According to Benchmark Equity Research, the firm reiterated its “buy” rating and $27 price target on Bitdeer Technologies (BTDR) on Thursday, citing the bitcoin miner’s transition into AI/HPC infrastructure as undervalued relative to peers. BTDR surged nearly 21% on Wednesday following Hut 8’s announcement of a 352 MW AI data center deal, highlighting investor appetite for hybrid mining/AI firms.
Bitdeer’s AI cloud annual recurring revenue (ARR) reached $43 million as of end-March, up 105% month-over-month. The company produced 661 BTC in March and manages a total hashrate of approximately 78 EH/s, making it the largest miner by total compute. Benchmark noted BTDR trades at 4.5x forward EV/revenue despite possessing similar power access and proprietary chip development capabilities as higher-valued competitors.
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