Cantor Fitzgerald raises Bitdeer Technologies stock price target to $23
Investing.com
Published Jul 10, 2025 08:48AM ET
Investing.com - Cantor Fitzgerald has reiterated an Overweight rating on Bitdeer Technologies Group (NASDAQ:BTDR), currently trading at $12.97 with a market cap of $2.55 billion, while raising its price target to $23.00 from $21.00. InvestingPro data shows the stock's high beta of 2.22 indicates significant volatility.
The firm cited Bitdeer's efforts to manufacture and energize more efficient mining rigs as a key factor driving meaningful increases to the company's self-mining hash rate.
Cantor Fitzgerald noted that Bitdeer management has reiterated its expectation to reach 40 EH/S by the end of October 2025 as it continues to deploy new SEALMINER machines.
The research firm expressed confidence in Bitdeer's positioning in the AI/HPC data center segment, suggesting that bringing in a development partner should help with Tier 3 data center design and construction.
Cantor Fitzgerald attributed the price target increase to a re-rating among Bitdeer's peer group, while maintaining its positive outlook on the company's prospects.
In other recent news, Bitdeer Technologies Group announced a significant increase in its self-mining hashrate by 21% to 16.5 EH/s in June 2025, marking a 4% rise in Bitcoin production from the previous month. The company also highlighted the progress of its SEALMINER product line, with 14.9 EH/s of SEALMINER A2 rigs manufactured and deployments in the U.S., Norway, and Bhutan. Bitdeer was included in the Russell 2000® and Russell 3000® indexes as of June 30, 2025. Additionally, Bitdeer closed a $375 million private placement of 4.875% Convertible Senior Notes due 2031. The company plans to use the proceeds for data center expansion and mining rig development.
BTIG reiterated its Buy rating for Bitdeer, maintaining a $23.00 price target, following the company's $330 million convertible bond offering. This bond, priced at a 4.875% coupon and maturing in 2031, is intended to fund infrastructure growth in Norway and Bhutan. Bitdeer expects to reach approximately 40 EH of self-mining capacity by the end of the year, showcasing a strategy similar to that of private mining rig manufacturer Bitmain. The company is also exploring high-performance computing opportunities at its Clarington, Ohio site.
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