BTDR Price Target Upped to $38 at Benchmark

Wall Street broker Benchmark increased its price target for bitcoin miner Bitdeer Technologies (BTDR) to $38 from $24, suggesting over 50% potential upside despite a recent 70% rally in the stock. This upgrade follows Bitdeer's strategic pivot to bring AI data center development in-house, which analyst Mark Palmer believes strengthens its overall strategy alongside next-gen mining rigs and self-mining. Controlling the entire value chain, from power to operations, is expected to improve margins and accelerate monetization as Bitdeer expands into AI and high-performance computing. The company aims to generate over $2 billion in annualized revenue by late 2026 from its global power pipeline. Benchmark reiterated its buy rating, noting that Bitdeer's 4.3x FY26 EV/revenue multiple remains significantly below the 8.6x peer average, indicating room for further stock appreciation.

(Source：CoinDesk)