Class action lawsuit targets Bitdeer over SEAL04 chip delays, seeks damages

Core Viewpoint - A class action lawsuit has been filed against Bitdeer Technologies Group, alleging that the company misled investors regarding the development and timeline of its SEAL04 Bitcoin mining ASIC chip, which is crucial for its SEALMINER A4 mining computer [1][2]. Group 1: Allegations and Lawsuit Details - The lawsuit, filed in the Southern District of New York, claims that Bitdeer executives made false statements about the chip's energy efficiency and production schedule, leading to a significant drop in stock price following the announcement of production delays [2][4]. - The lawsuit seeks damages for investors who purchased Bitdeer securities between June 6, 2024, and November 10, 2025, during which time the stock price fell by 41% [5]. - The corrective disclosure occurred on November 10, 2025, when Bitdeer reported a net loss of $266.7 million and acknowledged significant delays in the SEAL04 chip's production [6]. Group 2: Product Development Timeline - Bitdeer initially announced the SEAL04 ASIC chip in June 2024, promoting an energy efficiency of "as low as" 5 J/TH, with expectations for availability in Q2 2025 [3]. - Despite claims of being on track for mass production, the lawsuit argues that design issues led to delays, forcing the company to adopt a dual-track approach with two independent designs for the SEAL04 chip [4][7]. - Management later revised the timeline, targeting Q3 2025 for the first tape out of the SEAL04, which was subsequently pushed to Q4 2025, with mass production now expected in Q1 2026 [8].