Wall Street broker Benchmark raises its price target on bitcoin miner Bitdeer Technologies (BTDR) to $38 from $24, implying over 50% upside from current levels.
The brokerage said shares still have room to rise despite the stock’s 70% rise over the past two months, including a rise of more than 30% in the past few days after the company announced its AI pivot.
The stock was up 6.8% in early trading at $25.65.
The miner’s decision to take AI data center development in-house reinforces its three-pronged strategy alongside next-generation SEALMINER platforms and BTC self-mining, the report said.
Leading analyst Mark Palmer said controlling the entire value chain, from power and land to design and operations, should improve margins and accelerate monetization as Bitdeer expands into AI and high-performance computing.
The company laid out the plan in its September update, signaling its ambition to turn its roughly 3GW global power pipeline spanning the United States, Norway, Bhutan, Canada and Ethiopia into annualized revenue of more than $2 billion by the end of 2026. Shares jumped more than 30% on the news, but Palmer noted the stock was still trading at a lower price than its peers.
Bitdeer is advancing its Clarington, Ohio, bitcoin mining site with built-in flexibility to convert to AI workloads, and the local utility has confirmed that 570 MW of power will be available nearly a year ahead of schedule. The company is also converting its 175 MW Tydal Phase 2 site in Norway into an AI data center by the end of 2026 at a lower cost than new construction, the report said.
Palmer reiterated his Buy rating, saying Bitdeer’s 4.3x FY26 EV/revenue multiple remains well below its peers’ 8.6x average, leaving room for further upside.
Learn more: Cryptocurrency miner Bitdeer rises 30% as company invests more in AI and data center expansion
