Bitdeer Growth Fueled By Strong Machine Sales, Efficient ASICs, Diversified Revenue, And High-Performance Computing Potential: Analyst

Needham analyst John Todaro maintained Bitdeer Technologies BTDR with a Buy and raised the price target from $14 to $22.

Todaro raised his price target and 2025 estimates after updating his expectations for machine manufacturing sales. Additionally, the analyst increased his valuation due to his growing confidence in Bitdeer’s high-performance computing opportunities.

He modeled $175 million in machine sales, which includes the previously announced 29,000 unit sale and his estimates for the fourth quarter of 2025.

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Todaro assumed a $15/TH sale price throughout 2025 at a production cost of $11/TH, which is in line with peers Canaan Inc CAN. This added $47 million in EBITDA (partly offset by declines in the hosting business).

The analyst is increasingly excited about Bitdeer’s manufacturing segment, given customs-related issues with competitor Bitmain and the new machine architecture that Bitdeer is pioneering, which could lead to the most efficient ASICs on the market in the second half of 2025.

He noted that Bitdeer is a high-quality, underappreciated Bitcoin BTC/USD miner. The company presents an attractive, diversified revenue base that will perform well in bitcoin bull and bear market cycles. This diversified model also provides a buffer to prop mining during the bitcoin halving event, which results in block rewards industry-wide declining by 50%.

Additionally, Bitdeer ranks in the middle- lower end of public bitcoin miners regarding production costs, offering an attractive gross margin with bitcoin at prices above $50-60k.

Lastly, Todaro noted the stock will re-rate to a higher multiple, more in line with peers based on hash rate expansion in 2025 (fueled by its recent production of new generation mining machines, which Bitdeer sources at “production cost”) and its growing presence in U.S. capital markets.

Todaro projected fourth-quarter revenue of $71.0 million and EPS loss of $0.17.

Price Action: BTDR stock is down 8.43% at $16.94 at last check Monday.

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