Benchmark, TD Cowen, Mizuho Maintain Buy Ratings on Crypto Firms, Citing AI and Capital Markets Shift

According to Benchmark, TD Cowen, and Mizuho, three major Wall Street firms maintained or raised buy-equivalent ratings on Bitdeer, DeFi Technologies, Strive, and Gemini on Monday, reflecting a market revaluation of crypto platforms as infrastructure, AI, and capital markets utilities.

Benchmark reiterated its $27 price target on Bitdeer, highlighting its 3.0-gigawatt global power portfolio and accelerating AI cloud revenue, which expanded from $10 million in January to $69 million by April. TD Cowen raised its Strive price target to $30, citing a daily dividend structure on preferred shares as a capital formation innovation. Mizuho cut its Gemini price target to $10 from $12 while maintaining an Outperform rating, noting that transaction revenue held flat in Q1 despite a 50% decline in trading volumes, signaling a shift toward higher-margin revenue streams including payment services.