Shares of bitcoin miner Bitdeer Technologies Group (ticker BTDR) fell more than 30% this week, sliding from just over $23 on Monday morning to about $16 by Tuesday, according to The Block’s price page.
The drop extended a month-long decline after the company’s third-quarter earnings failed to meet investor expectations for a major AI infrastructure update.
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Bitdeer (BTDR) Stock Price Chart. Source: The Block/TradingView
Still, Benchmark analyst Mark Palmer reaffirmed a Buy rating and $38 price target, arguing in a stock report on Tuesday that the sell-off “appeared to reflect lofty investor expectations rather than any deterioration in the underlying business.”
Palmer said Bitdeer’s fundamentals remained solid across self-mining, hosting, and cloud services, with revenue up 174% year-over-year to nearly $170 million and adjusted EBITDA swinging to $43 million from a loss a year earlier.
The analyst called Bitdeer’s chip progress “encouraging,” noting that early tests of its SEAL04 design show strong energy efficiency and could make it one of the most competitive mining rigs once production starts in early 2026. He also highlighted the firm’s 3-gigawatt total power footprint and plans to dedicate 200 megawatts to AI computing by late 2026, potentially generating over $2 billion in annualized AI-cloud revenue if fully utilized.
Still, some investors viewed the call as a missed opportunity. VanEck Head of Digital Assets Matthew Sigel wrote on X that Bitdeer “announced a delay on key next-gen ASIC, no concrete update on AI lease potential, and the CEO didn’t even join the call.”
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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