Wall Road dealer Benchmark raised its worth goal on bitcoin BTC$110,972.63 miner Bitdeer Applied sciences (BTDR) to $38 from $24 implying greater than 50% upside from present ranges.
The dealer mentioned the shares nonetheless have room to run regardless of the 70% rally within the shares within the final two months, together with greater than a 30% transfer prior to now few days after the corporate introduced its AI pivot.
The inventory was 6.8% greater in early buying and selling to $25.65.
The miner’s choice to take AI information middle improvement in-house strengthens its three-part technique alongside next-gen SEALMINER rigs and BTC self-mining, the report mentioned.
Benchmark analyst Mark Palmer mentioned controlling the complete worth chain, from energy and land to design and operations, ought to enhance margins and speed up monetization as Bitdeer expands into AI and high-performance computing.
The corporate outlined the plan in its September replace, signaling ambitions to show its roughly 3 GW international energy pipeline throughout the U.S., Norway, Bhutan, Canada and Ethiopia into greater than $2 billion in annualized income by late 2026. Shares jumped greater than 30% on the information, however Palmer famous that the inventory nonetheless trades at a reduction to friends.
Bitdeer is advancing its Clarington, Ohio website for bitcoin mining with built-in flexibility to transform to AI workloads, and the native utility has confirmed 570 MW of energy might be accessible almost a 12 months forward of schedule. The corporate can also be changing its 175 MW Tydal Section 2 website in Norway into an AI information middle by the top of 2026 at a decrease price than a brand new construct, the report famous.
Palmer reiterated his purchase ranking, saying Bitdeer’s 4.3x FY26 EV/income a number of stays effectively under the 8.6x peer common, leaving room for additional upside.
Learn extra: Crypto Miner Bitdeer Surges 30% as Firm Pushes Deeper Into AI and Knowledge Middle Enlargement
