Via blockspace.media
Analyst Mark Palmer sets a $38 price target on BTDR as the miner sells all its Bitcoin and bets big on AI data centers
Bitdeer Technologies Group has spent the last year quietly dismantling the identity it was built on. The company sold every Bitcoin it owned, signed one of the largest data-center lease deals in recent memory, and is now being pitched by Wall Street analysts as an AI infrastructure play with more than 100% upside baked in.
Benchmark Co. analyst Mark Palmer has set a price target range of $22 to $38 for BTDR, the company’s Nasdaq-listed stock. With shares trading near $10 to $11, the upper end of that range implies roughly 150% upside from current levels.
From sats to servers #
The centerpiece of Bitdeer’s transformation is a 16-year lease agreement signed in August 2026 for its Tydal, Norway campus. The deal is valued at $4.7 billion and could expand to $8 billion under its full terms.
The Tydal campus is being converted into an AI and high-performance computing facility, housing 121 megawatts of IT capacity powered by Nvidia GPUs. At an average rate of approximately $202 per kilowatt per month, the economics look meaningfully better than what Bitcoin mining typically delivers.
The company also operates data centers across the US and Southeast Asia, giving it a geographically distributed footprint.
Zero Bitcoin, full commitment #
Bitdeer reported holding zero Bitcoin as of February 20, 2026, having liquidated its entire treasury to fund the AI transition.
The company has not exited Bitcoin mining entirely. Bitdeer reported a self-mining hash rate of over 60 EH/s by early 2026, placing it among the leaders in that category for publicly traded miners.
What analysts are watching #
Benchmark is not alone in its optimism. Multiple firms currently carry Buy ratings on BTDR, with consensus price targets clustering around $22 to $23. That consensus figure still implies more than 100% upside from recent trading levels.
The key question for investors is execution. Signing a $4.7 billion lease is a commitment, not a result. Bitdeer needs to fill that capacity with paying customers, manage construction timelines, and navigate the GPU supply constraints that have plagued the data-center industry broadly.
Bitcoin miners broadly have been wrestling with a difficult margin environment since the April 2024 halving cut block rewards in half.
Whether the $38 target is realistic depends on how quickly the Tydal facility ramps, what lease rates look like for future capacity, and whether the company can attract the kind of anchor tenants that justify the long-term commitment it has already made. Palmer’s $38 figure represents the optimistic scenario where most of those variables resolve favorably. The $22 consensus target represents the base case where execution is solid but not exceptional.
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