Wall Street brokerage Benchmark raised its price target on bitcoin miner Bitdeer Technologies (BTDR) to $38 from $24, implying more than 50% upside from current levels.
The broker said shares still have room to run despite the 70% rally in the stock in the past two months, including more than a 30% move in the past few days after the company announced its AI pivot.
The stock was 6.8% higher in early trading at $25.65.
The miner’s decision to take AI data center development in-house strengthens its three-pronged strategy, along with next-generation SEALMINER rigs and BTC self-mining, the report said.
Benchmark analyst Mark Palmer said managing the full value chain, from power and land to design and operations, should improve margins and accelerate revenue generation as Bitdeer expands into AI and high-performance computing.
The company outlined the plan in its September update, signaling ambitions to turn its roughly 3 GW global power line across the US, Norway, Bhutan, Canada and Ethiopia into more than $2 billion in annual revenue by the end of 2026. Shares jumped more than 30% on the news, but Palmer noted that the stock still trades at a discount to 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 to an AI data center by the end of 2026 at a lower cost than a new build, the report noted.
Palmer reiterated his buy rating, saying Bitdeer’s 4.3x FY26 EV/revenue multiple remains well below the 8.6x peer average, leaving room for further upside.
Read more: Crypto miner Bitdeer surges 30% as company pushes deeper into AI and data center expansion
