Think you’ve heard of every important Bitcoin (BTC-USD) miner? Think again. Bitdeer Technologies (NASDAQ:BTDR) is the best little cryptocurrency company you’ve never heard about. I am bullish on BTDR stock, and if you’re a Bitcoin bull, you need to check this company out before the crowds come rushing in.
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A major part of the reason that U.S. traders aren’t familiar with Bitdeer Technologies is that the company hails from Singapore. Bitdeer’s main business is Bitcoin mining. However, as we’ll discuss in a moment, the company also has a partnership with a famously “magnificent” artificial intelligence (AI) processor manufacturer.
Bitdeer Technologies is a Premier Bitcoin Miner and More
First and foremost, Bitdeer is a highly-active Bitcoin miner. Astoundingly, Bitdeer managed to mine 434 Bitcoins in December 2023. That’s up 7.7% month-over-month and up 149.4% compared to December 2022.
On the financial front, Bitdeer generated revenue of $87.3 million in 2023’s third quarter compared to $76.6 million in the year-earlier quarter. Even better, Bitdeer swung from an adjusted net loss of $4.1 million in Q3 2022 to an adjusted profit of $10.5 million in Q3 2023.
Here’s the real kicker, though. Bitdeer has a partnership with the one and only Nvidia (NASDAQ:NVDA), the greatest “Magnificent Seven” company of them all. Bitdeer is, in fact, a “Preferred Cloud Service Provider” in the Nvidia Partner Network.
Furthermore, Bitdeer disclosed its “plans to become one of the first cloud services in Singapore powered by NVIDIA DGX SuperPOD with DGX H100 systems hosted in Bitdeer’s existing data center infrastructure in the city.” These Nvidia-powered cloud service offerings, according to Bitdeer, are expected to launch in the current quarter.
Is BTDR Stock a Buy, According to Analysts?
On TipRanks, BTDR comes in as a Moderate Buy based on just one Buy rating assigned by an analyst in the past three months. BTDR stock’s price target is $20, implying 122.5% upside potential.
If you’re wondering which analyst you should follow if you want to buy and sell BTDR stock, the most accurate analyst covering the stock (on a one-year timeframe) is Mike Colonnese of H.C. Wainwright, with an average return of 26.6% per rating and a 50% success rate. Click on the image below to learn more.
Conclusion: Should You Consider BTDR Stock?
After pivoting from an adjusted net loss to net income, Bitdeer Technologies appears to be in decent financial shape. Besides, Bitdeer’s Bitcoin-mining ramp-up and Nvidia partnership put the company on the fast track to crypto glory. Therefore, Bitcoin believers can certainly consider putting a little bit of BTDR stock in their portfolios.
