Bitcoin miner Bitdeer has emerged as an attractive acquisition target, according to analysts at Benchmark, reports CoinDesk.
The financial firm raised the target price for the mining company’s shares from $13 to $16, maintaining a “buy” rating. Bitdeer’s closing price on Friday, July 19, was $10.99. In pre-market trading on June 21, the stock’s valuation increased to $11.2.
Benchmark analysts noted that the shares of the first cryptocurrency miner have been rising for the second consecutive month. Bitdeer is recognized as one of the miners with “sufficient existing and planned capacities” that can be used for mining or to support AI projects and high-performance computing.
Experts also considered the expected returns from the firm’s initiatives to produce ASIC chips and cryptocurrency mining installations. They raised Bitdeer’s revenue forecast for 2025 from $497 million to $617.5 million.
Overall, Benchmark specialists believe that investor interest in the sector was spurred by Core Scientific’s deal with AI firm CoreWeave. The 12-year agreement is expected to bring the bitcoin miner over $3.5 billion in revenue over its term.
In early July, CoreWeave made a takeover offer to Core Scientific for approximately $1.02 billion, which was rejected.
Experts had predicted a wave of consolidation in the industry following the April halving. In recent months, CleanSpark acquired competitor GRIID for $155 million, Riot Platforms continued its hostile takeover attempts of Bitfarms, and Bitdeer purchased mining chip developer Desiweminer.
Back in May, Tether invested $100 million in equity capital in Bitdeer. The deal includes the option for the USDT stablecoin issuer to invest an additional $50 million.