PANews reported on May 8th that, according to The Block, Benchmark Equity Research reiterated its "buy" rating and $27 price target for Bitcoin mining company Bitdeer Technologies, stating that the stock has the potential for valuation reassessment as a target for the transformation from Bitcoin mining to AI/HPC infrastructure. Analyst Mark Palmer pointed out that Bitdeer's stock price rose nearly 21% on Wednesday after Hut 8 announced a 352 MW AI data center deal with Beacon Point, reflecting investor enthusiasm for hybrid Bitcoin mining and AI companies.

Benchmark stated that Bitdeer's forward enterprise value to revenue ratio of 4.5x is "relatively cheap," despite its large-scale power access, vertically integrated infrastructure, and in-house chip development capabilities. Benchmark lowered its revenue forecast for Bitdeer in the first quarter of 2026 from $232.7 million to $189.7 million to reflect deteriorating mining conditions and rising electricity costs.