Shares of Bitdeer Technologies (BTDR) dropped 6.2% to $10.21 in pre-market trading Monday as investors braced for second-quarter results due at 7:00 a.m. ET. Bitcoin was trading near $64,940 as of last week , roughly 48% below its October 2025 all-time high — a punishing backdrop for a company that earns most of its money mining crypto. The selloff is stock-specific: major indexes were only modestly weaker, and cryptocurrency prices were largely flat.

  • Last Quarter's Miss Still Haunts the Stock. Bitdeer's most recent earnings on May 14 delivered EPS of -$0.46, missing analysts' expectations of -$0.37 . Revenue rose to $188.9 million but costs ballooned to $228 million, producing a $39 million gross loss and a $159.5 million net loss . In four of its last five earnings releases, BTDR stock fell, averaging an -11.58% post-report move . Investors are pricing in a repeat.

  • A Massive Norway AI Deal Changes the Long-Term Math. Just six days ago, Bitdeer locked in approximately $4.7 billion in contracted revenue over a 16-year lease at its Tydal, Norway data center, with the potential to reach $8.0 billion through an extension . The lease averages roughly $202/kW/month with an estimated ~90% operating-income margin . That is a transformative contract — but it still requires roughly $500 million in remaining capital spending , and the tenant can terminate without a fee after 10 years , adding execution risk.

  • Bitcoin's Decline Squeezes Mining Margins. BTC sits about 48% below its all-time high , while Bitdeer posted a negative 20.7% gross margin in Q1 due to low Bitcoin prices, heavy equipment depreciation, and high seasonal power costs . June production of 990 BTC — up 388% year-over-year — shows scale is growing , but scale without positive margins means larger losses, not larger profits.

  • The AI Pivot Is the Whole Bull Case. Bitdeer's AI cloud segment reported annualized recurring revenue (steady, subscription-like income) of $76 million , up from $69 million in April. Twelve analysts rate the stock a "Buy" with an average price target of $22.39 — more than double today's price . That gap reflects optimism about Bitdeer's shift from volatile crypto mining to steadier data-center landlord income. Today's earnings call will test whether Q2 results justify that bet, or deepen the doubt.