Benchmark kept its Buy rating on Bitdeer Technologies Group (NASDAQ: BTDR) with a $22 price target after the bitcoin miner posted Q2 2026 revenue of $228.8 million, a 47% jump from the same period last year. The stock currently trades near $11, which means the analyst firm sees roughly double the current share price as fair value.
That $22 target is actually a step down. Benchmark previously had Bitdeer pegged at $27, trimming the figure on August 6 amid what it described as valuation considerations following the quarterly results.
The numbers behind the growth
Bitdeer’s Q2 2026 revenue of $228.8 million came in well above the $155.6 million it generated in Q2 2025. It also topped the $188.9 million the company reported in Q1 2026, showing that growth isn’t just a year-over-year story but a sequential one too.
The engine behind the acceleration is self-mining. That segment alone contributed $168.4 million in revenue during the quarter. Bitdeer mined 2,694 bitcoin in Q2 2026, compared to just 565 bitcoin in Q2 2025. The company’s average deployed hash rate for self-mining hit 69.5 EH/s during the quarter.
