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On Wednesday, Roth/MKM initiated coverage on Bitdeer Technologies Group (NASDAQ:BTDR), a cryptocurrency and high-performance computing (HPC) platform company, with a Buy rating and a $14.00 price target.
The firm highlighted Bitdeer’s diverse business model, which includes self-mining, hash rate sharing, hosting, and AI Cloud services, as a unique investment opportunity in the crypto and HPC sectors.
The company’s plans to expand its capacity to approximately 2 gigawatts in the upcoming years were emphasized as a significant growth prospect. This expansion could position Bitdeer as a major player among miners.
Roth/MKM pointed out that while Bitdeer will require capital to scale its operations, the firm’s diversified segments provide a compelling growth narrative for investors.
The analyst from Roth/MKM expressed confidence in Bitdeer’s potential, stating that the company represents an opportunity for investors to own a multi-faceted platform with the capability to more than double its capacity. This increase in capacity is expected to potentially secure Bitdeer a prominent position in the Bitcoin mining industry.
In addition to its expansion plans, Bitdeer’s diverse range of services was noted as a key factor in the positive outlook. The company’s involvement in various segments of the cryptocurrency and HPC markets offers investors a diversified investment option with potential for growth.
With the initiation of coverage and the setting of the price target at $14.00, Roth/MKM’s assessment reflects optimism about Bitdeer’s future performance and its role in the cryptocurrency and HPC industries. The firm’s analysis suggests that Bitdeer’s strategic growth and service diversification could yield positive results for investors.
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