Rosenblatt lowers price target but keeps Buy
Rosenblatt Securities has lowered its 12-month price target for Bitdeer Technologies Group (NASDAQ:BTDR) to $18.00 from $30.00, while preserving a Buy rating on the cryptocurrency miner. Bitdeer was trading at $12.59 at the time of the update, a level Rosenblatt says is close to its InvestingPro Fair Value and indicative of notable price volatility so far this year.
Reasoning behind the reduction
The cut in the price target reflects Rosenblatt's revised financial model, which now assumes Bitcoin prices will be approximately 20% lower from the fourth quarter of 2025 through 2026 compared with the firm's previous assumptions. Rosenblatt pointed to deflating Bitcoin prices and higher operating costs, explicitly citing depreciation and energy expenses as contributors to the adjustment.
Execution on operations and product development
Despite the valuation change, Rosenblatt highlighted a number of operational achievements at Bitdeer. The firm acknowledged Bitdeer's execution on initiatives that include increases in power capacity, development of advanced Bitcoin application-specific integrated circuits (ASICs), and a strategic push into high-performance computing (HPC) and artificial intelligence (AI) applications.
Rosenblatt projects that the volume of Bitcoin mined by Bitdeer will rise sharply in the fourth quarter of 2025, estimating an increase of 50% quarter-over-quarter and 270% year-over-year. The company has introduced its 13.5J/TH Sealminer A3 miner and reports roughly 1GW of capacity that can be allocated to HPC and AI workloads.
Revenue and profitability outlook
InvestingPro data referenced by analysts shows Bitdeer is forecast to deliver revenue growth of 72% for fiscal year 2025. At the same time, the company is expected to remain unprofitable this year. Rosenblatt's retained Buy rating signals continued confidence in Bitdeer's longer-term prospects despite the nearer-term pressures stemming from cryptocurrency market conditions.
Balance sheet and short-term liquidity
Investors should note Bitdeer's high beta of 2.33, pointing to elevated share-price sensitivity, and the proximity of an upcoming earnings report in three days, scheduled for February 12. InvestingPro highlights that Bitdeer is "quickly burning through cash," with short-term obligations exceeding liquid assets, a liquidity dynamic that is relevant ahead of the company's earnings release.
Additional company and industry updates
Recent operational reports show Bitdeer's self-mining hashrate reached 55.2 exahash per second in December 2025. That increase corresponded with a 339% year-over-year rise in monthly Bitcoin production, totaling 636 Bitcoin. In parallel, BTIG reiterated its Buy rating on Bitdeer and raised its fiscal 2025 revenue estimate to about $615 million, a 4.6% upward revision from prior estimates.
Rosenblatt's ongoing Buy endorsement was reiterated alongside commentary that pointed to improved mining efficiency and broader deployment of Sealminer A3 rigs. In contrast, Cantor Fitzgerald has cut its price target to $34 and expressed concerns regarding Bitdeer's pivot toward AI and HPC. Separately, BTIG gave a Buy rating to Canaan Inc, while lowering its fiscal 2025 revenue estimate for that company to $501 million.
What this means for investors
The combination of a lowered price target based on more conservative Bitcoin price assumptions, operational progress in mining and product cycles, and a flagged liquidity shortfall frames a mixed near-term picture for Bitdeer. Rosenblatt's maintained Buy rating underscores confidence in the company's strategic execution even as market and cost pressures temper the valuation outlook.
Key points
- Rosenblatt cut Bitdeer's price target to $18 from $30 but kept a Buy rating, citing lower Bitcoin assumptions and higher costs.
- Analysts highlight operational gains: a 13.5J/TH Sealminer A3 launch, about 1GW of HPC/AI-available capacity, and a projected sharp increase in mined Bitcoin in Q4 2025.
- InvestingPro forecasts 72% revenue growth in fiscal 2025, though Bitdeer is expected to remain unprofitable this year; liquidity concerns are flagged.
Risks and uncertainties
- Depreciating Bitcoin prices - Rosenblatt's model assumes Bitcoin will be ~20% lower from Q4 2025 through 2026, directly affecting miner revenue and valuation. This impacts the cryptocurrency and mining sectors.
- Rising operating costs - Increased depreciation and energy expenses are cited as factors pressuring margins, affecting energy-intensive mining operations and related infrastructure sectors.
- Short-term liquidity pressure - InvestingPro indicates Bitdeer is "quickly burning through cash," with short-term obligations exceeding liquid assets, creating near-term financial risk ahead of earnings.
Conclusion
Rosenblatt's adjustment to Bitdeer's price target reflects a more cautious Bitcoin price outlook and the weight of higher costs, while the retained Buy rating acknowledges execution on capacity expansion, ASIC development and diversification into HPC/AI. Investors face a combination of operational momentum and financial risks, with an earnings report due in three days that may further illuminate the company's near-term trajectory.