H.C. Wainwright started coverage of Bitdeer Technologies Group (NASDAQ:BTDR) with a Buy rating of Wednesday, calling it an “under-the-radar crypto miner with compelling growth prospects.”
The company, which also provides crypto mining solutions to fellow miners, has the potential to capture more share of the network hash rate over the coming years, analyst Mike Colonnese wrote in a note, “as the company deploys a significant pipeline of infrastructure projects including existing site expansions and new greenfield mining facilities.”
Colonnese is bullish on bitcoin (BTC-USD), Bitdeer’s (BTDR) biggest revenue driver, given the potential approval for a spot bitcoin exchange-traded fund within the next six months and the highly-anticipated halving event set to take effect in the spring of next year.
“We expect increasing scale and materially higher BTC prices to drive strong revenue growth and margin expansion for Bitdeer over the next two years,” he contended.
BTDR debuted on the Nasdaq in April after completing its SPAC merger with Blue Safari. The stock is trading at $12.76 a share in afternoon trading, up 81.5% from the close of its first post-merger session.
The Buy rating diverges from the SA Quant system rating of Hold, with the best mark in momentum and the poorest mark in growth.