According to reports from The Block, Bitdeer announced that Chief Financial Officer Jianchun Liu will step down at the end of June and transition into an advisor role. The company has appointed veteran technology finance executive Michael Potter to take over as CFO. Potter previously served as CFO of gaming hardware manufacturer Corsair Gaming between 2019 and 2025, where he helped lead the company's 2020 IPO and oversaw capital markets transactions. Before Corsair, Potter held senior roles across the tech and semiconductor industry, including at Lattice Semiconductor, Honeywell, NeoPhotonics, and STATS ChipPAC. As per the latest company filing, Liu's resignation was due to personal reasons and was not the result of any dispute or disagreement with the company on matters relating to operations, policies, or practices. The overlap period gives Bitdeer roughly five weeks with both executives in place before Liu steps out of the CFO seat.
As reported by The Block, Bitdeer announced that its annualized AI cloud revenue recently surpassed $70 million in the last quarter, representing a slight increase from the previously reported $69 million figure. The company's self-mining remains the dominant business line, generating $146.9 million of total quarterly revenue. According to a recent analyst note from Benchmark, GPU deployments climbed over 4,100 units with more than 90% utilization. Liu's resignation was attributed to personal reasons, and he will remain with the company as a principal advisor after the transition.
According to The Block, the leadership change comes as Bitdeer expands beyond its core bitcoin mining business and scales up investments in artificial intelligence and cloud computing infrastructure. In its latest quarterly report, Bitdeer described itself as a "technology company for AI and Bitcoin mining infrastructure." The company has approximately 3 gigawatts of global power capacity across sites in the U.S., Norway, Bhutan, Ethiopia, Canada, and Malaysia. Several facilities tied to crypto mining are being reevaluated to convert for AI cloud and colocation workloads, including the Tydal project in Norway, which management expects to become the country's largest operational AI data center upon completion.
As reported by The Block, Bitdeer shares (BTDR) were down about 3% in early trading following the announcement, though the stock remains near six-month highs. However, recent market performance shows a different trajectory, with BTDR stock gaining 33% this year to trade at $15.41 per share. According to TipRanks, the most recent analyst rating on BTDR stock is a Hold with a $17.00 price target. The analyst report notes that while Bitdeer shows strong operational progress and positive technicals with price above major moving averages, near-term margin pressure, cash usage, and execution/financing risks keep the overall rating moderate. The leadership transition reflects the company's strategic pivot toward hybrid AI and bitcoin mining operations, with earnings reports emphasizing GPU cloud services, high-performance compute, and colocation alongside traditional mining activities.
