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Bitcoin Miner Bitdeer Technologies Could be a Potential Takeover Target: Benchmark
The broker raised its price target for the shares to $16 from $13 while reiterating its buy rating on the stock.
Updated Jul 22, 2024, 12:30 p.m. Published Jul 22, 2024, 12:27 p.m.
- Benchmark said Bitdeer could be a potential takeover target
- The broker raised its price target for the bitcoin miner to $16 from $13.
- Core Scientific’s deal with AI hyperscaler CoreWeave has helped drive a re-rating of the sector, the report said.
Bitcoin miner Bitdeer Technologies (BTDR) has become an alluring takeover target, broker Benchmark said in a research report on Monday. Bitdeer's value has been bolstered by the growing interest in crypto miners’ energy assets from artificial intelligence (AI) and high performance computing (HPC) firms in recent months.
The broker raised its Bitdeer price target to $16 from $13 and reiterated its buy rating on the shares. The stock was changing hands at $11.10 in premarket trading.
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Bitdeer shares have more than doubled in the last two months, the report noted, as the company has been recognized as one of the bitcoin miners with “ample existing and planned power capacity” that could be used for mining crypto or for powering AI and HPC projects.
Takeover activity in the sector has been heating up. Bitcoin miner Core Scientific (CORZ) recently rejected a $5.75 per share offer from cloud computing firm CoreWeave, saying it significantly undervalued the company.
Bitdeer is having early talks with several customers in the AI/HPC space and these discussions are expected to become more meaningful once management has finished site analysis to determine best use, the note said, citing a conversation with a company executive.
Benchmark raised its Bitdeer estimates to reflect the expected contribution of its ASIC chip and mining rig initiatives. It lifted its full year 2025 revenue estimate to $617.5 million from $497 million.
Bitcoin mining equity multiples have notably increased in recent months, with Core Scientific’s deal with AI hyperscaler CoreWeave helping to drive the re-rating of the sector, the report added.
Wall Street giant JPMorgan (JPM) said the recent rally in the sector is an indication that the market thinks that the AI and HPC opportunity could offer alternative and more accretive use cases for bitcoin mining sites, the bank said in a report last week.
Read more: U.S.-Listed Bitcoin Miners’ Share of Global Hashrate Reached Record in July: JPMorgan
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