Wall Street broker Benchmark raises Bitcoin price target BTC$110,972.63 Miner Bitdeer Technologies (BTDR) has risen from $24 to $38, representing an upside of more than 50% from current levels.
The broker said the stock still has room to rise, even though the stock has risen 70% in the past two months, including a more than 30% rise in the past few days after the company announced its transformation to AI.
Shares rose 6.8% to $25.65 in early trading.
The miner's decision to bring the development of its AI data center in-house, alongside the next-generation SEALMINER rig and BTC self-mining, strengthens its three-part strategy, the report said.
Benchmark analyst Mark Palmer said that as Bitdeer expands into AI and high-performance computing, controlling the entire value chain, from power and land to design and operations, should improve margins and accelerate monetization.
The company outlined its plans in a September update, hinting at ambitions to turn the nearly 3GW global power pipeline, which spans the US, Norway, Bhutan, Canada and Ethiopia, into more than $2 billion in annual revenue by the end of 2026. Although the stock price soared more than 30% on the news, Palmer said the stock still trades at a discount compared to its peers.
Bitdeer is developing its Clarington, Ohio site for Bitcoin mining with built-in flexibility to convert into AI workloads, and the local power company has confirmed that 570 MW of power will be available nearly a year ahead of schedule. The company also plans to convert its 175MW 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 said.
Palmer reiterated his Buy rating and said BitDeer's FY2026 EV/Revenue multiple of 4.3x remains well below the industry average of 8.6x, leaving room for further upside.
read more: Crypto miner Bitdeer jumps 30% as it goes deeper into AI and data center expansion
