Barclays initiated coverage on Bitdeer Technologies Group with an overweight rating. The bank set a price target of $15.00 for the stock. This valuation represents a potential 56% upside from the previous closing price. Analysts highlighted Bitdeer’s strategic transition into AI and high-performance compute infrastructure. This shift leverages the company’s existing and future powered land assets.
In August, Bitdeer secured a 16-year colocation deal for its Norway facility. The contract is valued at approximately $4.7 billion. The stock price declined recently due to a lack of near-term catalysts and a new equity issuance. Bitdeer issued the equity to fund capital expenditures for the Norway expansion. Barclays expects the new coverage to restore investor confidence in the company’s long-term strategy.