TechFlow reported, according to Coindesk, that brokerage firm Benchmark stated in a research report on Monday that Bitdeer Technologies is seen as a potential acquisition target due to growing interest from artificial intelligence (AI) and high-performance computing (HPC) companies in the energy assets of cryptocurrency miners over recent months. Benchmark raised its price target for Bitdeer from $13 to $16 while maintaining a "Buy" rating.
Bitdeer's stock was trading at $11.10 in pre-market activity, having doubled over the past two months. The report highlighted that Bitdeer possesses substantial existing and planned power capacity suitable for both cryptocurrency mining and AI or HPC projects. Benchmark also increased its revenue forecasts for Bitdeer, raising the full-year 2025 revenue estimate from $497 million to $617.5 million.
Equity multiples for bitcoin mining firms have risen notably recently, driven by industry reassessment following the transaction between Core Scientific and CoreWeave. JPMorgan noted that the recent sector rebound reflects market sentiment that AI and HPC opportunities could offer more value-added use cases for bitcoin mining facilities.
