Benchmark maintains $22 price target for Bitdeer after 47% revenue rise

Benchmark kept its Buy rating on Bitdeer Technologies Group (NASDAQ: BTDR) with a $22 price target after the bitcoin miner posted Q2 2026 revenue of $228.8 million, a 47% jump from the same period last year. The stock currently trades near $11, which means the analyst firm sees roughly double the current share price as fair value.

That $22 target is actually a step down. Benchmark previously had Bitdeer pegged at $27, trimming the figure on August 6 amid what it described as valuation considerations following the quarterly results.

The numbers behind the growth

Bitdeer’s Q2 2026 revenue of $228.8 million came in well above the $155.6 million it generated in Q2 2025. It also topped the $188.9 million the company reported in Q1 2026, showing that growth isn’t just a year-over-year story but a sequential one too.

The engine behind the acceleration is self-mining. That segment alone contributed $168.4 million in revenue during the quarter. Bitdeer mined 2,694 bitcoin in Q2 2026, compared to just 565 bitcoin in Q2 2025. The company’s average deployed hash rate for self-mining hit 69.5 EH/s during the quarter.

But revenue growth came with a catch. Bitdeer reported a wider net loss for the quarter, and those costs are currently outpacing the revenue gains on the bottom line.

AI ambitions add a second act

Bitdeer isn’t content being a pure-play bitcoin miner. AI cloud revenue reached $14 million in the quarter, a 284% increase from Q1 2026.

The most concrete sign of Bitdeer’s AI commitment is a 16-year data center lease signed in Norway. Norway offers cheap, renewable energy, a cool climate that reduces cooling costs, and a stable regulatory environment, all of which make it attractive for both mining and AI workloads.

What to make of the gap

The most interesting tension in the Benchmark report is the distance between the current share price and the target. With Bitdeer trading near $11 and the target sitting at $22, that’s an implied upside of roughly 100%.

Widening net losses during a period of strong revenue growth suggest that Bitdeer is spending aggressively on expansion. Self-mining revenue is inherently tied to the price of the asset being mined, meaning a sustained downturn in bitcoin would compress margins on that $168.4 million revenue line regardless of how many exahashes Bitdeer throws at the network.

On the other hand, going from 565 bitcoin mined per quarter to 2,694 represents an operational transformation. The fact that Benchmark lowered its target while keeping a Buy rating reads as a recalibration rather than a loss of conviction, acknowledging near-term headwinds including the wider losses and the capital demands of the AI buildout.

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