The broker increased its price target for the shares to $16 from $13, maintaining its buy recommendation on the stock.
Benchmarks suggest that Bitdeer might attract interest as a potential acquisition target. The broker increased its price target for the bitcoin miner to $16 from $13. According to the report, Core Scientific’s agreement with AI hyperscaler CoreWeave has contributed to reassessing the sector.
Broker Benchmark’s recent research report highlighted Bitdeer Technologies (BTDR), a Bitcoin miner (BTC), as an appealing acquisition target. The report underscored that Bitdeer’s value has been bolstered by the rising interest from artificial intelligence (AI) and high-performance computing (HPC) firms in crypto miners’ energy assets. This interest has notably increased in recent months, contributing to Bitdeer’s attractiveness as a potential takeover candidate.
The broker has increased its price target for Bitdeer Technologies (BTDR) from $13 to $16 per share and has reaffirmed its recommendation to buy the stock. During premarket trading, Bitdeer shares were valued at $11.10.
According to the report, Bitdeer’s stock has seen a significant rise of more than 100% in the past two months. This increase is attributed to the company’s substantial existing and planned power capacity, which is seen as advantageous for both cryptocurrency mining operations and potentially powering artificial intelligence (AI) and high-performance computing (HPC) projects.
In the cryptocurrency sector, there’s been a lot of interest in takeovers. Core Scientific, a Bitcoin mining company, recently rejected an offer of $5.75 per share from CoreWeave, a cloud computing firm, saying it didn’t value Core Scientific highly enough.
Bitdeer Technologies, another Bitcoin miner, is in early talks with several customers in the AI and high-performance computing fields. These talks are expected to get more serious once Bitdeer figures out the best way to use its facilities, according to a conversation with one of the company’s executives.
Benchmark updated its forecasts for Bitdeer to include the expected impact of its new ASIC chip and mining rig projects. This led them to increase their estimate for Bitdeer’s revenue in 2025 to $617.5 million, up from $497 million.
The report mentioned that the value of Bitcoin mining companies has gone up a lot lately. Core Scientific’s deal with AI company CoreWeave played a role in this. It made people think differently about Bitcoin mining.
JPMorgan, a big Wall Street company, said in a report last week that the recent rise in Bitcoin mining companies shows that the market thinks AI and high-performance computing could find new and better ways to use Bitcoin mining sites.
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