Benchmark Initiates Bitdeer Coverage With Buy Rating And $13 Price Target

According to CoinDesk, investment banking firm Benchmark has initiated coverage of Bitdeer Technologies (BTDR) with a buy rating and a $13 price target. The firm finds the bitcoin miner's shares appealing due to the wide gap between its discount valuation and growth prospects. Bitdeer's stock closed over 7% higher on Wednesday at $6.74. Analyst Mark Palmer highlighted the Singapore-based company's differentiation from its publicly traded peers, citing its scalable infrastructure, low all-in mining costs, diverse revenue streams, and recent expansion into artificial intelligence (AI) and high-performance computing (HPC) solutions. If management can deliver on growth plans, Bitdeer could more than double its power capacity, leading to significant hashrate expansion. The transition of hashrate from hosting to self-mining is expected to boost the company's upside exposure to further increases in bitcoin prices. Palmer also noted that Bitdeer is well-positioned to take market share in the AI and HPC sector.