Bitdeer Technologies Group Inc. (NASDAQ:BTDR) shares are trading higher Friday morning after H.C. Wainwright reiterated its Buy rating and $25 price target, citing new AI Cloud offtake commitments.
Here’s what investors need to know.
- Bitdeer Techs shares are powering higher. What’s driving BTDR stock higher?
Offtake Commitments Drive the Note
After the close on Tuesday, Bitdeer AI announced offtake commitments covering more than 70% of its roughly 21.7-megawatt A201 facility in Malaysia. According to H.C. Wainwright analyst Mike Colonnese, the commitments represent more than $1.7 billion in expected revenue over five years, or about $340 million in annual recurring revenue. The agreements were signed ahead of the facility’s expected energization in the first quarter of 2027.
Colonnese said the new agreements more than double total contracted revenue for the AI Cloud business. He described the announcement as incrementally bullish for the company’s story and argued that the GPU ramp in Malaysia is becoming too large for investors to overlook.
BTDR Shares Rise Friday Morning
BTDR Price Action: Bitdeer Techs shares were up 6.95% at $11.39 at the time of publication on Friday, according to Benzinga Pro data.
Image: Shutterstock
Login to comment