Jones Trading Assumes Bitdeer Technologies Group (BTDR) at Buy

Jones Trading analyst Kevin Dede assumes coverage on Bitdeer Technologies Group (NASDAQ: BTDR) with a Buy rating and a price target of $22.00.

The analyst comments: “We are assuming coverage of Bitdeer Technologies Group with a Buy rating and a $22 price target. Bitdeer, in a word, represents true vertical integration across Bitcoin mining, and per our AI/HPC supercycle thesis, recent deal announcements carry aspects of that strategy over to high-performance compute. Interesting from a semiconductor perspective, Bitdeer's ASIC, or application-specific integrated circuit, design proficiency could carry to AI inference. ASICs are far less costly to produce than GPU-based logic. Bitdeer’s founder, Chairman, and CEO, Jihan Wu, was with Micree Zhan, a co-founder of Bitmain. We think that all he has built at Bitdeer in the short years after the break-up, including: (1) a mining hash rate of 79.9Eh/s; (2) a cloud compute business now at $86M ARR; (3) a $4.7 billion, 16-year facility lease for a leading global datacenter infrastructure provider; and (4) perhaps most importantly, a runway to 3GW of developed power, suggest the potential for both continued success and a higher stock price.”

For an analyst ratings summary and ratings history on Bitdeer Technologies Group click here. For more ratings news on Bitdeer Technologies Group click here.

Shares of Bitdeer Technologies Group closed at $11.51 yesterday.

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