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Investing.com - BTIG reiterated its Buy rating and $23.00 price target on Bitdeer Technologies Group (NASDAQ:BTDR), currently trading at $11.28, following the company’s recent $330 million convertible bond offering. The stock, which analysts rate as a Strong Buy with targets ranging from $17 to $26, appears overvalued according to InvestingPro Fair Value metrics.
The convertible bond, priced with a 4.875% coupon and maturing in the third quarter of 2031, will fund infrastructure growth in Norway and Bhutan, as well as support the ongoing rollout of the company’s Sealminer Series. Bitdeer currently operates approximately 14 EH of hash capacity, which generated 196 Bitcoin in May. With revenue of $300.4M in the last twelve months and a market capitalization of $2.2B, the company operates with moderate debt levels at 38% debt-to-equity ratio. Get deeper insights into Bitdeer’s financial health with a comprehensive InvestingPro Research Report, available for 1,400+ US stocks.
The company expects to reach approximately 40 EH of self-mining capacity later this year, representing roughly 200% hash rate growth, as it accelerates production of its Sealminer A2 mining rig. Future models in development include the A3, with an expected efficiency of 11-12 J/TH, and the Sealminer A4 with 5-7 J/TH efficiency, which is anticipated to be among the market’s most efficient when production begins in 2026. The expansion comes amid challenging conditions, with the company’s gross profit margin at 9.67% and negative free cash flow, highlighting the capital-intensive nature of mining operations.
Bitdeer is following a strategy similar to private mining rig manufacturer Bitmain, building, owning, operating, and selling Bitcoin mining equipment throughout market cycles. While focusing on maximizing profitability through Bitcoin mining at its existing power infrastructure, the company recently paused development at its Clarington, Ohio location to explore high-performance computing (HPC) colocation opportunities.
The Clarington site has approximately 266 MW approved and 304 MW in the permit phase, with attractive HPC characteristics including power usage effectiveness, fiber connectivity, water access, and power capacity, though BTIG notes Bitdeer may be "further down the queue" for HPC partnerships compared to some competitors.
In other recent news, Bitdeer Technologies Group announced the pricing of a $330 million convertible senior notes offering at a 4.875% interest rate, due in 2031. The offering, which was upsized from the initially planned $300 million, is expected to close on June 23, 2025. Bitdeer expects net proceeds of approximately $319.6 million, with an option for initial purchasers to buy an additional $45 million in notes. The proceeds will be used for a zero-strike call option transaction, note exchange transactions, and to support data center expansion and mining rig development. The company also reported an increase in its self-mining hashrate to 13.6 EH/s as of May 2025, alongside the sale and shipment of 1.6 EH/s SEALMINER A2 mining rigs to customers. Bitdeer mined 196 Bitcoins in May, marking an 18.1% increase from the previous month. Additionally, Bitdeer is progressing with infrastructure projects in Norway and Ohio, with expected completion in phases later this year. The company also launched an AI Cloud service and issued over 5 million ordinary shares as part of a warrant exercise, raising $50 million in cash proceeds.
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