NEW YORK, Dec. 27, 2025, 7:56 PM ET — Market closed (weekend)
Bitdeer Technologies Group (NASDAQ: BTDR) is heading into the weekend under pressure after a sharp Friday decline, as investors digested a new cluster of securities class-action reminders, revisited concerns tied to the company’s ASIC roadmap, and weighed the broader “bitcoin miner vs. AI/HPC pivot” narrative that has dominated the sector into year-end.
BTDR finished Friday’s regular session at $10.74, down $0.75 (-6.53%), with after-hours quotes around $10.80 before trading went dark for the weekend. [1]
With U.S. stock markets closed until Monday’s reopening, crypto remains the primary weekend catalyst for bitcoin-linked equities. Bitcoin was trading near $87,847 at last check.
What moved BTDR on Friday
Market data and commentary published Friday pointed to a combination of risk sentiment and company-specific overhangs:
- BTDR dropped about 5.6% intraday, trading as low as roughly $10.86 midday, with volume reported around 1.87 million shares—well below the stock’s average daily volume cited in the same report. [2]
- The report also reiterated the backdrop from Bitdeer’s most recent quarterly results: EPS of -$1.28 vs. -$0.22 expected, revenue of $169.7 million versus $151.8 million expected, and sharply negative profitability metrics. [3]
The takeaway for weekend investors: BTDR remains a high-beta bitcoin proxy, but the stock is also trading with a meaningful “execution discount” tied to chip timing, AI monetization pace, and headline risk.
The headline risk: multiple reminders of a securities class action
Over the last 24–48 hours, multiple firms circulated reminders stating that a securities class action lawsuit has been filed and that investors who purchased during a specified period may have options (including seeking appointment as lead plaintiff).
Key details repeated across the notices include:
- Class period: generally described as June 6, 2024 to Nov. 10, 2025. [4]
- Lead plaintiff deadline: repeatedly cited as Feb. 2, 2026. [5]
- Allegations focus: statements and disclosures tied to SEAL04 design progress and production timing—along with the “dual-track” approach referenced in one prominent PRNewswire release. [6]
- Court/case reference: one notice identifies the matter as Ismail N. Sakar v. Bitdeer Technologies Group, et al., No. 25-cv-10069, pending in the Southern District of New York. [7]
Separately, another investor-alert notice summarized alleged disappointment around Bitdeer’s earnings, the reported delay of its next-generation Seal 04 ASIC, and the market reaction to a reported fire incident at a Massillon, Ohio facility. [8]
For investors, the practical market impact is often less about the legal merits in the near term and more about headline-driven volatility and risk positioning into catalysts such as operational updates, earnings, and financing events.
Fundamentals check: Bitdeer’s latest operational update (and what management emphasized)
While the lawsuit reminders are new, the most recent company-issued operational datapoints remain critical for anyone underwriting BTDR beyond short-term headlines.
In a November 2025 production and operations update furnished via the SEC, Bitdeer reported:
- 526 bitcoin mined (self-mining) in November, +251% year over year
- Self-mining hashrate of 45.7 EH/s
- A continued shift toward deploying its own SEALMINER rigs while retiring older third-party units [9]
On the R&D roadmap, the same filing described a two-design approach for SEAL04 and said verification for SEAL04-1 showed approximately 6–7 J/TH chip-level efficiency in a low-voltage mode, with mass production targeted in Q1 2026. [10]
On the AI/HPC front, Bitdeer said it had deployed 720 GPUs for cloud services with ~94% utilization, and that annual recurring revenue (ARR) reached approximately $10 million by the end of November. It also cited an AI data center lease in Malaysia and additional GPU system orders targeting deployment completion by February 2026. [11]
In management commentary, Bitdeer Chief Business Officer Matt Kong highlighted scaling self-mining and reiterated a near-term hashrate milestone, saying the company expected to reach 50 EH/s by year-end 2025, alongside ongoing AI cloud buildout. [12]
Financing and dilution: what investors still price in from November’s offerings
BTDR also carries a capital-markets “hangover” that investors continue to model as part of the equity story—particularly given the company’s high volatility and the sector’s tendency to trade on liquidity conditions.
