NEW YORK — Friday, December 26, 2025 (as of 1:13 p.m. ET) — Bitdeer Technologies Group (NASDAQ: BTDR) was trading around $10.85–$10.86, down roughly 5%–6% in midday action, a move that stands out in an otherwise quiet, post‑Christmas session where major U.S. indexes were only modestly lower. [1]
For investors, BTDR’s intraday dip lands at the intersection of three big forces that regularly tug bitcoin‑mining equities around: crypto price moves, high beta/high volatility risk appetite, and company‑specific headlines—including a wave of securities‑litigation notices that resurfaced today.
BTDR stock price check: what’s happening right now
Midday on Friday, BTDR was down about 5.5%, trading near $10.86 while the market was open. [2]
That decline is unfolding during light holiday trading. Around midday, the S&P 500 was down about 0.1%, the Dow down 0.2%, and the Nasdaq composite down less than 0.1%, according to the Associated Press, which noted that volumes were expected to be thin as many institutional investors are largely finished repositioning for the year. [3]
Because bitcoin miners tend to trade as a “risk-on, high-volatility” cluster, the crypto tape matters too. Bitcoin itself was down roughly 1% around the same time, trading near $87,252.
Why Bitdeer is on investors’ radar: scale in mining plus an AI-cloud pivot
Bitdeer has been trying to convince the market it’s not “just another miner.” Two operational storylines dominate recent company updates:
- Rapid self‑mining expansion (hashrate growth)
- A parallel buildout of AI/HPC infrastructure and cloud services
In its most recent monthly update (for November 2025, released Dec. 15), Bitdeer reported:
- 526 BTC mined in November (self‑mining), up 251% year over year
- Self‑mining hashrate reaching 45.7 EH/s
- A continued push to deploy its SEALMINER rigs while retiring older third‑party machines [4]
The SEALMINER/SEAL04 “efficiency race” (and why it matters)
Mining economics are brutal: efficiency can be the difference between printing money and subsidizing your electric utility.
Bitdeer said its SEAL04‑1 chip verification showed roughly 6–7 J/TH efficiency at the chip level in a low‑voltage mode, with mass production targeted for Q1 2026. [5]
Management also reiterated an operational milestone that bulls obsess over because it signals scale: Bitdeer expects to reach 50 EH/s by year‑end 2025. [6]
AI/HPC: revenue diversification (and a reason analysts keep showing up)
In that same November update, Bitdeer disclosed:
- 720 GPUs deployed for cloud services, with ~94% utilization
- AI cloud ARR ~ $10 million as of end of November (up from ~$8 million in October), with expectations for further growth in December
- A 2 MW AI data center lease in Malaysia to host 8 GB200 systems, plus new orders for 16 B300 and 2 GB300 systems with deployment targeted by February 2026 [7]
Those details matter because they give investors a way to model Bitdeer as more than a pure bitcoin‑price lever—though, realistically, the stock still trades with heavy crypto sensitivity.
The Massillon fire and the power‑ramp timeline: a “watch this” operational risk
Another headline thread investors haven’t forgotten: a fire incident at Bitdeer’s under‑construction facility in Massillon, Ohio.
In a Nov. 12 company release, Bitdeer said:
- No injuries occurred
- 2 of 26 buildings sustained damage
- No mining equipment had been installed at the time
- The company did not expect an impact on current operational hashrate [8]
But the follow‑through matters: in the Nov. 2025 operations update, Bitdeer said 21 MW at Massillon is currently online, while energization of about 26 MW across two affected buildings has been postponed (timeline TBD). The company expects the remaining 174 MW to be energized in phases during Q2 2026. [9]
For BTDR traders, this is a classic catalyst shape: the market may forgive a one‑time incident, but it tends to punish schedule uncertainty—especially when the stock is already volatile.
Today’s headline: securities class-action notices resurface
One reason BTDR may be catching fresh negative attention today is a renewed push of securities‑fraud lawsuit notices.
A GlobeNewswire release dated Dec. 26, 2025 from The Schall Law Firm states a class action alleges Bitdeer made misleading statements related to the SEALMINER A4 project and the readiness of the SEAL04 chip, and it highlights a proposed class period of June 6, 2024 through Nov. 10, 2025, with a lead‑plaintiff deadline of Feb. 2, 2026. These are allegations, not findings. [10]
Other plaintiff‑side firms are listing similar case details, including venue information in the Southern District of New York and the same Feb. 2, 2026 lead‑plaintiff deadline. [11]
Important nuance for investors: these releases are often attorney advertising and can appear in clusters. They can still move sentiment in the short term, but they are not the same thing as a court ruling.
Financial performance snapshot: revenue surged, but headline net loss spooked traders
Bitdeer’s last reported quarterly results (for Q3 2025, released Nov. 10) showed a company growing quickly—but with accounting noise that can look ugly in a headline:
- Total revenue:$169.7 million (vs. $62.0 million a year earlier)
- Gross profit:$40.8 million (vs. $2.8 million)
- Adjusted EBITDA:$43.0 million (vs. -$7.9 million)
- Net loss:$266.7 million [12]
In the release, Chief Business Officer Matt Kong framed the quarter as strong operationally, pointing to operating leverage from the company’s self‑mining expansion. [13]
Why the market can still punish this: “net loss” is what many screeners and headlines surface first. Bitdeer’s release also shows large non‑cash fair value changes and other reconciling items that can widen IFRS/GAAP losses even when operations improve—one reason miners frequently emphasize adjusted metrics. [14]
Capital markets moves: dilution and leverage are part of the BTDR story
Bitdeer has also been active financing growth—another volatility accelerant.
