Benchmark sees 150% upside for Bitdeer on Bitcoin mining, AI expansion

Bitdeer Technologies Group has spent the last year quietly dismantling the identity it was built on. The company sold every Bitcoin it owned, signed one of the largest data-center lease deals in recent memory, and is now being pitched by Wall Street analysts as an AI infrastructure play with more than 100% upside baked in. Benchmark Co. analyst Mark Palmer has set a price target range of $22 to $38 for BTDR, the company’s Nasdaq-listed stock. With shares trading near $10 to $11, the upper end of that range implies roughly 150% upside from current levels. From sats to servers The centerpiece of Bitdeer’s transformation is a 16-year lease agreement signed in August 2026 for its Tydal, Norway campus. The deal is valued at $4.7 billion and could expand to $8 billion under its full terms. The Tydal campus is being converted into an AI and high-performance computing facility, housing 121 megawatts of IT capacity powered by Nvidia GPUs. At an average rate of approximately $202 per kilowatt per month, the economics look meaningfully better than what Bitcoin mining typically delivers. The company also operates data centers across the US and Southeast Asia, giving it a geographically distrib...