Bitdeer initiated with a Buy at H.C. Wainwright

H.C. Wainwright initiated coverage of Bitdeer Technologies with a Buy rating and $20 price target. As one of the world’s largest publicly traded operators of bitcoin mining infrastructure, with a “differentiated and diversified” business model, Bitdeer is “uniquely positioned” to capture additional share of the network hash rate in the coming years, the analyst tells investors in a research note. The firm says the company is deploying a “significant” pipeline of infrastructure projects including existing site expansions and new greenfield mining facilities.