Bitdeer Bets on Diversification to Drive a 2025 Turnaround

Bitdeer Technologies (NASDAQ: BTDR) endured a challenging 2024 as the aftershocks of April’s bitcoin halving event weighed on miners, squeezing margins, and slowing revenue growth. The company’s revenue fell -29% year-on-year in the third quarter of fiscal 2024, following a softer second quarter. Consensus estimates from Visible Alpha project a -5% decline in full-year revenue to $350 million.

However, analyst expect a sharp turnaround for Bitdeer in 2025 and 2026 as the company diversifies beyond cryptocurrency mining. The company, which provides hash rate (computational power) sharing and hosting solutions for bitcoin miners, is expanding into data center services for high-performance computing (HPC) and artificial intelligence (AI). The company is transforming some of its mining data centers into advanced computing hubs that can serve AI applications and other intensive computational tasks. Recent developments also include the successful testing of its energy efficient SEAL02 bitcoin mining chip and the launch of an AI training platform through its subsidiary, Bitdeer AI. With a diversified approach and increased investment in R&D, analysts expect a +74% revenue surge in 2025, followed by an +80% jump in 2026.