Analyst posts ‘outperform’ rating for Bitcoin miner Bitdeer, sets $26.50 price target

Key Points

  • KBW has initiated coverage on Bitdeer Technologies Group with an outperform rating and a $26.50 price target, suggesting a 34.1% potential increase.
  • Bitdeer's flexible mining strategy, new mining hardware, AI computing expansion, and strong leadership are highlighted as reasons for the bullish outlook.
  • The company is set to launch highly efficient Bitcoin mining machines, with the SEALMINER A4 model expected to be twice as efficient as current top models.
  • Bitdeer is diversifying into AI and high-performance computing, potentially renting out computing power for various high-tech applications.
  • Analysts project significant revenue and EBITDA growth for Bitdeer by 2025, with an EBITDA margin above the market average.

Summary

Investment banking firm Keefe, Bruyette & Woods (KBW) has started covering Bitdeer Technologies Group, a Bitcoin miner, with an outperform rating and a price target of $26.50, indicating a potential 34.1% rise from its current price. The analysts at KBW are optimistic due to Bitdeer's strategic flexibility in mining, its venture into AI computing, and its development of new, highly efficient mining hardware. Bitdeer's business model allows it to adapt to market conditions by either mining Bitcoin or renting out mining power. The company is preparing to launch the SEALMINER A4, which promises to be significantly more efficient than existing models. Beyond cryptocurrency, Bitdeer is expanding into AI and high-performance computing, potentially leveraging its computing power for other tech applications. KBW's projections for Bitdeer include a revenue of $657.6 million and an Adjusted EBITDA of $137.5 million by 2025, with an EBITDA margin that outperforms the market average, showcasing strong operational efficiency.

yahoo
January 30, 2025
Crypto
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