Bitdeer Technologies Group (NASDAQ: $BTDR) produced far more Bitcoin in May, but its shrinking coin balance is putting a sharper lens on how the miner is funding its AI infrastructure pivot.
The Singapore-based company said it mined 921 Bitcoin in May, up 370% from a year earlier, as self-mining hashrate rose to 70.2 EH/s. The scale-up was clear across the operating base, with total hash rate under management reaching 83.1 EH/s and self-mining rigs rising to 231,000.
The treasury picture moved in the other direction. Bitdeer ended May with 171 Bitcoin, compared with 1,351 BTC at the end of May 2025. That gap does not show exactly how many coins were sold, pledged or otherwise used during the month, but it keeps the company's liquidity strategy in focus as mining output expands.
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The same tension showed up in the first quarter. Bitdeer mined 2,033 BTC in Q1 2026, up from 350 BTC a year earlier, while BTC held at quarter-end fell to 31 from 1,156. Revenue rose to $188.9 million from $70.1 million, but the company still posted a net loss of $159.5 million.
Bitdeer is trying to make that story bigger than Bitcoin mining. Its AI Cloud annualized run-rate revenue held near $69 million in May, with GPU utilization at 90%. The company also launched two NVIDIA (NASDAQ: $NVDA) GB300 NVL72 clusters and said its Tydal, Norway site remains in advanced negotiations with a potential colocation tenant.
Chief Financial Officer Michael G. Potter said Tydal is the most visible proof point of Bitdeer's plan to convert owned power into long-duration contracted revenue.
That is where the market question now sits. Bitdeer has more hash rate, more Bitcoin production and a larger AI infrastructure story. The next test is whether that AI revenue can become a cash-flow buffer, or whether mined Bitcoin remains a funding source for the buildout.
Bitdeer Technologies Group (NASDAQ: BTDR) is trading at $17.96 U.S. per share.