JonesResearch sees 60% upside in Bitdeer shares, cites overlooked AI value and Sealminer sales

Core Viewpoint - JonesResearch initiated coverage of Bitdeer (BTDR) with a Buy rating and a $32 price target, applying a 20x EV/EBITDA multiple to its 2026 EBITDA estimate of $435.5 million, indicating confidence in Bitdeer's leadership in HPC hosting and potential upside from colocation deals [1] Company Overview - Bitdeer operates a vertically integrated model, designing, manufacturing, and deploying its Sealminer rigs, which is expected to lower self-mining gross margins from a hashcost of $0.037/TH to fleet efficiencies of 14.2 J/TH by the end of 2027 [2] - External Sealminer sales are conservatively modeled at 19 EH/s in 2026 and 32 EH/s in 2027, representing a significant opportunity in the $3 billion–$5 billion ASIC hardware market [2] - Bitdeer is positioned to capture market share from competitors like Bitmain, especially among new entrants [2] Valuation Metrics - Bitdeer trades at 6.8–10.6x EV/EBITDA on 2026 estimates, significantly below the coverage universe's median of 18.3–28.7x [2] - The report highlights substantial unrecognized value in two AI/HPC colocation assets: the 570 MW Clarington, Ohio site valued at $26.64–$36.46 per share and the 309 MW Norwegian portfolio worth $14.44–$19.77 per share [2] Key Catalysts - Key catalysts for Bitdeer include closing colocation leases at Clarington and Norway, as well as the planned release of the next-generation Sealminer A4-2 rig targeting 5.5–6.0 J/TH efficiency in late 2026 [3]