$400 million convertible notes due 2031
In an SEC‑filed announcement, Bitdeer priced $400.0 million of 4.00% Convertible Senior Notes due 2031. Key terms included:
- 4.00% interest, maturity Nov. 15, 2031
- Initial conversion price about $17.77 per share (a premium noted versus the equity offering price)
- Estimated net proceeds around $388.0 million (before any option upsizing) [15]
Registered direct equity offering at $13.94
Bitdeer also completed a registered direct offering of 10,661,140 Class A ordinary shares priced at $13.94, with estimated net proceeds of about $148.4 million. [16]
The company disclosed it intended to use proceeds (from the equity offering and the notes offering) for items including:
- The cost of capped call transactions
- Repurchasing a portion of its existing convertible notes (including repurchases tied to $200 million principal amount of November 2029 notes) [17]
Investor takeaway: these transactions can reduce certain future risks (like near‑term maturities), but they can also pressure the stock because traders often focus on dilution, future share issuance via conversion, and the “financing overhang.”
Analyst forecasts and sentiment: still bullish overall, but with wide dispersion
Wall Street coverage remains generally constructive—though the target range is wide, which is typical for high‑volatility miners.
- MarketBeat reported that a group of analysts collectively rate BTDR around “Moderate Buy,” with an average 12‑month price target near $29, and it lists specific firms and targets (e.g., Roth, Needham, Jones Trading) in its roundup. [18]
- Needham raised its price target to $30 (from $17) while maintaining a Buy rating, citing Bitdeer’s HPC push; the report notes valuation framing tied to Needham’s 2026 EV/EBITDA approach and discusses upside scenarios if HPC capacity ramps successfully. [19]
- StockAnalysis shows a consensus‑style analyst view labeled “Strong Buy” and lists a price target figure around $28.30, while also highlighting BTDR’s volatility metrics and current trading level. [20]
- A GuruFocus news recap attributes a $40 target to Roth Capital coverage. [21]
One more sentiment gauge that matters for day‑to‑day volatility: short interest. MarketBeat reported BTDR short interest at about 23.84 million shares (roughly 11.26% of the float) as of Dec. 15, 2025. Elevated short positioning can amplify both downside moves and sharp squeezes on positive catalysts. [22]
What investors should watch into the close—and before the next session
Because the market is open right now, the immediate question is whether today’s weakness is just thin holiday chop or the start of another leg down.
Here are the practical, near‑term “watch items” that tend to move BTDR:
- Bitcoin direction and volatility
- Miners often exaggerate BTC’s moves. If BTC stabilizes or reverses, miners frequently bounce—sometimes violently.
- Follow‑through on the November operating roadmap
- The company’s own targets—50 EH/s by year‑end 2025, SEAL04‑1 mass production in Q1 2026, and GPU deployments by Feb. 2026—are the kind of milestones traders will front‑run or fade depending on confidence. [23]
- Massillon timeline clarity
- Any update that tightens (or extends) the “TBD” schedule for the postponed 26 MW energization could change sentiment quickly. [24]
- Headline risk from litigation notices
- These stories can be noisy, but if a complaint or court filing gains traction, it can become a durable overhang. [25]
- Positioning and liquidity
- With short interest elevated and holiday volume light, price can gap more easily than usual. [26]
Next regular session: If you’re reading this after the bell, the next full U.S. market session after Friday is Monday, Dec. 29, 2025 (standard weekend break). Thin year‑end liquidity can make pre‑market headlines and crypto weekend moves matter more than normal.
Key sources (for further reading)
- Bitdeer November 2025 production/operations update (hashrate, BTC mined, AI ARR, GPU plans) [27]
- Bitdeer Q3 2025 financial results (revenue, gross profit, adjusted EBITDA, net loss) [28]
- SEC filings on convertibles and equity offering (terms, proceeds, use of proceeds) [29]
- Broader market context (holiday trading tone) [30]
- Analyst/consensus summaries and short interest [31]
References
1. stockanalysis.com, 2. stockanalysis.com, 3. apnews.com, 4. www.globenewswire.com, 5. www.globenewswire.com, 6. www.globenewswire.com, 7. www.globenewswire.com, 8. www.globenewswire.com, 9. www.globenewswire.com, 10. www.globenewswire.com, 11. www.ktmc.com, 12. www.globenewswire.com, 13. www.globenewswire.com, 14. www.globenewswire.com, 15. www.sec.gov, 16. www.sec.gov, 17. www.sec.gov, 18. www.marketbeat.com, 19. www.investing.com, 20. stockanalysis.com, 21. www.gurufocus.com, 22. www.marketbeat.com, 23. www.globenewswire.com, 24. www.globenewswire.com, 25. www.globenewswire.com, 26. apnews.com, 27. www.globenewswire.com, 28. www.globenewswire.com, 29. www.sec.gov, 30. apnews.com, 31. www.marketbeat.com
