Benchmark Equity Research maintained its “Buy” rating on Bitdeer Technologies Group (BTDR).
Benchmark applied a 7x EV/revenue multiple to its FY26 revenue estimate of $1.089 billion to arrive at its $24 price target, noting that Bitdeer trades at a discount to peers despite its AI/HPC exposure. This represents an 85% increase from the current $13 price as of market close on July 9.
Benchmark noted the Singapore-based miner’s production and operations report for June reflected gains across its three business lines: bitcoin mining rig design and manufacturing, self-mining operations, and AI/HPC data-center site development.
In self-mining, the company achieved a 21% month-over-month increase in hashrate to 16.5 EH/s and remains on track to reach 40 EH/s by the end of October.
On the AI/HPC front, Bitdeer revealed it is in discussions with several potential development partners for its U.S. data-center sites, a move that would bring it closer to leasing capacity to major AI hyperscalers.
Hardware R&D also stayed on schedule with SEALMINER A3 mass-production preparations nearly complete and machine-level test results meeting expectations, while development of the SEALMINER A4 chip continues toward an industry-leading efficiency target of 5 J/TH.
The report provided an operational snapshot of Bitdeer’s existing fleet: all 3.9 EH/s of SEALMINER A1 units are fully energized; 14.9 EH/s of SEALMINER A2 rigs have been manufactured with 1.1 EH/s in final assembly; and 5.3 EH/s of A2 units–including 2.4 EH/s shipped in June–have been delivered to customers, with the remaining 9.6 EH/s reserved for self-mining.
Read More: Bitdeer mines 203 BTC in June as hashrate climbs 21% to 16.5 EH/s
Benchmark also lowered its standalone self-mining forecasts for FY26 – reducing revenue to $503.6 million from $610.1 million and adjusted EBITDA to $50.8 million from $111.1 million – to reflect persistently high mining difficulty. Pro forma estimates incorporating equipment sales lift FY26 revenue to $1.089 billion and adjusted EBITDA to $397.8 million.
With major milestones such as the SEALMINER A4 rollout and AI/HPC partner selection still pending, Benchmark expects Bitdeer’s share price to better reflect its multi-faceted growth roadmap as execution progresses.
