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Benchmark Equity Research reiterated its Buy rating and $27 price target on Bitdeer Technologies (BTDR), arguing the stock trades at a cheap 4.5x forward EV/revenue despite holding the same structural advantages — large-scale power access, vertical integration, and proprietary chip development — that investors are aggressively rewarding at rival hybrid miners.
Bitdeer's AI cloud ARR hit $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's proprietary SEALMINER A4 chip roadmap is advancing alongside a 69.5 EH/s self-mining hashrate in March, and at roughly 78 EH/s total hashrate under management, Bitdeer ranks as the largest miner by total compute — ahead of MARA.
Benchmark did trim its Q1 2026 revenue estimate to $189.7 million from $232.7 million to reflect deteriorating bitcoin mining…
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