Bitdeer stock tumbles 30% after Q3 report but analysts defend long-term outlook
Bitdeer's stock dropped over 30% following a Q3 report, though analysts maintain a positive long-term view.Summary
Shares of bitcoin miner Bitdeer Technologies Group (BTDR) plummeted by more than 30% this week, falling from around $23 to $16, extending a month-long decline after its third-quarter earnings disappointed investors regarding a major AI infrastructure update. Despite the sell-off, Benchmark analyst Mark Palmer reaffirmed a Buy rating with a $38 price target, asserting the drop reflected inflated investor expectations rather than business deterioration. Palmer noted Bitdeer's solid fundamentals, with Q3 revenue up 174% year-over-year to nearly $170 million and adjusted EBITDA turning positive at $43 million. The analyst also highlighted encouraging progress on the SEAL04 chip design, expected to be highly competitive by early 2026, and plans to dedicate 200 megawatts to AI computing by late 2026, potentially yielding over $2 billion in annualized AI-cloud revenue. However, some investors were critical, citing a delay on next-gen ASIC chips and a lack of concrete updates on AI lease potential, compounded by the CEO's absence from the earnings call.
(Source：The Block)