Core Viewpoint - Benchmark raised the price target for Bitdeer Technologies to $38 from $24, indicating over 50% upside potential despite a recent 70% rally in shares [1][2] Group 1: Company Strategy - Bitdeer is focusing on in-house AI data center development, which is part of a three-part strategy that includes next-gen SEALMINER rigs and BTC self-mining [2] - The company aims to control the entire value chain, from power and land to design and operations, which is expected to enhance margins and accelerate monetization as it expands into AI and high-performance computing [2] Group 2: Financial Projections - Bitdeer plans to leverage its approximately 3 GW global power pipeline across multiple countries to generate over $2 billion in annualized revenue by late 2026 [3] - The stock is currently trading at a discount compared to peers, with a 4.3x FY26 EV/revenue multiple versus the peer average of 8.6x, suggesting further upside potential [5] Group 3: Operational Developments - The company is advancing its Clarington, Ohio site for bitcoin mining, which will have the flexibility to convert to AI workloads, with 570 MW of power confirmed to be available ahead of schedule [4] - Bitdeer is also converting its 175 MW Tydal Phase 2 site in Norway into an AI data center by the end of 2026, which is expected to be at a lower cost than constructing a new facility [4]