Wall Street Broker Benchmark Raises Its Price Target on Bitcoin Miner BitDeer Technologies (BTDR) rose from $24 to $38, representing an increase of more than 50% from current levels.
The broker said shares still have room to run despite a 70% surge in the stock over the past two months, including a rise of more than 30% in the past few days after the company announced its AI pivot.
The stock was up 6.8% at $25.65 in early trading.
The miner’s decision to move AI data center development in-house reinforces its three-part strategy along with next-generation SeaMiner rigs and BTC self-mining, the report said.
Benchmark 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 AI and high-performance computing.
The company outlined the plan in its September update, signaling its ambition to turn its nearly 3 GW global power pipeline across the U.S., 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 said the stock still trades at a discount to peers.
Bitdeer is ramping up its Clarington, Ohio site for Bitcoin mining with built-in flexibility to convert to AI workloads, and the local utility has confirmed that 570 megawatts of power will be available nearly a year ahead of schedule. The company is converting its 175-MW Tidal Phase 2 site in Norway into an AI data center by the end of 2026 at a lower cost than a new build, the report said.
Palmer reiterated his Buy rating, saying BitDeer’s 4.3x FY26 EV/Revenue multiple is well below the 8.6x peer average, leaving room for further upside.
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