Benchmark Equity Research reaffirmed its “Buy” rating and $27 price target for Bitdeer Technologies, citing the stock’s potential for revaluation as it transitions from a bitcoin miner to an AI/HPC infrastructure provider.
Following the rise in Hut 8 (HUT) shares, Bitdeer (BTDR) stock surged nearly 21% on Wednesday. Announcement On Thursday, analysts led by Mark Palmer noted in a report that Beacon Point has secured a massive 352-megawatt AI data center deal, highlighting investor enthusiasm for hybrid Bitcoin mining/AI companies.
Taking this into account, despite BTDR’s similar access to power, vertical integration, and proprietary chip development capabilities, its forward EV/revenue multiple is “relatively cheap” at 4.5x.
Benchmark reported that, as of the end of March, Bitdeer's AI cloud ARR reached $43 million, a 105% quarter-over-quarter increase, with management citing strong demand for AI agents and enterprise workloads.
In the rapidly growing hybrid Bitcoin mining/AI high-performance computing stock subsector, many of the most well-known names have already rushed into AI enthusiasm, but BTDR remains relatively overlooked. Despite possessing some of the same foundational elements that investors seek, its price remains low. It is now actively pursuing returns in other areas: large-scale power access, vertically integrated infrastructure, and increasingly sophisticated proprietary chip development capabilities.
Notably, BTDR continued advancing its proprietary SEALMINER A4 mining chip roadmap, achieving 69.5 EH/s of self-mining hash rate in March.
Benchmark noted: "The company's vertical integration strategy reduces its reliance on third-party ASIC suppliers while enabling it to internalize hardware economic benefits previously captured elsewhere in the mining ecosystem."
Bitdeer mined 661 bitcoins in March, with a total hash rate of approximately 78 EH/s. The Block previously reported that this figure made Bitdeer the largest miner by computational power, surpassing MARA.
Nevertheless, Benchmark lowered Bitdeer’s revenue forecast for the first quarter of 2026 from $232.7 million to $189.7 million “to better reflect the deteriorating Bitcoin mining environment and rising electricity costs,” resulting in an adjusted EBITDA of $22.1 million and an adjusted diluted loss per share of $0.31.