According to Benchmark Equity Research, the firm reiterated its “buy” rating and $27 price target for Bitdeer Technologies (BTDR) on Thursday, citing the stock’s valuation at 4.5x forward EV/revenue as comparatively inexpensive despite possessing similar power access and proprietary chip development capabilities to higher-valued peers.
Bitdeer’s AI cloud annual recurring revenue (ARR) reached $43 million as of end-March, up 105% month-over-month, with management reporting strong demand from AI agents and enterprise workloads. The miner produced 661 BTC in March and maintains a total hashrate under management of approximately 78 EH/s, making it the largest miner by total compute. Benchmark reduced its Q1 2026 revenue estimate to $189.7 million from $232.7 million to reflect deteriorating bitcoin mining conditions and elevated power costs.
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