Crypto Miner Bitdeer Jumps 30% on AI Data Center Expansion Plans

TLDR

• Bitdeer Technologies stock jumped 30% after announcing plans to expand into AI infrastructure and data centers
• The company will directly manage AI data centers starting with a 570 MW facility in Ohio, expected to reach full capacity by late 2026
• Bitdeer projects over 200 MW dedicated to AI computing by end of 2026, with potential annual revenue exceeding $2 billion
• The firm mined 452 BTC in September, up 20.5% from August, with hashrate reaching 35 exahashes per second
• Wall Street analysts raised price targets, with Cantor Fitzgerald setting a $50 target and Roth Capital at $40

Bitdeer Technologies stock surged 30% on Wednesday after the crypto mining company announced plans to expand into artificial intelligence infrastructure. The Singapore-based firm reached an all-time high of $27 per share.

The company will directly manage development of its own AI data centers. This marks a shift from relying on outside partners for facility operations.

Bitdeer’s first major AI facility is located in Clarington, Ohio. The local utility confirmed that all 570 megawatts of electrical capacity will be available by the end of the third quarter of 2026.

This timeline is nearly a year ahead of the original schedule. The accelerated development reflects growing demand for AI computing infrastructure.

The company plans to convert two additional sites for AI operations. Facilities in Tydal, Norway and Wenatchee, Washington will support GPU-intensive workloads.

Bitdeer expects the Tydal site to support 164 MW of AI computing by late next year. The firm projects deploying over 200 MW for AI computing by the end of 2026.

Revenue Projections and Market Response

Bitdeer sees a sustained imbalance between demand and supply of AI computing power. In an optimistic scenario, the company estimates its AI operations could generate more than $2 billion in annualized revenue.

The stock rally extended a two-day gain for the company. Shares traded above $26 for the first time since early January before settling 26% higher.

Mining Performance and Analyst Outlook

Bitdeer mined 452 Bitcoin in September, representing a 20.5% increase from August. The company’s self-mining hashrate reached 35 exahashes per second.

Management expects the hashrate to reach 40 EH/s by the end of October. These gains follow deployment of new SEALMINER A2 and A3 mining rigs.

Wall Street analysts have raised their price targets for Bitdeer. Cantor Fitzgerald set an Overweight rating with a $50 price target.

Roth Capital reaffirmed a Buy rating at $40. BTIG set its target at $25 for the stock.

The broader crypto mining sector has seen similar gains. The combined market capitalization of listed miners now exceeds $90 billion, more than double the level recorded in August.

Marathon Digital closed at $22.84 while Riot Platforms finished near $22.13. CleanSpark advanced 5.5% to $23.20 on the day.

Applied Digital climbed 14% as investors showed enthusiasm for GPU infrastructure investments. Hut 8 and Cipher Mining posted gains of 6-8%.

Bitcoin prices remained stable near $110,000 during the rally. Institutional holdings in Bitdeer have climbed sharply, with hedge funds boosting stakes by as much as 70% in recent quarters.

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