Northland initiated coverage of Bitdeer with an Outperform rating and $13 price target Bitdeer has historically focused on Bitcoin mining, and to a lessor extent, hosting, but is now pivoting to high performance computing, or HPC, and also has a new ASIC chip ready for miner production, the analyst tells investors. With the HPC/AI transition via about 800 MW in Ohio and other power assets, the ASIC miner opportunity, strong core business, and attractive valuation, the firm believes Bitdeer “presents a compelling investment opportunity,” the analyst added.
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