Benchmark Equity Research analysts reiterated a $27 price target for Bitdeer Technologies Group shares, saying the stock is comparatively inexpensive [1, 2].
The valuation reflects a strategic pivot toward artificial intelligence. As Bitcoin miners seek to diversify their revenue streams beyond cryptocurrency mining, Bitdeer's expansion into AI cloud services provides a blueprint for stability and growth in a volatile market.
Benchmark said strong growth in the company's AI cloud annual recurring revenue is a primary driver for the valuation [1, 2]. At the end of March 2024, the AI cloud ARR reached $43 million [1], representing a 105% increase month-over-month [1]. The firm also said Bitdeer's expanding self-mining hashrate is a reason the stock remains undervalued [1, 2].
To arrive at its valuation, Benchmark utilized an EV/revenue multiple of seven [2]. This calculation is based on a fiscal year 2026 revenue estimate of $1.089 billion [2]. This target suggests an expected upside of 85% [2].
However, analyst sentiment on the stock varies across the industry. While one report cited a higher price target of $38 [3], other firms have set lower expectations. Northland Securities maintains a price target of $20 [4]. Additionally, Nasdaq reports an average one-year price target of €18.89 [5].
Bitdeer continues to scale its infrastructure to support both high-performance computing and digital asset mining. The disparity in price targets highlights the uncertainty among investors regarding how to value a company that operates simultaneously in the crypto-mining and AI-cloud sectors.
“Benchmark calls Bitdeer ‘comparatively inexpensive’”
The divergence in price targets, ranging from approximately €18.89 to $38, indicates a market struggle to categorize Bitdeer. It is transitioning from a pure-play Bitcoin miner to a diversified infrastructure provider. The significant growth in AI cloud revenue suggests that the company's future valuation may depend more on its success in the AI sector than on the price of Bitcoin.
