Benchmark calls Bitdeer ‘comparatively inexpensive’ as it reiterates $27 price target for BTDR shares
Benchmark reiterated its buy rating and $27 price target for Bitdeer (BTDR), citing its re-rating potential in AI/HPC infrastructure.Summary
Benchmark Equity Research has maintained its "buy" rating and $27 price target for Bitdeer Technologies (BTDR), highlighting the company's potential for re-rating as it expands into AI/HPC infrastructure. This comes after Bitdeer shares surged following Hut 8's large AI data center deal, indicating investor interest in hybrid bitcoin mining/AI firms. Benchmark notes that BTDR trades at a "comparatively inexpensive" 4.5x forward EV/revenue, possessing similar advantages to competitors like large-scale power access, vertical integration, and proprietary chip development. Bitdeer's AI cloud annual recurring revenue (ARR) reached $43 million in March, a significant month-over-month increase, with strong demand reported for AI workloads. The company is also advancing its proprietary SEALMINER A4 chip roadmap and has a substantial self-mining hashrate. Despite these strengths, Benchmark has lowered its Q1 2026 revenue estimates for Bitdeer to reflect deteriorating bitcoin mining conditions and increased power costs.
(Source：The Block)