Benchmark sees over 150% upside for Bitdeer on bitcoin mining, AI outlook

Quick Take
- Benchmark reiterated its Buy rating and $22 price target on BTDR, implying roughly 153% upside from Bitdeer’s $8.86 share price after its stock fell more than 20%.
- The brokerage said Bitdeer’s mining business provided the cash, hardware, and energized land that helped make its recent $4.7 billion AI contract executable.
We'd love your feedback.
Benchmark Equity Research reiterated its Buy rating and $22 price target on Bitdeer Technologies Group, saying the market's negative reaction to the company's $1 billion shelf registration file overreached following its latest earnings report.
Bitdeer shares (BTDR) dropped more than 20% Monday to close at $8.86, according to The Block's BTDR price page. Benchmark's $22 price target implies approximately 153% upside from that price level.
The post-earnings selloff came after the company disclosed a new shelf registration and moved its at-the-market facility onto the shelf with a $1 billion takedown, raising concerns about potential dilution, according to Benchmark.
In a note to clients on Tuesday, Benchmark analyst Mark Palmer called the share price decline "an overreaction," noting that Bitdeer confirmed during the earnings call an intention to utilize non-dilutive, project-level financing wherever contracted cash flows support it.
The analyst said Bitdeer’s bitcoin mining business remains important to the AI strategy despite some shareholders favoring a greater focus on data centers. He added that mining is currently generating all of Bitdeer’s revenue and paying its bills, while reducing the amount of equity the company needs to raise for its AI business.
Bitdeer reported $228.8 million in second-quarter revenue, up 47% from a year earlier and 21% sequentially, while adjusted EBITDA rose 575% year over year to $31.1 million. Benchmark attributed the operating improvement to the bitcoin mining business.
Mining bridge to an AI future
"We believe BTDR’s bitcoin mining segment should be understood as providing an important bridge to a lucrative, AI-focused future," Palmer wrote in the note. "Over time, colocation and AI cloud should dominate the earnings mix and the multiple. But this quarter, mining produced the cash, the hardware and the energized land that helped to make a $4.7bn contract executable."
Palmer pointed to Bitdeer’s $4.7 billion, 16-year colocation and services agreement with Volta Tydal AS. The contract covers 121 IT megawatts of critical load across four data halls configured for NVIDIA GPUs, with a leading AI lab as the end customer.
According to Benchmark, hundreds of millions of dollars had already been spent developing Tydal as a bitcoin mining site before Bitdeer decided to convert it, leaving about $500 million in remaining capex.
Palmer said Bitdeer’s prior mining investment in Tydal included the substation, pad, and interconnection that allowed the company to pursue the AI opportunity on Volta’s compressed timeline.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