A November 2025 prospectus supplement filed with the SEC detailed:
- An offering of 10,661,140 Class A ordinary shares at an offering price of $13.94 per share
- Estimated net proceeds of approximately $148.4 million (after expenses) from the share offering
- A concurrent offering of $400 million aggregate principal amount of 4.00% convertible senior notes due 2031 (with potential upsizing), and the intended use of proceeds including capped calls, repurchases of existing notes, and investments in datacenter expansion, ASIC mining rig development/manufacture, and AI/HPC growth [13]
In plain English: investors often weigh these transactions as near-term dilution/technical pressure versus longer-term funding for growth, especially if Bitdeer’s AI cloud and datacenter conversion plans translate into higher-margin, less bitcoin-sensitive revenue.
Analyst outlook: where Wall Street pegs BTDR (and why the spread is wide)
Sell-side expectations for BTDR remain highly dispersed—typical for a company whose earnings power can swing with bitcoin price, network difficulty, hardware timelines, and financing conditions.
Two widely cited snapshots:
- Benzinga’s analyst tracker lists a consensus price target of $25.82 (high: $40, low: $9) and notes the most recent rating among those shown as Cantor Fitzgerald (Overweight, $34 target) on Dec. 16, 2025, alongside BTIG and B. Riley updates in late November. [14]
- MarketBeat’s recap cites a “Moderate Buy” consensus with a $29.00 target price and references recent target changes from firms including BTIG, Needham, Jones Trading, and Roth Capital. [15]
For investors, the unusually large implied upside in published targets is best understood as a reflection of optionality—if Bitdeer executes on SEALMINER deployment, stabilizes chip cadence, and ramps AI/HPC revenue, the earnings model can change quickly. Conversely, delays or weaker bitcoin economics can compress multiples fast.
What investors should know before Monday’s next session
Because the Nasdaq is closed through Sunday, BTDR will next react to catalysts in Monday’s premarket and the regular session, with the weekend often acting as a “pressure cooker” for crypto-linked names.
Here’s what to monitor before the bell:
- Bitcoin’s weekend move and crypto risk sentiment
Bitcoin trades 24/7, and miners often gap on Monday if bitcoin trends sharply over the weekend. - Any incremental legal headlines (or clarifications)
The last 24–48 hours have already produced multiple lawsuit reminders and deadline references. Additional repetition can still move the stock in thin liquidity conditions, even if the information is not new. [16] - Execution milestones investors care about most
- SEAL04 progress and manufacturing cadence
- Self-mining hashrate trajectory after November’s 45.7 EH/s update
- AI/HPC utilization and ARR momentum [17]
- Capital structure sensitivity
Traders may revisit the November financing terms and potential conversion dynamics when volatility rises—especially around large bitcoin moves and miner sympathy trading. [18]
Bottom line
BTDR enters the weekend with elevated volatility drivers on multiple fronts: ongoing bitcoin sensitivity, renewed legal-headline circulation, and a fundamentals narrative that hinges on hardware execution and AI/HPC monetization. With markets closed, the biggest variable between now and Monday’s open is crypto price action—and whether any new company- or case-related headlines emerge before liquidity returns.
References
1. www.benzinga.com, 2. www.marketbeat.com, 3. www.marketbeat.com, 4. www.prnewswire.com, 5. www.prnewswire.com, 6. www.prnewswire.com, 7. www.prnewswire.com, 8. www.marketscreener.com, 9. www.sec.gov, 10. www.sec.gov, 11. www.sec.gov, 12. www.sec.gov, 13. www.sec.gov, 14. www.benzinga.com, 15. www.marketbeat.com, 16. www.prnewswire.com, 17. www.sec.gov, 18. www.sec.gov
