The company still managed to clock net income of more than $400 million due to increasing values of derivatives on its balance sheet, Bitdeer said.
Bitdeer Technologies Group reported a 41% year-over-year drop in revenue to $70.1 million for the first quarter of 2025, the Bitcoin miner said on May 15.
The Singaporean company clocked an operating loss of $3.2 million for the quarter, down from a $34.1 million profit during the same period last year, its earnings release said.
However, Bitdeer reported a Q1 net income of more than $400 million, largely driven by gains on convertible notes and warrants issued to stablecoin issuer Tether in 2024.
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