Bitdeer initiated with Buy into bitcoin halving at B. Riley

B. Riley initiated coverage last night of Bitdeer Technologies with a Buy rating and $9 price target. Btdeer has a diversified digital asset mining platform with operations in the U.S., Norway, and Bhutan, the analyst tells investors in a research note. The firm says the company has significantly reduced its electricity costs over the last nine months due in large part to carbon-free, low-cost power at its Bhutan and Norway locations. It views this improvement as well-timed, as the bitcoin halving is now just weeks away. Riley believes Bitdeer is well positioned beyond the halving due to its diversified business model and access to low-cost power.