Bitdeer Technologies Group
BTDR · NASDAQ
Analyst ratings
strong_buy · 9 ratings
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| May 15, 2026 | B. Riley Securities | Maintains | Buy | $23.00 |
| May 15, 2026 | Cantor Fitzgerald | Maintains | Neutral | $15.00 |
| May 15, 2026 | Rosenblatt | Maintains | Buy | $25.00 |
| May 15, 2026 | Needham | Maintains | Buy | $19.00 |
| April 9, 2026 | Cantor Fitzgerald | Downgrades | Neutral | $10.00 |
| March 18, 2026 | Rosenblatt | Maintains | Buy | $18.00 |
| February 13, 2026 | Rosenblatt | Maintains | Buy | $18.00 |
| February 13, 2026 | Needham | Maintains | Buy | $22.00 |
| February 12, 2026 | HC Wainwright & Co. | Maintains | Buy | $25.00 |
| February 10, 2026 | Benchmark | Maintains | Buy | $27.00 |
| February 9, 2026 | Rosenblatt | Maintains | Buy | $18.00 |
| January 27, 2026 | Keefe, Bruyette & Woods | Downgrades | Market Perform | $14.00 |
| January 14, 2026 | Rosenblatt | Maintains | Buy | $30.00 |
| December 16, 2025 | Cantor Fitzgerald | Maintains | Overweight | $34.00 |
| November 26, 2025 | BTIG | Reiterates | Buy | $25.00 |
| November 12, 2025 | B. Riley Securities | Maintains | Buy | $29.00 |
| November 11, 2025 | Rosenblatt | Maintains | Buy | $30.00 |
| November 11, 2025 | HC Wainwright & Co. | Maintains | Buy | $30.00 |
| October 16, 2025 | Needham | Maintains | Buy | $30.00 |
| October 15, 2025 | Cantor Fitzgerald | Maintains | Overweight | $50.00 |
| October 15, 2025 | Roth Capital | Maintains | Buy | $40.00 |
| October 15, 2025 | Rosenblatt | Maintains | Buy | $20.00 |
| October 14, 2025 | BTIG | Maintains | Buy | $25.00 |
| September 22, 2025 | Roth Capital | Maintains | Buy | $40.00 |
| September 15, 2025 | Rosenblatt | Maintains | Buy | $20.00 |
ASIC business viability and SEALMINER commercial success
The development of the SEALMINER A4 mining rigs is anticipated to represent a significant leap in ASIC efficiency, positioning Bitdeer ahead of competitors in technological capabilities. This proprietary hardware advantage could dramatically lower self-mining costs and open a lucrative external sales revenue stream.
The ASIC business has been deeply disappointing in external sales execution. Despite pre-sale indications of 7 EH/s in demand for the SEALMINER A2, Bitdeer has only sold 1.3 EH/s to external customers to date, raising serious doubts about actual market appetite for its proprietary hardware.
HPC and AI infrastructure pivot as a credible growth driver
Citizens analyst Greg Miller argues that bitcoin miners converting power capacity to high-performance computing for hyperscale customers represents a major structural opportunity. The economics for suppliers of powered capacity have improved substantially, and Bitdeer's pivot is seen as a key driver of its 106% upside price target of $35.
Despite the strategic narrative around AI Cloud services and HPC diversification, Bitdeer reported a negative gross margin in Q1 and is projected to post negative EBITDA for fiscal year 2025. The company is also trading at a high multiple relative to its 2026 EBITDA consensus estimate, suggesting the market may be pricing in execution it has yet to deliver.
Path to profitability and earnings forecast reliability
Consensus forecasts project Bitdeer will achieve a profit of US$227.8 million by 2027, supported by analyst coverage from firms such as B. Riley, Needham, and Citizens — all maintaining buy ratings. The stock's average price target of $25.45 reflects broad institutional confidence in a sustained recovery trajectory.
Bitdeer missed analyst EPS consensus estimates by $0.21 in its most recent quarter, reporting ($0.68) versus an expected ($0.47). Analysts forecast a full-year EPS of -$1.18, Wall Street Zen downgraded the stock to 'strong sell', and retail sentiment on Stocktwits remains firmly in negative territory, casting doubt on the profitability timeline.