Northland Lowers Bitdeer Tech (BTDR) PT to $25 Following December Production Update

Bitdeer Technologies Group (NASDAQ:BTDR) is one of the new stocks on the rise. On January 15, Northland lowered the price target on Bitdeer to $25 from $35 while maintaining an Outperform rating following the company’s December production results. Northland also removed the 175 MW Tydal site from its HPC valuation to be more conservative.

In Q3 2025, Bitdeer Technologies Group (NASDAQ:BTDR) reported a 173.6% year-over-year revenue surge to $169.7 million, which outperformed market forecasts. This was fueled by a 315.6% increase in self-mining revenue as the company ramped up its hash rate to 29.1 EH/s and benefited from higher Bitcoin prices. The company also posted a net loss of $266.7 million. Management highlighted a pivot toward AI infrastructure for a $2 billion annualized revenue run rate by the end of 2026 through the expansion of its 1.6 GW global power capacity.

However, the quarter was marked by a setback as the development of the next-gen SEAL04 ASIC chip faced substantial delays, a disclosure that triggered a sharp decline in stock price and subsequent investor class-action lawsuits in early 2026. However, the SEAL04 chip development is back on track as of the January 12 operational update. Bitdeer announced that it has verified its SEAL04-1 chip design, which showed a high power efficiency of 6–7 J/TH. The company has officially targeted mass production for this chip in Q1 2026.

Bitdeer Technologies Group (NASDAQ:BTDR) is a technology company for blockchain and HPC in Singapore, the US, Bhutan, and Norway.

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Disclosure: None. This article is originally published at Insider Monkey.