Frankfurt-based tech company Northern Data (OTC:NDTAF) has seen a significant change in its business model, which has caught the eye of investment bank Berenberg.
The bank has initiated coverage of the company’s stock with a Buy rating and a price target of 39 euros ($41.84) per share, indicating a potential 53.2% upside from the current share price.
"We believe that the significant investments that Northern Data has made in the latest liquid-cooling mining technology and the expansion of the company at its existing North Dakota and new Texas sites should enable it to achieve high bitcoin production and mining profitability," Berenberg analysts Gerhard Orgonas and Jenna Xu said in a note to clients.
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Despite the recent changes, this isn’t the first transformation for Northern Data. The company, formerly known as Biosilu Healthcare, was a pharmaceutical broker for Asian markets until early 2018. It then shifted to crypto mining operations and was renamed Northern Bitcoin, making it one of the earliest listed firms to enter the crypto scene.
With the recent acquisition of a data center in Pittsburgh, Northern Data is expected to continue evolving. The company also stands to benefit from advances made by its subsidiary, Ardent Data Centers, in liquid-cooling technology for its crypto mining operations.
Furthermore, industry leaders like Block are also working to make Bitcoin mining more accessible, with the development of a complete Bitcoin mining system.
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