Bitdeer shares (BTDR) surged nearly 21% Wednesday following Hut 8’s (HUT) announcement of a massive 352 MW AI data center deal at Beacon Point, highlighting investor enthusiasm for hybrid bitcoin mining/AI firms, the analysts led by Mark Palmer said in a note on Thursday.
With that in mind, BTDR trades at a “comparatively inexpensive” 4.5x forward EV/revenue despite possessing similar power access, vertical integration, and proprietary chip development capabilities.
Bitdeer’s AI cloud ARR hit $43 million as of end-March, a 105% jump month-over-month, and management expressed strong demand from AI agents and enterprise workloads, Benchmark said.
“In the burgeoning subsector of hybrid bitcoin mining/AI-HPC stocks, in which many of the most visible names have already ‘mooned’ on AI enthusiasm, BTDR remains comparatively inexpensive despite possessing some of the same foundational elements that investors are now aggressively rewarding elsewhere: large-scale power access, vertically integrated infrastructure, and increasingly sophisticated proprietary chip development capabilities,” Benchmark wrote.
Notably, BTDR continues to advance its proprietary SEALMINER A4 mining chip roadmap, with a 69.5 EH/s self-mining hashrate in March.
“The company’s vertical integration strategy reduces its dependence on third-party ASIC suppliers while allowing it to internalize hardware economics historically captured elsewhere in the mining ecosystem,” Benchmark noted.
Bitdeer produced 661 BTC in March and boasts a total hashrate under management of ~78 EH/s. The Block previously reported that this figure makes Bitdeer the largest miner by total compute, ahead of MARA.
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That said, Benchmark is reducing its Q1 2026 revenue estimates for Bitdeer to $189.7 million from $232.7 million “to better reflect the deteriorating bitcoin mining conditions” and elevated power costs. This equates to an adjusted EBITDA of $22.1 million and adjusted diluted loss per share of $0.31.
