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Investing.com - Benchmark raised its price target on Bitdeer Technologies Group (NASDAQ:BTDR) to $38.00 from $24.00 on Monday, while maintaining a Buy rating on the cryptocurrency mining company. The stock, currently trading near $24, has shown remarkable momentum with a 17.46% gain in the past week and over 215% surge in the last six months, according to InvestingPro data.
The price target increase follows Bitdeer’s September 2025 production update, which revealed the company’s decision to bring artificial intelligence (AI) data-center development in-house while continuing to scale its SEALMINER rigs and Bitcoin self-mining operations. With a market capitalization of $5.09 billion, Bitdeer’s ambitious expansion comes despite InvestingPro analysis indicating challenging gross profit margins of just 4.89%.
Benchmark views Bitdeer’s in-house pivot as "strategically sound," noting it improves the economics the company will derive from planned AI/high-performance computing facilities and positions it to shorten the path from "megawatts to monetized megawatts."
The company’s accelerated approach aims to leverage its approximately 3 gigawatt global power pipeline spanning the United States, Norway, Bhutan, Canada, and Ethiopia into a business that could potentially generate an annualized revenue run-rate greater than $2 billion by the end of 2026, according to management’s bull case shared last week.
Benchmark’s new price target is based on a 7x enterprise value to revenue multiple applied to its estimate of Bitdeer’s fiscal year 2026 revenue of $1.069 billion.
In other recent news, Bitdeer Technologies Group has reported significant developments that are drawing attention from investors. The company announced the mining of 452 Bitcoins in September, marking a 20.5% increase from August, attributed to an increased self-mining hashrate now at 35.0 exahash per second (EH/s). Bitdeer plans to reach 40 EH/s by the end of October, continuing its expansion in high-performance computing and artificial intelligence. In a strategic move, Bitdeer also plans to redeem $7.7 million in convertible senior notes ahead of their 2029 maturity, ensuring financial flexibility. Needham has raised its price target for Bitdeer to $30 from $17, maintaining a Buy rating, based on the company’s potential in high-performance computing. This increase represents a 76% rise from the previous target, highlighting the firm’s confidence in Bitdeer’s future performance. The company’s operational improvements, including the deployment of SEALMINER rigs, have significantly boosted its capabilities. Bitdeer held 1,934 Bitcoins at the end of August, demonstrating its growing capacity in the Bitcoin mining sector.
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