Wall Street broker Benchmark raised its price target for bitcoin miner Bitdeer Technologies (BTDR) to $38 from $24, implying an increase of over 50% from current levels.
The brokerage said the stock still has room to rise despite a 70% rally over the past two months, including a more than 30% move in recent days after the company announced its pivot into AI.
The stock rose 6.8% in early trading to $25.65.
The miner’s decision to develop the AI ​​data center in-house strengthens its three-pronged strategy alongside next-generation SEALMINER platforms and BTC self-mining, according to the report.
Lead 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 artificial intelligence and high-performance computing.
The company outlined the plan in its September update, signaling its ambitions to turn its global energy portfolio of about 3 GW in the U.S., Norway, Bhutan, Canada and Ethiopia into more than $2 billion in annualized revenue by the end of 2026. The stock rose more than 30% on the news, but Palmer noted the stock still trades at a discount to its peers.
Bitdeer is advancing its bitcoin mining site in Clarington, Ohio, with built-in flexibility to convert to AI workloads, and the local utility has confirmed that 570 MW of power will be available almost 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 notes.
Palmer reiterated his buy rating and said Bitdeer’s FY26 EV/revenue multiple of 4.3x remains well below its peer average of 8.6x, leaving room for further gains.
Read more: Crypto Miner Bitdeer Surges 30% as Company Moves Further into AI and Data Center Expansion
