Bitdeer Technologies Group (NASDAQ: BTDR) is establishing a bitcoin mining ASIC manufacturing facility near Reno, Nevada, according to a business update from the developer providing the lease. The Singapore-based bitcoin miner leased 187,632 square feet of industrial space in Sparks, Nevada, to produce its SEALMINER bitcoin mining computer line. This expansion comes as the company navigates operational challenges, including delays on a new chip design for its latest generation ASIC and shareholder litigat ...

Core Insights - Bitdeer Technologies Group reported significant growth in Bitcoin production and self-mining hashrate, with a year-over-year increase of 251% in Bitcoin mined, totaling 526 Bitcoins in November 2025 [5][7] - The company is actively scaling its AI cloud services, achieving an Annual Recurring Revenue (ARR) of approximately $10 million, up from $8 million in October 2025, indicating strong market demand [5][6] Operational Update - The total proprietary hash rate deployed increased to 47.3 EH/s in November 2025, up from 41.3 EH/s in October 2025 [3][7] - The cumulative deployment of SEALMINER A2 reached 34.3 EH/s, while SEALMINER A3 saw a deployment of 0.6 EH/s [3] - The total hash rate under management as of November 30, 2025, was 60.3 EH/s, compared to 55.5 EH/s in October 2025 [7] SEALMINER R&D - The SEAL04-1 chip demonstrated improved power efficiency of approximately 6-7 J/TH, with mass production targeted for Q1 2026 [6] - The company plans to continue deploying SEALMINER mining rigs while retiring older-generation third-party rigs [5] Infrastructure and Operations - Bitdeer has secured a 2 MW AI data center lease in Malaysia, expected to launch by year-end 2025 [6] - The company is actively evaluating U.S. data center leasing opportunities to enhance its AI cloud services, with several projects in various stages of development [10][13] - Total global electrical capacity stands at 2,992 MW, with ongoing projects expected to increase capacity further [13][14] Management Commentary - The Chief Business Officer highlighted expectations to achieve a self-mining hashrate milestone of 50 EH/s by year-end 2025, with continued growth planned through 2026 [7] - The company is focused on scaling its GPU infrastructure to meet the growing demand for high-performance computing [7]

Core Insights - Bitdeer Technologies Group (NASDAQ:BTDR) is identified as an overlooked tech stock with potential investment opportunities [1] Financial Performance - In Q3 2025, Bitdeer reported a revenue increase of 173.6% year-over-year, reaching $169.7 million, with gross profit at $40.8 million and adjusted EBITDA at $43.0 million [3] - The company ended the quarter with $246.2 million in registered crypto assets and $196.3 million in cash and equivalents [3] - Despite strong operational execution, Bitdeer experienced a net loss of $32.8 million due to increased borrowing costs and operating expenses [4] Operational Highlights - Growth in self-mining operations was a key driver of performance, compensating for declines in cloud hashrate and general hosting [4] - The introduction of SEALMINER sales and early HPC/AI deployments created new revenue streams for the company [4] Future Outlook - Bitdeer is positioned for long-term growth with a 3.0 GW power portfolio and a strong R&D pipeline, aiming to meet the rising demand for Bitcoin mining and AI compute services [5] - The company is focused on mass production of the first-generation A4 chip in Q1 2026 and developing HPC/AI contracts as potential growth catalysts [2]

Financial Performance - Total revenue for Q3 2025 was $169.7 million[9, 11], a significant increase compared to $62.0 million in Q3 2024[9] - Adjusted EBITDA for Q3 2025 reached $43.0 million[9, 11], a substantial improvement from $(7.9) million in Q3 2024[9] - The company reported a net loss after tax of $266.7 million for Q3 2025[11] - Cash and cash equivalents stood at $196.3 million, with a crypto balance of $246.2 million[11] Operational Highlights - Self-mining operations saw a significant increase, with the number of BTC mined rising from 565 in Q2 2025 to 1,109 in Q3 2025[13], a roughly 96% increase - The company achieved a hash rate of 41.2 EH/s as of October 31, 2025[11], compared to 14.2 EH/s in October 2025[13], a roughly 190% increase - Sales of SEALMINERs contributed $11.4 million in revenue from 0.8 EH/S of mining rigs sold in Q3 2025[15] Strategic Initiatives and Infrastructure - The company is expanding its HPC/AI strategy across multiple initiatives[11, 22] - The Clarington, Ohio site with 570 MW electrical capacity is expected to be available by Q3 2026[11, 32] - The company has a global scale with a strong power pipeline, aiming to have 2.1 GW of power capacity online by Q4 2026[60]