- Bitdeer sees 41% revenue decline post-Bitcoin halving.
- $400M net income from convertible notes.
- Industry-wide impact on Bitcoin miners anticipated.
Bitdeer Technologies Group reported a significant 41% drop in revenue for the first quarter of 2025, while posting a net income of over $400 million due to convertible notes conversion. The announcement came from a recent earnings call led by Bitdeer management.
Earnings reveal Bitdeer’s Q1 revenue fell by 41%, reflecting a broader trend in the crypto mining sector after the Bitcoin halving. Despite revenue losses, the company leveraged financial tools for substantial net income.
Bitdeer Technologies Group faced a 41% year-over-year decline in revenue for Q1 2025, yet posted about $409.5 million in net income through the conversion of convertible notes. This revenue change comes amid challenging market conditions for crypto mining.
The Bitcoin halving event in April 2024 significantly affected Bitdeer’s operations, resulting in reduced block rewards across the industry. Although revenue decreased substantially, Bitdeer capitalized on convertible note conversions to achieve an overall income increase.
Bitdeer’s Q1 performance shows the market’s turbulence post-Bitcoin halving. Miners experienced squeezed margins, a result echoed by the company’s reported revenue drop. However, substantial net income from financial instruments helped stabilize the firm’s financial standing.
“We remain committed to executing on our corporate strategy and navigating the volatile crypto mining environment, even as revenue declined sharply following the Bitcoin halving. Our balance sheet is strong with significant one-time gains from the conversion of convertible notes.” — Haris, Management, Bitdeer
Bitdeer’s financial standings were largely bolstered by a one-time gain unrelated to regular operations, showcasing strategic handling of market and internal financial tools. This approach may set a precedent for other industry players navigating similar circumstances.
Analysts watch as Bitdeer’s adjustments, following historical halving patterns, play out. These data-driven strategies highlight the importance of financial instruments when traditional mining revenues diminish. Future quarters may reveal if this approach yields long-lasting success.
