Bitdeer Technologies Group (NASDAQ:BTDR) shares are trading higher on Wednesday following the company’s September operational update. Multiple analysts also maintained bullish ratings and raised price targets.
What To Know: Bitdeer reported September production numbers showing accelerating momentum. The company increased its self-mining hashrate to 35 EH/s, up from 30.3 EH/s in August and said it remains on track to reach 40 EH/s at the end of October.
Bitdeer also mined 452 Bitcoin (CRYPTO: BTC) last month, marking a 20.5% month-over-month increase.
The company launched its SEALMINER A3 series and began mass production with initial shipments expected in October. The new generation includes both air-cooling and hydro-cooling models designed to improve power efficiency compared to previous iterations. Bitdeer will begin retiring older-generation rigs in November.
Bitdeer said it secured confirmation that all 570 MW of electrical capacity in Clarington, Ohio will be available by the end of the third quarter — roughly a year ahead of prior expectations. Bitdeer also energized its Tydal, Norway and Jigmeling, Bhutan sites and launched a 300 MW power site in Niles, Ohio, expanding its global power pipeline to 3 GW.
The company expects to operate more than 200 MW of IT load dedicated to AI computing by year-end 2026, with potential annualized revenue exceeding $2 billion under optimal scenarios. Bitdeer.AI reached $8 million in AI cloud annualized recurring revenue in September.
Following the operations update, multiple analysts weighed in. Cantor Fitzgerald analyst Brett Knoblauch raised the price target from $30 to $50 while maintaining an Overweight rating. Roth Capital analyst Darren Aftahi maintained a Buy rating with a $40 price target, and Rosenblatt analyst Kevin Cassidy maintained a Buy rating with a $20 price target.
BTDR Price Action: Bitdeer shares are having a big day, jumping 27.93% to $25.73 at the time of publication on Wednesday, according to Benzinga Pro.
The stock has been bouncing around between an intraday high of $27.80 and a low of $24.15. Trading volume is pretty hefty, with 24.7 million shares changing hands. Right now, the stock is about 9% below its 52-week high and is trading 64% above its 50-day moving average.
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