Benchmark calls Bitdeer 'comparatively inexpensive' amid 21% BTDR

Benchmark Equity Research reiterated its "buy" rating and $27 price target on Bitdeer Technologies on Thursday, framing the stock as a comparatively inexpensive way to own the hybrid bitcoin mining and AI/HPC trade that has already lifted several peers. The note, led by analyst Mark Palmer, comes a day after BTDR surged nearly 21% on Wednesday following Hut 8's announcement of a 352 MW AI data center deal at Beacon Point — a move Benchmark cited as evidence of how aggressively investors are rewarding the category.

Bitdeer's AI cloud ARR reached $43 million as of end-March, a 105% jump month-over-month, with management flagging strong demand from AI agents and enterprise workloads. The company produced 661 BTC in March, runs ~78 EH/s of hashrate under management — the largest among public miners ahead of MARA — and is pushing its proprietary SEALMINER A4 chip roadmap with a 69.5 EH/s self-mining hashrate. Benchmark highlights Bitdeer's vertical integration, large-scale power access, and proprietary chip development as the same foundational elements the market is paying up for elsewhere.

Why it matters

Benchmark's argument is timing, not novelty: in the hybrid mining/AI-HPC subsector, "many of the most visible names have already 'mooned' on AI enthusiasm," leaving BTDR at 4.5x forward EV/revenue — a discount the firm argues no longer reflects the company's power, integration, and chip capabilities. Vertical integration reduces dependence on third-party ASIC suppliers and lets Bitdeer internalize hardware economics that have historically leaked out of miner P&Ls.

Market impact

The bullish framing is paired with a real downgrade to near-term financials: Benchmark cut its Q1 2026 revenue estimate to $189.7 million from $232.7 million to reflect deteriorating bitcoin mining conditions and elevated power costs, modeling adjusted EBITDA of $22.1 million and an adjusted diluted loss per share of $0.31. Investors will weigh whether AI cloud growth at 105% MoM can offset the bitcoin-mining margin pressure — the bet that the AI re-rating catches up to the mining fundamentals before the mining drag deepens.