Benchmark kept its Buy rating on Bitdeer with a $22 target after Q2 2026 revenue hit $228.8M, up 47% year-over-year, driven by a fivefold jump in

Bitdeer mined 2,694 BTC in Q2, nearly five times its year-earlier output, while its corporate Bitcoin holdings fell 90% to 150 BTC.

The company is focused increasingly focused on becoming a provider of AI infrastructure, expanding beyond its core bitcoin mining business.