A Look At Bitdeer Technologies Group’s Valuation As Joint Mining Plan Targets Scalable Digital Infrastructure Growth

New joint mining plan puts Bitdeer’s infrastructure model in focus

Bitdeer Technologies Group (BTDR) has been thrust into the spotlight after its subsidiary agreed a non binding Letter of Intent with Active Energy Group for a profit sharing joint mining partnership.

See our latest analysis for Bitdeer Technologies Group.

Bitdeer’s latest share price of $12.48 comes after a 1 month share price return of 33.55% and a 1 year total shareholder return of 14.29%. The 3 year total shareholder return is very large at over 2x, suggesting momentum has recently picked up again around developments such as the proposed joint mining partnership and the upcoming Q1 2026 earnings call.

If this joint mining plan has you thinking about the wider digital asset space, it could be worth scanning other cryptocurrency related opportunities using our 23 cryptocurrency and blockchain stocks

With Bitdeer trading at $12.48, carrying a value score of 1 and a discount of around 35% to the consensus price target of $20.53, you have to ask: is there still upside here, or is the market already pricing in the next leg of growth?

Most Popular Narrative: 40.2% Undervalued

With Bitdeer last closing at $12.48 versus a narrative fair value of about $20.87, the current setup centers on whether its infrastructure heavy plan can support that gap.

The planned commercialization of SEALMINER ASICs, coupled with a high demand for energy efficient mining machines, represents a diversification of revenue streams and is likely to enhance revenue growth as Bitdeer becomes a key player in the ASIC market.
The planned ramp up to 40 exahash in self mining capacity by Q4 2025, leveraging newly developed ASICs and expanded power capacity, is expected to significantly increase Bitcoin production, thereby driving revenue and potentially improving margins due to economies of scale.

Read the complete narrative.

Want to see what sits behind that fair value gap? The most followed narrative focuses on rapid top line expansion, margin shifts and a rich future earnings multiple. The full story links those moving parts into one valuation roadmap.

Result: Fair Value of $20.87 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, there are clear pressure points, including the Q4 2024 revenue drop to US$69 million, as well as the significant US$531.9 million IFRS loss from derivative revaluations.

Find out about the key risks to this Bitdeer Technologies Group narrative.

Another View: Earnings Multiple Tells A Tighter Story

The fair value narrative leans on long term growth assumptions, but the earnings multiple sends a cooler signal. At around 46.3x P/E versus a US Software average of 31.6x and a fair ratio of 16x, the stock screens as expensive, which raises the question of how much execution risk you are willing to pay for.

See what the numbers say about this price — find out in our valuation breakdown.

Next Steps

Sentiment here is mixed, with both risks and rewards in play. Act quickly to review the underlying data and form your own view using these 2 key rewards and 5 important warning signs

Ready to find more investment ideas?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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