Buy Rating Affirmed for Bitdeer Technologies on Strong HPC Growth and Self-Mining Success

Darren Aftahi, an analyst from Roth MKM, maintained the Buy rating on Bitdeer Technologies (BTDR – Research Report). The associated price target remains the same with $14.00.

Darren Aftahi has given his Buy rating due to a combination of factors surrounding Bitdeer Technologies’ progress in high-performance computing (HPC) and their self-mining operations. The preliminary success of their Ohio capacity suggests strong potential for growth in HPC, which offers a significantly high annual recurring revenue and profit margin if fully realized. Aftahi views the advancements in HPC, such as letters of intent and customer contracts, as pivotal drivers for the company’s valuation, potentially even more impactful than gains from vertical integration in Bitcoin mining.
Bitdeer’s September production update further supports the optimistic outlook, with stable Bitcoin mining results and a slight increase in the self-mining hash rate. The anticipated construction of HPC data centers in Ohio, despite large initial costs, promises attractive long-term profitability. Additionally, the company’s recent performance in self-mining has surpassed expectations, indicating a robust foundation for revenue growth. These elements contribute to Aftahi’s belief in the company’s potential for revaluation and his recommendation to buy Bitdeer Technologies’ stock.

Aftahi covers the Technology sector, focusing on stocks such as Bitdeer Technologies, Shopify, and Alarm. According to TipRanks, Aftahi has an average return of -11.8% and a 29.54% success rate on recommended stocks.

In another report released on September 26, Needham also maintained a Buy rating on the stock with a $14.00 price target.

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Bitdeer Technologies (BTDR) Company Description:

Blue Safari Group Acquisition Corp a blank check company.