Cantor Fitzgerald: Best Bitcoin Mining Stock Isn’t American

Cantor Fitzgerald, a renowned Wall Street firm, recently highlighted Bitdeer as an undervalued Bitcoin mining company. Bitdeer’s stock surged 50% this month. According to Cantor, Bitdeer’s stock has the lowest implied value among the miners they cover, according to Decrypt.

Cantor’s report states that Bitdeer can quadruple its hash rate capacity. As of May 2024, Bitdeer had a total hash rate of 22.5 exahashes per second (EH/s). The company plans to add 1,079 megawatts of power to its data centers. This addition could increase its hash rate by another 59.5 EH/s, surpassing Marathon Digital’s expected 50 EH/s.

Cantor predicts Bitdeer’s EBITDA to reach $576.7 million in 2025. This would be nearly half of its current $1.25 billion market cap. Bitdeer’s vertical integration and ability to produce its own mining machines provide a significant edge. Cantor estimates that Bitdeer’s commercial rig business could be worth $18.46 per share.  

Bitdeer traded at $9.08 last Friday. Cantor noted that most public miners’ all-in cost to mine one BTC would be below the market price of 1 BTC ($65,200). Bitdeer’s estimated production cost is just $17,744 per coin.  

Cantor Fitzgerald’s CEO, Howard Lutnick, revealed that Tether, the largest stablecoin provider, holds a significant stake in Bitdeer. Tether recently acquired a 25% stake in Bitdeer, enabling the mining firm to raise $100 million.