#capital-raise

#capital-raise

The company sold shares at $6.50 each, well below its closing price of $9.10, according to a filing with the Securities and Exchange Commission (SEC). The raise also included warrants - instruments that give investors the right to buy additional shares later at a set price, in this case as low as $6. The financing came from existing backer Ares Management and several unnamed institutional investors.

In its latest weekly production update, the Singapore-based miner disclosed that it produced 189.8 BTC during the period and sold the entire amount. It also offloaded its remaining 943.1 BTC in reserves in a single week, wiping out its balance sheet holdings. The move marks a sharp break from the traditional public miner strategy of accumulating bitcoin as a treasury asset. With the liquidation, Bitdeer becomes the largest publicly traded miner by self-mining hashrate to hold no bitcoin on its balance sheet.

What mattered more than the headline miss was what the numbers revealed about the underlying business: electrolyzer revenue surged 46% sequentially, but the company's gross losses actually narrowed. That's the real story here. The GenEco electrolyzer segment delivered the quarter's bright spot. Revenue hit $65M, up 46% from Q2 2025, with over 230 MW of electrolyzers now mobilized globally. This is exactly what management has been banking on to drive future profitability. The segment's sequential growth suggests real commercial traction in hydrogen production equipment.

Revenue: $915M, up vs. the $882.3M consensus, but down 33.5% YoY Adjusted EPS: -$0.12 vs. -$0.07 expected Gross margin: 7.2%, down from 11.5% a year ago Net loss: $90M, wider than last year's $78M Cash: $962M, up 16% YoY Q4 outlook: revenue expected down ~35% sequentially on low inventory 1) EPS miss and losses wideningAdjusted EPS of -$0.12 missed by five cents and the net loss expanded to $90M.