Benchmark mentioned Bitdeer could possibly be a possible takeover goal
The dealer raised its value goal for the bitcoin miner to $16 from $13.
Core Scientific’s cope with AI hyperscaler CoreWeave has helped drive a re-rating of the sector, the report mentioned.
Bitcoin miner (BTC) Bitdeer Applied sciences (BTDR) has change into an alluring takeover goal, dealer Benchmark mentioned in a analysis report on Monday. Bitdeer’s worth has been bolstered by the rising curiosity in crypto miners’ vitality property from synthetic intelligence (AI) and excessive efficiency computing (HPC) corporations in current months.
The dealer raised its Bitdeer value goal to $16 from $13 and reiterated its purchase score on the shares. The inventory was altering palms at $11.10 in premarket buying and selling.
Bitdeer shares have greater than doubled within the final two months, the report famous, as the corporate has been acknowledged as one of many bitcoin miners with “ample present and deliberate energy capability” that could possibly be used for mining crypto or for powering AI and HPC tasks.
Takeover exercise within the sector has been heating up. Bitcoin miner Core Scientific (CORZ) lately rejected a $5.75 per share provide from cloud computing agency CoreWeave, saying it considerably undervalued the corporate.
Bitdeer is having early talks with a number of prospects within the AI/HPC area and these discussions are anticipated to change into extra significant as soon as administration has completed web site evaluation to find out finest use, the notice mentioned, citing a dialog with an organization govt.
Benchmark raised its Bitdeer estimates to mirror the anticipated contribution of its ASIC chip and mining rig initiatives. It lifted its full 12 months 2025 income estimate to $617.5 million from $497 million.
Bitcoin mining fairness multiples have notably elevated in current months, with Core Scientific’s cope with AI hyperscaler CoreWeave serving to to drive the re-rating of the sector, the report added.
Wall Road large JPMorgan (JPM) mentioned the current rally within the sector is a sign that the market thinks that the AI and HPC alternative might provide different and extra accretive use circumstances for bitcoin mining websites, the financial institution mentioned in a report final week.
Learn extra: U.S.-Listed Bitcoin Miners’ Share of International Hashrate Reached Document in July: JPMorgan