Bitdeer stock rating reiterated at Buy by BTIG on ASIC mining rollout

Investing.com - BTIG has reiterated its Buy rating and $23.00 price target on Bitdeer Technologies Group (NASDAQ:BTDR), currently trading at $13.17, following investor meetings with the company earlier this week. The stock, which has shown significant volatility with a beta of 2.22, aligns with the broader analyst consensus of Strong Buy. InvestingPro analysis reveals 12+ additional investment insights for this crypto mining company.

The meetings focused on several key areas including the ongoing rollout of Bitdeer’s SEALMINER ASIC mining rig, potential HPC/AI data center opportunities at the company’s Clarington, Ohio location, growth outlook for its self-mining Bitcoin business, and use of proceeds from a recent convertible issuance. With analysts projecting 45% revenue growth for FY2025, InvestingPro data shows promising expansion potential despite the stock’s 29% decline over the past six months.

BTIG noted that Bitdeer has delivered approximately 15 EH of its A2 Pro mining rigs through June, including about 5 EH sold to third-party customers. The A2 Pro operates at approximately 15 J/TH efficiency. For detailed analysis of Bitdeer’s operational metrics and peer comparison, access the comprehensive Pro Research Report available on InvestingPro.

Management indicated that A2 deliveries should gradually reduce fleet-wide self-mining efficiency from approximately 29 J/TH in the first quarter of 2025 to the low 20s J/TH range by the fourth quarter as Bitdeer expands its self-mining capacity from the current level of about 17 EH to approximately 40 EH.

According to BTIG, Bitdeer plans to begin mass production of its more efficient A3 model (11-12 J/TH) by year-end, with the A4 model (5-7 J/TH) expected to reach mass production in the second half of 2026 following an anticipated fourth-quarter 2025 tapeout.

In other recent news, Bitdeer Technologies Group reported a 21% increase in its self-mining hashrate in June 2025, reaching 16.5 EH/s. The company mined 203 Bitcoins in June, marking a 4% rise from May, thanks to its SEALMINER systems. Bitdeer has been actively developing its SEALMINER product line, with the A3 series nearing mass production. The company has also expanded its infrastructure, boasting 1,098 MW of electrical capacity across global locations, and continues to develop sites in Norway, Ohio, Bhutan, and Ethiopia. Bitdeer recently closed a $375 million private placement of 4.875% Convertible Senior Notes due 2031, which will support infrastructure growth in Norway and Bhutan. Analyst firms have shown confidence in Bitdeer’s prospects, with Benchmark maintaining a Buy rating and Cantor Fitzgerald raising its price target to $23.00. BTIG also reiterated a Buy rating, noting the company’s strategic mining expansion plans. Bitdeer aims to reach a self-mining capacity of 40 EH/s by October 2025, as it advances its high-performance computing and AI initiatives.

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