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On Thursday, Rosenblatt Securities adjusted its outlook on Bitdeer Technologies Group (NASDAQ:BTDR), reducing the price target to $12.00 from the previous $25.00, while continuing to endorse the stock with a Buy rating. The stock, currently trading at $8.83, has shown significant volatility with a 28.5% gain over the past six months despite a challenging year-to-date performance. According to InvestingPro data, analyst targets range from $13 to $31, with a strong buy consensus recommendation. The firm's decision follows Bitdeer's release of its March 2025 Production and Operations update, which showed the company mined 114 Bitcoins and increased its total managed hash rate to 24.2 EH/s, up from 20.9 EH/s in February. While the company maintains a strong current ratio of 14.58 and holds more cash than debt, InvestingPro analysis indicates rapid cash burn remains a key challenge. InvestingPro subscribers have access to 12 additional key insights about Bitdeer's financial position.
The boost in hash rate is attributed to the energization of new SEALMINER A1 rigs and an expansion in self-mining capacity. Bitdeer is on schedule to achieve 35 EH/s of SEALMINER A2 rigs by the third quarter of 2025. Despite active sales of these A2 rigs, the company has paused wafer capacity disclosures amid softening demand and market uncertainties. Nevertheless, Bitdeer continued its shipments in March, selling 0.3 EH/s and shipping 0.8 EH/s to both its own and customer data centers.
Bitdeer has adapted its strategy by reallocating rigs meant for customers to its own mining operations when payments are delayed, though it anticipates completing 7 EH/s of external sales in the future. The company has also introduced the SEALMINER A2 Pro series, which boasts improved energy efficiency, achieving 14.9 J/TH.
In research and development, Bitdeer's SEAL03 wafers have reached 9.7 J/TH in low-voltage testing, and the development of SEAL04 is proceeding as planned, with a tape-out expected in the fourth quarter of 2025. The SEAL04 aims for a chip-level efficiency of 5 J/TH. Rosenblatt has incorporated a $52.8 million expense for the SEAL03 tape-out into Bitdeer's first quarter 2025 R&D costs, which was paid in the fourth quarter of 2024 and will be expensed in the first quarter of 2025. Additionally, a $50 million R&D expense for the SEAL04 tape-out has been projected for the third quarter of 2025.
Bitdeer's energy capacity remained stable month-over-month at 895 MW. The company has a robust pipeline totaling 1.79 GW and has reached a global capacity of 3.69 GW, with new developments in Ohio, Bhutan, and Ethiopia. To further its strategy in high-performance computing and artificial intelligence data centers, Bitdeer has established a financial advisory relationship with Northland Capital Markets. With revenue of $349.78M in the last twelve months and analysts forecasting significant sales growth, investors seeking deeper insights can access comprehensive analysis through InvestingPro's detailed research reports, which cover over 1,400 US stocks including Bitdeer's complete financial health assessment.
In other recent news, Bitdeer Technologies Group has experienced several significant developments. Cantor Fitzgerald revised its price target for Bitdeer to $13, maintaining an Overweight rating, reflecting adjustments in financial forecasts and peer valuation multiples. Meanwhile, Needham also reduced its price target to $15 but kept a Buy rating, citing revised expectations for ASIC deliveries and self-mining revenue due to power curtailments and Bitcoin price declines. Rosenblatt Securities adjusted its target to $25, maintaining a Buy rating, following Bitdeer's updates on production and operations, including a dip in managed hash rate but an increase in self-mining capacity.
Bitdeer has reported progress in its mining operations, with the completion of mass production for SEALMINER A1 rigs and the successful energization of rigs in Texas. The company plans to expand its capacity with new sites in Norway and Ethiopia, aiming for a global electrical capacity of 2,689 MW. Additionally, Bitdeer launched its SEALMINER A2 Pro series, featuring advanced efficiency and noise reduction. The company is also focusing on its HPC/AI data center development strategy, aiming for large-scale sites in the U.S., with Northland Capital Markets advising on this front.
Despite some challenges, such as lower Bitcoin prices affecting customer payments, Bitdeer remains focused on its strategic initiatives. The company continues to invest in research and development, with plans for new mining rigs and potential partnerships in the HPC/AI segment. These developments reflect Bitdeer's ongoing efforts to enhance its operations and market position amidst changing industry dynamics.
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