Barclays Starts Bitdeer Technologies Group (BTDR) at Overweight

Barclays analyst Nik Cremo initiates coverage on Bitdeer Technologies Group (NASDAQ: BTDR) with a Overweight rating and a price target of $15.00.

The analyst comments: “We believe the company’s focus shift to provision of AI/High-Performance Compute (HPC) infrastructure is an effective use of its existing and future powered land assets (~3GW combined), which have become increasingly in-demand and valuable following the expansion of AI labs and hyperscalers. Importantly, in August Bitdeer announced its first signed colocation deal in its Tydal, Norway facility for 121MW of capacity starting at ~$160/kW/month with 3% annual escalators for 16 years, for a total contract value of $4.7bn. While the stock is down ~40% since the initial announcement of a deal in late June (vs the S&P 500 at +~4%, further trading down on both the date Tydal deal details were disclosed and the 2Q26 earnings date), we believe this is from a combination of: 1) the lack of a near-term catalyst as future lease signings may not be as imminent, and 2) the equity issuance used in part to fund capex for the deal ($457mn equity issued at-the-market in 2Q26); management also attributed some of the underperformance to a wider selloff of AI/data center stocks related to the unwind of a large portfolio. We think investors would become more confident in the execution timeline and broader business transition, if colocation becomes revenue generative in early 1Q27 as guided, with realized revenue allowing for more stable financing (infrastructure financing is often project based, contingent on signed leases). Further, updates on how the pipeline for future deals progresses (noting that the first deal is the most challenging) could also make investors more confident given the long runway of yet-to-be-signed leases (Tydal was ~121MW, vs ~1.9GW of total AI/Colo capacity).”

For an analyst ratings summary and ratings history on Bitdeer Technologies Group click here. For more ratings news on Bitdeer Technologies Group click here.

Shares of Bitdeer Technologies Group closed at $9.63 yesterday.

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