Bitdeer Technologies Group (BTDR) Securities Class Action Lawsuit Filed [December 5, 2025]

Introduction to Bitdeer Technologies Group (BTDR) Securities Class Action Lawsuit

A securities fraud class action has been filed against Bitdeer Technologies Group (NASDAQ: BTDR) covering June 6, 2024 through November 10, 2025. Investors allege the company promoted a bold research and technology roadmap for its SEALMINER A4 rigs and SEAL04 ASIC chip, including repeated assurances about achieving about 5 J/TH chip-level efficiency and hitting mass-production timelines. The complaint says the reality lagged: early SEAL04 samples tested above the 5 J/TH target, and management later admitted the next-generation SEAL04 was "significantly delayed." As the truth emerged in October and November 2025, Bitdeer also reported a $266.7 million net loss. Following these disclosures, the stock fell more than 14% on November 11, 2025.

Bitdeer Technologies Group (BTDR) Securities Lawsuit Case Details

Case Name: Sakar v. Bitdeer Technologies Group et al.
Case No.: 1:25-cv-10069
Jurisdiction: U.S. District Court, Southern District of New York
Filed on: December 4, 2025

Bitdeer Technologies Group (BTDR) Company Profile

Bitdeer is a Bitcoin mining and high-performance computing (HPC) data-center infrastructure company operating in Singapore, the U.S., Bhutan, and Norway. In addition to self-mining and hosting, it offers mining solutions under the SEALMINER brand and trades on NASDAQ under the symbol BTDR.

Bitdeer Technologies Group (BTDR) Securities Lawsuit Class Period

June 6, 2024-November 10, 2025, inclusive.

All investors who purchased or otherwise acquired Bitdeer securities during the Class Period are part of the proposed class and may be eligible to join the Bitdeer Technologies Group (BTDR) class action lawsuit.

Allegations in the Bitdeer Technologies Group (BTDR) Securities Class Action Lawsuit

According to the complaint, Bitdeer Technologies Group and executives Jihan Wu, Matt Linghui Kong, and Haris Basit told investors that the company was advancing a breakthrough SEALMINER A4 platform powered by its SEAL04 ASIC. They allegedly emphasized chip-level energy efficiency around 5 joules per terahash and confident timelines for tape-out, production, and delivery. The narrative begins on June 6, 2024, when a company press release said the SEAL04 chip was expected to reach as low as 5 J/TH, with A4 mass production planned and deliveries starting in Q4 2025; that same day, Chief Business Officer Matt Linghui Kong framed the roadmap disclosure as part of a commitment to transparency. 

On November 18, 2024, Chief Strategy Officer Haris Basit told investors the company was planning to tape-out a fourth-generation chip in the second half of 2025 aimed at an "unprecedented" 5 J/TH, suggesting Bitdeer could become the preeminent supplier of the most energy efficient rigs. The assurances continued into 2025: on February 25, 2025, Basit described the A4's "revolutionary" architecture projected at 5 J/TH with tape-out planned for Q3 2025, and on May 15, 2025, Kong said tape-out was on track for Q4 2025 while targeting approximately 5 J/TH at the chip level. Meanwhile, the complaint alleges the company concealed material problems. 

Plaintiffs claim the SEAL04 design progress faced issues that forced R&D to take a "dual-track approach," creating two independent designs to try to ensure mass production, and that development of the second-generation SEAL04 was significantly delayed. Investors allege these facts undercut the repeated projections about 5 J/TH efficiency and the timelines given for the A4 program.

The Truth Emerges

The story began to turn on October 14, 2025, when Bitdeer announced that the first SEAL04 tape-out had been completed in September and was under testing. Early samples showed sub-10 J/TH efficiency-still above the long-touted 5 J/TH target-while management said more testing was needed to verify the 5 J/TH goal even as it expressed confidence the first SEAL04 was ready for mass production. Then on November 10, 2025, the company reported a net loss of $266.7 million and acknowledged that development of the second-generation SEAL04 chip was "significantly delayed." These admissions contradicted months of statements that development was on track and would achieve about 5 J/TH efficiency within the projected timelines.

Market Reaction

After the November 10, 2025 earnings announcement and call, the market reacted immediately. On November 11, 2025, Bitdeer's stock fell more than 14%, dropping $2.63 from a prior close of $17.65 to close at $15.02 per share.

Next Steps

• Submissions for lead plaintiff are due: February 02, 2026.

• The Court will issue its order for lead plaintiff and counsel in the weeks after submissions are due.

• The Court will then consider motion for class certification.

• The Court will later consider a Motion to Dismiss.

To learn if you are eligible for recovery under the BTDR securities class action lawsuit, visit the case submission page here.

Disclaimer: This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. No specific outcomes are guaranteed.