Bitdeer shares remain ‘massively undervalued,’ says H.C. Wainwright

H.C. Wainwright analyst Mike Colonnese reiterates a Buy rating on Bitdeer with a $20 price target following the company’s Q4 report. The shares remain “massively undervalued,” the analyst tells investors in a research note. The firm believes Bitdeer’s push into rig manufacturing will prove to be a significant competitive advantage for the company. Bitdeer will be uniquely positioned to lower its capital expenditures per unit of deployed hash rate, and will have greater control over the supply chain, all while providing it with a new source of revenue from selling its high-performance mining rig to other industrial-scale bitcoin miners, contends H.C. Wainwright.