Barclays initiates Bitdeer Technologies at Overweight with $15 price target, citing AI infrastructure pivot

Barclays has launched coverage of Bitdeer Technologies Group with an Overweight rating and a $15 price target, making it the latest Wall Street firm to endorse the Bitcoin miner’s aggressive push into artificial intelligence and high-performance computing infrastructure.

With Bitdeer shares trading around $9.63 at the time of the initiation, the price target implies roughly 56% upside. For a stock that’s been hammered nearly 40% since late June, that’s the kind of analyst conviction that tends to get attention.

Why Barclays is bullish on a Bitcoin miner

The core thesis isn’t really about Bitcoin mining anymore. Barclays is focused on Bitdeer’s strategic repositioning toward AI and HPC infrastructure, anchored by the company’s approximately 3 GW of powered land assets.

Earlier this month, on August 4, Bitdeer announced a landmark 16-year, $4.7 billion colocation lease covering 121 MW of AI and HPC capacity at its facility in Tydal, Norway. Revenue from that deal is expected to start flowing in early Q1 2027.

Bitdeer’s Q2 2026 revenue came in at $228.8 million, a 47% jump year-over-year.

Wall Street’s growing consensus

Barclays isn’t alone in its bullish stance. Cantor Fitzgerald has upgraded Bitdeer to Overweight with an even higher price target of $18. Benchmark has maintained its Buy rating with a $22 target, the most aggressive of the three.

The stock’s 52-week range spans from $6.92 to $27.80. At $9.63, shares are sitting much closer to the bottom of that range than the top.

The recent selloff was driven largely by equity issuances that diluted existing shareholders and a general lack of near-term catalysts.

The Bitcoin miner-to-AI pipeline

Bitdeer’s vertical integration strategy, maintaining control across its operations rather than outsourcing key components, could provide additional margin advantages as the AI infrastructure build-out accelerates.

The Tydal, Norway facility adds another dimension. Nordic locations offer natural cooling advantages and access to renewable energy sources, both of which are increasingly important to hyperscale AI customers concerned about sustainability commitments and operating costs.

The equity dilution that contributed to the stock’s 40% decline since June also remains a concern. If Bitdeer needs to raise additional capital to fund its infrastructure buildout, further share issuances could weigh on the stock price even as the underlying business improves.

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