The freeze–thaw cycle of the active layer in permafrost areas can cause obvious surface deformation. Global navigation satellite system interferometric reflectometry (GNSS-IR) technology has been successfully applied to monitor surface deformation in permafrost areas. However, the monitoring capability of the BeiDou navigation satellite system (BDS) signals has not been investigated. In this study, we selected the GNSS site SG27 in Utqiaġvik (Barrow), Alaska, to process the BDS signal-to-noise ratio (SNR) observations from 2018 to 2022, and the continuous surface reflector height was extracted. Combined with the 2 m air temperature and snow cover provided by the nearby Barrow Observatory (BRW), the start and end dates of the annual snow-free thaw season were determined, and surface subsidence during this period was analyzed. Our results show that BDS-IR effectively monitors the surface subsidence trend. Compared with the subsidence trend value simulated by the thawing index, the S2I and S6I SNR retrieval results are strongly correlated with it, especially in 2019, with a correlation coefficient (R) higher than 0.90. The R of the S7I results is low, which is caused by the small number of available satellites in this frequency band in the study area. To further verify the reliability of the BDS-IR, we compared it with the GPS S1C SNR retrieval results and found good consistency. This study fills the gap in the application of BDS-IR in permafrost surface subsidence monitoring.