TLDR
- Benchmark maintained its Buy rating and $22 price target on Bitdeer, implying about 100% upside from recent levels near $11.
- Bitdeer reported Q2 2026 revenue of $228.8 million, up 47% from $155.6 million a year earlier.
- Self-mining revenue reached $168.4 million, while average self-mining hash rate increased to 69.5 EH/s.
- Bitdeer’s AI Cloud revenue reached $14 million, compared with $3.7 million in Q1 2026.
- Bitdeer posted a $92.3 million net loss, even as adjusted EBITDA increased to $31.1 million.
Benchmark maintained its Buy rating on Bitdeer Technologies Group (NASDAQ: BTDR) and set a $22 price target after the Bitcoin miner reported higher second-quarter revenue. The target offers roughly 100% upside from BTDR’s recent trading level near $8.67, although Benchmark reduced its previous target of $27 following the company’s latest quarterly results.
Source: KnockOutStocks
Bitdeer reported $228.8 million in revenue for the second quarter of 2026, up 47% from $155.6 million during the same quarter last year. Revenue also increased from $188.9 million in the first quarter, supported mainly by the company’s expanding self-mining operations. Benchmark analyst Mark Palmer has also outlined a higher valuation scenario reaching $38 as Bitdeer expands its AI and high-performance computing business.
Bitdeer Bitcoin Production Nearly Quintuples
Bitcoin self-mining remained Bitdeer’s largest revenue source during the second quarter, generating $168.4 million. The company mined 2,694 Bitcoin during the period, compared with 565 Bitcoin in the second quarter of 2025, representing a sharp increase in annual production.
Bitdeer recorded an average deployed self-mining hash rate of 69.5 EH/s during the quarter. The increase followed continued expansion of its mining capacity as the company deployed more computing power across its operations. Higher Bitcoin production helped lift quarterly revenue, although the company also reported a wider net loss as spending increased.
The miner continues to operate its Bitcoin mining business while directing more resources toward AI infrastructure. Bitdeer had reported zero Bitcoin holdings as of February 20, 2026, after selling its treasury holdings as part of its capital allocation strategy.
Bitdeer Expands AI Data Center Business
Bitdeer’s AI cloud business generated $14 million in second-quarter revenue, rising 284% from the previous quarter. The company has been expanding beyond Bitcoin mining by developing infrastructure that can support artificial intelligence and high-performance computing workloads.
The company signed a 16-year lease tied to its Tydal campus in Norway in August 2026. The agreement is valued at $4.7 billion and could reach $8 billion under its full terms. Bitdeer plans to convert the site into an AI and high-performance computing facility with 121 megawatts of IT capacity supported by Nvidia GPUs.
Norway provides access to renewable electricity and a cooler climate that can reduce data-center cooling requirements. Bitdeer also operates facilities in the United States and Southeast Asia, giving the company additional infrastructure for its mining and computing operations.
Benchmark Keeps Buy Rating Despite Lower Target
Benchmark reduced its Bitdeer price target from $27 to $22 on August 6 while maintaining its Buy rating. With BTDR recently trading around $10 to $11, the revised target still represents roughly double the current share price.
Palmer has also placed the upper end of Bitdeer’s valuation range at $38, which would represent a much larger gain from recent levels. The higher target depends on the expansion of Bitdeer’s AI infrastructure business alongside continued Bitcoin mining activity.
Execution at the Tydal facility remains central to Bitdeer’s AI plans. The company will need to complete the required infrastructure, secure customers for available computing capacity and manage access to GPUs as the project develops.
Bitcoin mining also remains exposed to changes in Bitcoin prices and network conditions. The April 2024 Bitcoin halving reduced block rewards, increasing pressure on miners to control operating costs and expand efficient computing capacity. Bitdeer’s higher production and growing AI business now form the main operating areas behind Benchmark’s continued Buy rating and $22 price target.
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