Bitdeer crashes 19% in a day after dilutive offering, bad earnings

Bitdeer Technologies shed a fifth of its market value on August 10, closing at a market capitalization of $2.11 billion, down 19% from Friday’s $2.65 billion.

The BTC miner had posted a slightly wider quarterly loss than Wall Street expected that morning in its earnings announcement, and more importantly, it filed a shelf registration to dilute shareholders with up to $1 billion in new stock.

The stock’s plunge was idiosyncratic, not mirroring the price of broader markets nor BTC. Indeed, the Nasdaq closed within 0.4% of its Friday close, and BTC traded within 2%. 

Bitdeer investors were reacting to the company’s particular disclosures, not the broader market.

Bitdeer reported second quarter revenue rising 47% versus Q2 2025 to $228.8 million, beating analysts’ consensus estimate of $225.7 million.

Its per-share earnings loss of $0.37 per share missed analysts’ $0.36 model, a forgivable single cent miss.

Behind those numbers, however, the company’s margins swung in the wrong direction. Gross margin turned negative for the quarter against a positive quarterly margin the prior year.

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