Bitdeer Target Price Raised from $16 to $29 After 86% Stock Surge in a Month

Bitdeer Technologies’ shares soared by 86% in the past month, prompting Benchmark analysts to increase their target price from $16 to $29. The company’s market cap now stands at roughly $3 bln. This impressive growth stems from new ASIC innovations and a notable hash rate expansion.

Over the last 4 months, Bitdeer boosted efficiency by 22%, and planned infrastructure upgrades may add around 5 EH/s by year-end. Approximately 23% of projected revenue gains come from cutting-edge hardware solutions. About $150 mln from the recent funding round is allocated to energy-efficient chip research.

Investors anticipate Bitdeer’s market share to rise from 2.5% to about 3% in the next two quarters. The upgraded target price signals growing confidence in the company’s long-term prospects amid an expanding crypto industry.