Bitdeer’s 2,029 BTC Reserve Tests Its Mining Expansion

By Elena Vasquez

What changed in the third quarter?

Bitdeer Technologies Group ended the third quarter with 2,029 BTC, up 527 coins, or 35%, from 1,502 BTC a quarter earlier, according to its reported results. The Nasdaq-listed company, ticker BTDR, mined 1,109 BTC during the period, 96% more than in the third quarter a year earlier.

Bitdeer’s self-mining hash rate reached 35 EH/s as quarterly revenue rose 174% to $169.7 million. The figures show simultaneous growth in mining output, reported revenue and bitcoin reserves, giving shareholders two different forms of exposure to the mining business.

How much of the mined bitcoin reached the treasury?

Production did not fully translate into balance-sheet accumulation. Bitdeer mined 1,109 BTC but added 527 BTC to holdings, so the increase in reserves fell well short of the newly produced supply.

The company has not broken out the difference between production and reserve growth. The arithmetic points to a meaningful share of newly mined bitcoin going elsewhere, whether to cover costs or for other uses; it does not establish the exact disposition or timing.

That distinction matters because a larger treasury is not the same as retaining every mined coin. Bitdeer still expanded reserves by more than one-third, but the available disclosure does not permit an exact measure of how much production left the balance sheet.

In plain terms, Bitdeer mined more bitcoin than it added to reserves, even as holdings grew by more than one-third.

Did mining growth translate into operating profit?

Quarterly adjusted EBITDA reached $43 million. The measure excludes interest, taxes and depreciation, so it gives a rough indication of operating profitability before those items; put another way, the company generated roughly one dollar of adjusted EBITDA for every four dollars of revenue.

That conversion cannot establish a margin trend without comparable prior-period figures. Nor do the supplied figures isolate revenue between mining and AI cloud services, leaving each business’s contribution and profitability unstated.

The quarter therefore demonstrates substantial operating growth, but not a complete view of segment economics. In plain terms, revenue growth was clear, while adjusted EBITDA provided only a partial view of profitability.

What does the AI cloud expansion change?

Bitdeer built its name in bitcoin mining and has more recently expanded into AI cloud services. The move places it within a broader push among publicly traded miners to generate income that does not rise and fall with the bitcoin price.

The operating logic rests on infrastructure shared by both businesses. Miners already hold power contracts, cooling capacity and large data-center footprints that AI companies need, allowing existing assets to support revenue beyond block rewards.

Bitdeer’s 2,029-BTC reserve also gives shareholders direct exposure to bitcoin’s price on top of the operating risks and rewards of mining. The treasury and AI cloud initiative therefore create separate variables for investors to assess: one reflects bitcoin exposure, while the other tests revenue diversification.

AI cloud services could reduce reliance on block rewards only if they become material, and the available figures do not show how large the business has become. In plain terms, AI offers a second revenue path, but not yet a quantified one.

What should investors watch next?

Three measures will test whether the expansion is holding:

• Whether self-mining hash rate continues to climb beyond 35 EH/s.
• Whether the 2,029-BTC treasury keeps growing or gets tapped to cover costs and other uses.
• How much of the revenue mix starts coming from AI cloud services rather than block rewards.

The next quarterly disclosures will provide the market-structure test: sustained hash-rate gains, continued reserve accumulation and measurable AI cloud revenue would show whether public miners’ diversification is becoming a durable operating model. In plain terms, the next quarterly report will show whether miners’ shift beyond bitcoin mining is becoming a durable market structure.