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

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A new class action lawsuit accuses Bitdeer Technologies Group (NASDAQ: BTDR) of misleading investors about the development and timeline of its forthcoming Bitcoin mining ASIC chip, the SEAL04 — the key component to Bitdeer’s SEALMINER A4 bitcoin mining computer.

Filed in the Southern District of New York by Plaintiff Ismail N. Sakar individually and on behalf of other investors, the complaint claims that Bitdeer and its senior executives CEO Jihan Wu, CBO Matt Linghui Kong, and CSO Haris Basit, made false and misleading statements about the chip’s energy efficiency and mass production schedule, causing a sharp drop in the company’s stock price when Bitdeer announced production delays.

Bitdeer first announced the SEAL04 ASIC chip as part of its SEALMINER road map in June 2024, advertising “as low as” 5 J/TH energy efficiency for the chip which was “expected in Q2 2025,” according to a Bitdeer presentation cited in the lawsuit.

“Defendants continually reiterated that the SEAL04 research and development remained on track to achieve chip efficiency for use in the A4 machine with mass production expected in the second quarter 2025. In truth, there were issues with the SEAL04 chip design progress eventually causing R&D to delay production and take a “dual-track approach” and create two completely independent designs to ensure mass production of the SEAL04 chip,” the suit argues.

The lawsuit, covering the period from June 6, 2024, through November 10, 2025, seeks to recover damages for investors who purchased Bitdeer securities before the recent sell off (at the time of publication, BTDR is down 41% over the last month).

The corrective disclosure arrived on November 10, 2025, the lawsuit says, when Bitdeer announced its Q3 2025 financial results, revealing a net loss of $266.7 million and reporting that its next-generation SEAL04 chip was “significantly delayed.” Bitdeer also confirmed that early samples of the first SEAL04 design achieved 6-7 J/TH efficiency, missing the 5 J/TH target.

Defendants repeatedly told investors, the lawsuit claims, that the SEAL04 research and development remained on track to achieve a 5 J/TH chip efficiency required and to support mass production during 2025. But the complaint alleges that unresolved design issues eventually forced Bitdeer to delay development and adopt a ‘dual-track approach,’ creating two independent SEAL04 designs in an effort to salvage a viable mass production path.

According to Bitdeer management commentary and updates cited in the lawsuit, Bitdeer later targeted Q3 2025 for the first tape out of SEAL04, which later slipped to Q4 2025 with mass production in Q1 2026.

Per Bitdeer’s Q3 earnings call, this Q4 2025 tapeout and Q1 2026 mass production applies to the first design of the SEAL04 with a 6-7 J/TH efficiency. Production of Bitdeer’s second, “next generation” SEAL04 chip design — which ostensibly is aiming for the original 5 J/TH target — is “significantly delayed,” per management commentary cited in the legal document.

Following the disclosure of the SEAL04 chip delays, Bitdeer’s stock price dropped over 14%, falling from $17.65 to $15.02 per share in a single day, the suit claims.

The lawsuit alleges that the Defendants were aware of issues with the SEAL04 chip’s design and progress but continually misled the market with confident public statements about the project being “on track” to achieve its efficiency target. The plaintiff, Ismail N. Sakar, asserts that the executives engaged in a scheme to conceal adverse facts, thereby artificially inflating Bitdeer’s share price.

Blockspace contacted Bitdeer for comment but did not hear back by publication time. Check back for updates.

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