According to Coindesk, brokerage firm Benchmark pointed out in a research report on Monday that Bitcoin miner Bitdeer Technologies is seen as a potential acquisition target due to the growing interest of artificial intelligence (AI) and high-performance computing (HPC) companies in crypto miners' energy assets in recent months. Benchmark has raised its target price from $13 to $16 and maintained a buy rating.
Bitdeer shares were trading at $11.10 in pre-market trading, having doubled in the past two months. The report mentioned that Bitdeer has abundant existing and planned power capacity, which is suitable for cryptocurrency mining and AI and high-performance computing projects. Benchmark also raised Bitdeer's revenue expectations, raising its full-year revenue estimate for 2025 from $497 million to $617.5 million.
Bitcoin mining equity multiples have risen significantly in recent times as Core Scientific's deal with CoreWeave prompts a re-evaluation of the industry. JPMorgan Chase said that the recent industry rebound indicates that the market believes that AI and HPC opportunities may provide more value-added application scenarios for Bitcoin mining farms.