Benchmark: Bitdeer valuation is undervalued, reiterates a Buy rating and a $27 price target

Benchmark Equity Research analyst Mark Palmer released a report on May 8 (Thursday), reiterating his “Buy” rating for Bitdeer Technologies Group (ticker: BTDR) and a $27 price target, saying the company’s valuation is relatively low versus peers.

Rationale for the Re-Rating and Peer Valuation Comparison

In its Thursday report, Benchmark said Bitdeer’s forward EV / revenue multiple is 4.5x, lower than comparable bitcoin mining / AI hybrid companies. The report cited a recent 352 MW AI data center transaction announced by Beacon Point as a market reference, noting that investors award a premium to the AI theme among hybrid miners. It also said Bitdeer has equivalent large-scale power grid access, vertically integrated infrastructure, and in-house proprietary chip R&D capabilities, leaving its valuation relatively cheap.

Benchmark said: “Although BTDR has some of the same key elements that some investors are now actively rewarding elsewhere—large-scale power grid access, vertically integrated infrastructure, and increasingly sophisticated in-house proprietary chip development capabilities—its valuation is still relatively inexpensive.”

The report also said that Bitdeer’s vertical integration strategy reduces reliance on third-party ASIC vendors, allowing it to internalize the economic benefits of the hardware production process.

Progress in Bitdeer’s AI Cloud Business

According to Benchmark’s Thursday report, as of the end of March 2026, Bitdeer’s AI cloud ARR reached $43 million, up 105% quarter-over-quarter. Management said demand for AI agents and enterprise workloads remains strong. Bitdeer is also advancing its proprietary SEALMINER A4 mining chip roadmap as a long-term technical plan to reduce dependence on external suppliers.

Mining Business Overview and Revised Q1 2026 Financial Forecast

Based on Benchmark’s report and prior coverage by The Block, in March 2026 Bitdeer’s self-mining hash rate was 69.5 EH/s, with total hash rate of about 78 EH/s. The company mined 661 bitcoins that month, taking its total hash rate above MARA, making it the bitcoin miner with the largest hash rate capacity currently.

In this report, Benchmark lowered its 2026 Q1 revenue forecast for Bitdeer from $232.7 million to $189.7 million, citing a worsening bitcoin mining environment and rising power costs. After the revision, adjusted EBITDA is forecast at $22.1 million, and adjusted diluted EPS loss is $0.31.

Frequently Asked Questions

What is Benchmark’s latest rating and price target for Bitdeer (BTDR)?

According to Benchmark Equity Research’s May 8, 2026 report, analyst Mark Palmer reiterated a “Buy” rating for BTDR and set a 12-month price target of $27. The forward EV / revenue multiple is 4.5x.

What is the latest ARR figure for Bitdeer’s AI cloud business?

According to Benchmark’s report, as of the end of March 2026, Bitdeer’s AI cloud ARR was $43 million, up 105% from the prior quarter, with management saying demand for AI agents and enterprise workloads is strong.

Why did Benchmark cut its Bitdeer Q1 2026 revenue forecast?

According to Benchmark’s report, the revenue forecast was lowered from $232.7 million to $189.7 million, mainly due to a worsening bitcoin mining environment and rising power costs. After the revision, adjusted EBITDA is $22.1 million, and adjusted diluted EPS loss is $0.31.