Bitdeer Shares Skyrocket 170% in a Month, Benchmark Predicts Further Upside

Shares for Singapore-based Bitcoin mining company Bitdeer (ticker BTDR) have risen 170% in the past month alone as global demand for mining equipment and data centers continues to rise.

Bitdeer’s steady advances in the stock market have been fairly consistent, with share prices rallying almost 4X over the last four months.

Additionally, Bitdeer stock jumped by above 23% after the company released its November 2024 Operations and Production update.

The report says the company mined 150 Bitcoins over the month and is looking to add 1.1 GW of power capacity to its operations in 2025.

Significantly, Bitdeer will also produce more of its self-manufactured SEALMINER A2 rigs in order to absorb some of the market share of heavyweight rivails like Bitmain and MicroBT. This will bring the SEALMINERs’ hash rate to around 35 EH/s in 2025, up from current capacity of 18 EH/s.

Customers have now fully reserved an allocation of around 30,000 SEALMINERs for external sale, representing 7 EH/s of the projected 35 EH/s.

Benchmark analysts say Bitdeer shares will continue rising

Benchmark analysts have reiterated their “buy” rating for Bitdeer shares, suggesting there is further potential upside.

In a Monday note to clients, Benchmark analyst Mark Palmer outlined the reasons to be bullish on Bitdeer right now. He said the company is rallying thanks to three price drivers: firstly, its data center business, powering AI and other high-powered computing projects, secondly, its addition of hashrate across its Bitcoin mining operations, and lastly, its design and assembly of ASIC chips and mining machines.

Palmer highlighted the fact that Bitdeer uses a portion of its SEALMINERs in its own mining operations makes it “the most vertically integrated firm among the listed bitcoin miners.”

Bitdeer continues raising funds for expansion

Back in August, Bitdeer began selling convertible notes to investors to fund its expansion drive. The initial offering back in August was $150 million.

At the end of November, Bitdeer repeated the move again, this time offering investors $400 million in the instruments. According to the company’s November 2024 Operations and Production update the sale closed successfully.

Chief Business Officer Linghui Kong said in a statement: “Further, we are extremely pleased with the closing of our US$400 million convertible note offering in November. Net proceeds from this offering will be used for datacenter expansion, ASIC-based mining rigs development and manufacture, as well as working capital and other general corporate purposes.”

He also stated that “2025 is going to be a transformative year for Bitdeer.”

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