buffer
Bitdeer’s sharply reduced Bitcoin balance is a notable change for a company whose core business generates the asset directly. Holding mined BTC can provide exposure to price appreciation, but it also leaves a company’s liquidity sensitive to market swings. Selling treasury Bitcoin can create cash for equipment, operations and expansion, while reducing the amount of Bitcoin available on the balance sheet.
The February liquidation of 943 BTC followed an earlier reduction that brought the company’s holdings to zero. Bitdeer later rebuilt a modest 150 BTC balance by the end of June, based on its Q2 report. The company did not present the remaining holding as a return to its earlier treasury position.
Bitdeer’s ability to expand mining output at this pace will depend heavily on installation speed, energy contracts and the performance of its 243,000-rig fleet. The second-quarter figures show that the company has chosen capacity growth and infrastructure development over maintaining a large Bitcoin treasury, leaving profitability dependent on whether the additional computing scale can generate returns that justify the spending behind it.
Learn how institutional moves shape Bitcoin’s path in 2026—explore our outlook in BTC’s road to $100K now.
Disclaimer: The content on this page is provided for general informational purposes only and does not represent the views or financial advice of Toobit. We make no guarantees regarding the accuracy or completeness of this information and shall not be held liable for any errors, omissions, or outcomes resulting from its use. Investing in digital assets involves risk; users should independently evaluate their financial situation and the risks involved. For further details, please consult our Terms of Service and Risk Disclosure.
