Bitcoin Miner Bitdeer Is 'Differentiated' From Peers, Shares Are Cheap: Benchmark
Investment banking firm Benchmark has initiated coverage of Bitdeer Technologies with a buy rating and a $13 price target, citing the company's growth prospects and discount valuation. Bitdeer, a Singapore-based bitcoin miner, is differentiated from its peers due to its scalable infrastructure, low mining costs, diverse revenue streams, and recent expansion into artificial intelligence (AI) and high-performance computing (HPC) solutions. If Bitdeer's management delivers on growth plans, it could more than double its power capacity, leading to significant hashrate expansion. The company's transition from hosting to self-mining is expected to increase exposure to bitcoin price increases. Bitdeer is also well-positioned to gain market share in the AI and HPC sector.
