TLDR
- Benchmark raised its price target on Bitdeer Technologies to $38 from $24, maintaining a buy rating based on the company’s shift to in-house AI data center development
- The stock trades at 4.3x FY26 EV/revenue compared to an 8.6x peer average, leaving room for upside despite a 70% rally over the past two months
- Bitdeer plans to convert its 3 GW global power pipeline across the U.S., Norway, Bhutan, Canada and Ethiopia into over $2 billion in annual revenue by late 2026
- The Clarington, Ohio site will have 570 MW of power available nearly a year ahead of schedule with flexibility to switch between bitcoin mining and AI workloads
- The company’s 175 MW Tydal Phase 2 site in Norway will be converted into an AI data center by the end of 2026 at lower costs than building from scratch
Benchmark boosted its price target on Bitdeer Technologies to $38 from $24 while maintaining a buy rating. The move follows the bitcoin miner’s announcement that it will handle AI data center development in-house.
Analyst Mark Palmer said the decision to bring development in-house strengthens the company’s three-part strategy. That strategy includes next-gen SEALMINER rigs and bitcoin self-mining operations.
Bitdeer Technologies Group, BTDR
The stock traded 6.8% higher in early trading to $25.65. Shares have rallied 70% over the past two months.
The recent surge includes a more than 30% jump in just the past few days. That spike came after the company revealed its AI pivot plans.
Palmer noted the stock still has room to run despite the recent gains. The new $38 target implies more than 50% upside from current levels.
The company outlined its strategy in a September update. Bitdeer plans to turn its roughly 3 GW global power pipeline into a revenue machine.
That pipeline spans the U.S., Norway, Bhutan, Canada and Ethiopia. Management’s bull case projects annualized revenue exceeding $2 billion by late 2026.
Controlling the Full Value Chain
Bitdeer’s in-house approach gives it control over the entire process. This includes power, land, design and operations.
Palmer believes this should improve margins. It should also speed up the path from megawatts to actual revenue as the company expands into AI and high-performance computing.
The company is making progress at multiple sites. Its Clarington, Ohio location is being developed for bitcoin mining with built-in flexibility.
The site can convert to AI workloads if needed. The local utility confirmed 570 MW of power will be available nearly a year ahead of schedule.
Norway Site Conversion Plans
Bitdeer is also converting its 175 MW Tydal Phase 2 site in Norway. The facility will become an AI data center by the end of 2026.
The conversion will cost less than building a new facility from scratch. This approach fits with the company’s strategy of maximizing existing infrastructure.
Palmer pointed to a valuation gap between Bitdeer and its peers. The stock trades at 4.3x FY26 EV/revenue.
That compares to an 8.6x average for peer companies. The discount exists despite the company’s recent rally and strategic moves.
Benchmark based its $38 price target on a 7x enterprise value to revenue multiple. The firm applied this to its $1.069 billion revenue estimate for fiscal year 2026.
The company’s market capitalization stands at $5.09 billion. Recent data shows the stock gained 17.46% in the past week alone.
Over the last six months, shares have surged more than 215%. This comes as the company scales up its operations across multiple fronts.
Bitdeer mined 452 bitcoins in September, a 20.5% increase from August. The company’s self-mining hashrate now sits at 35.0 exahash per second.
The company plans to reach 40 EH/s by the end of October. Bitdeer held 1,934 bitcoins at the end of August.
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