The benchmark Wall Street Broker raised its price target on Bitcoin Miner Bitdeer Technologies (BTDR) to $38 from $24 indicating more than 50% upside from current levels.
The broker said shares still have room to run despite a 70% rally in shares over the last two months, including more than a 30% move in recent days after the company announced its AI pivot.
The stock was 6.8% higher in early trading at $25.65.
The miner’s decision to take on Data Center development strengthens the three-pronged strategy alongside next-gen sealminer 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 its September update plan, signaling ambitions to turn a roughly 3 GW global power pipeline across the US, Norway, Bhutan, Canada and Ethiopia into more than $2 billion in annual revenue by late 2026. Shares jumped more than 30% on the news, but Palmer said the stock is still selling at a discount to peer
Bitdeer is promoting the Clarington, Ohio site for Bitcoin mining with built-in flexibility to convert to AI workloads, and the local utility has confirmed that 570 MW of power will be available nearly 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 a new build, the report noted.
Palmer reiterated his buy rating, saying Bitdeer’s 4.3x FY26 eV/earnings remains well below the 8.6x peer average, leaving room for further upside.
Read more: Crypto miner Bitdeer soars 30% as company pushes deeper into AI and data center expansion
