Northland Cuts Bitdeer Price Target to $25 After December Update, Maintains Bullish Stance
Investment firm Northland Capital Markets adjusted its outlook on Bitdeer Technologies Group (NASDAQ: BTDR) this week, lowering its price target to $25 from $35. The move follows the company's December production and operational update. Northland maintained its Outperform rating on the stock but adopted a more conservative stance by excluding the potential contribution of the planned 175-megawatt Tydal data center site in Norway from its high-performance computing (HPC) valuation model.
The revision comes as Bitdeer navigates a pivotal transition. The Singapore-based company, with operations in the U.S., Bhutan, and Norway, recently reported blockbuster revenue growth of 173.6% year-over-year for the third quarter of 2025, reaching $169.7 million. This surge was primarily driven by a 315.6% increase in self-mining revenue, bolstered by an expanded hash rate and favorable Bitcoin prices. Despite the top-line strength, the quarter also revealed a net loss of $266.7 million and significant delays in its next-generation SEAL04 ASIC chip development, which previously sparked investor lawsuits.
In a positive turn, Bitdeer's January 12 update indicated the SEAL04 project is back on track. The company has successfully verified the design of its SEAL04-1 chip, achieving a power efficiency rating of 6–7 joules per terahash (J/TH), and is targeting mass production for the first quarter of 2026. Management has also outlined an ambitious strategic pivot, aiming to leverage its 1.6 gigawatts of global power capacity to build AI infrastructure and target an annualized revenue run rate of $2 billion by the end of 2026.
Photo by Robb Miller on Unsplash
Market Voices: A Split Verdict on Bitdeer's Path
Liam Chen, Portfolio Manager at Horizon Tech Fund: "Northland's target cut is a prudent, valuation-driven adjustment, not a fundamental condemnation. The maintained Outperform rating tells the real story. Bitdeer's power assets and proven mining ops provide a solid floor, while its AI infrastructure play offers legitimate optionality. The SEAL04 progress is a critical de-risking event."
Sarah J. Miller, Independent Blockchain Analyst: "This feels like a story of two companies. The mining business is firing on all cylinders, but the foray into AI and the chip delays expose significant execution risk. Investors are right to question if management is overextending. The $2 billion revenue target for AI seems highly aspirational given the current competitive landscape."
"CryptoMax," a vocal investor on financial forums: "Another price target cut from the so-called 'experts' who completely miss the point. They remove Tydal from the model just as energy prices in Europe are poised to spike? This is short-termism. BTDR is building the physical infrastructure for both digital gold and AI—the two biggest megatrends of the decade. The dip is a gift."
Arjun Patel, Senior Strategist at Clearwater Research: "The market is grappling with how to value a hybrid model like Bitdeer's. The analyst move reflects that uncertainty. The key watchpoints are clear: seamless execution on SEAL04 production and tangible contracts for their AI hosting capacity. Until then, volatility will remain elevated."
Disclosure: This analysis is based on public filings and statements. It is for informational purposes only and does not constitute investment advice.