Bitdeer's $4.7 Billion Bet on AI Infrastructure Sparks Analyst Optimism

Bitdeer Technologies Group has undergone significant changes over the past year, shedding its identity as a Bitcoin miner and refocusing on AI infrastructure. In August 2026, the company signed a massive 16-year lease agreement for its Tydal, Norway campus, valued at $4.7 billion with potential to expand to $8 billion. This deal is central to Bitdeer's transformation into an AI and high-performance computing facility.

The campus will house 121 megawatts of IT capacity powered by Nvidia GPUs, with a monthly rate of approximately $202 per kilowatt. Analyst Mark Palmer from Benchmark Co. believes this setup offers economically favorable conditions compared to Bitcoin mining.

Bitdeer reported holding zero Bitcoin as of February 20, 2026, having liquidated its entire treasury for the AI transition. Although it has exited Bitcoin mining entirely, the company maintains a self-mining hash rate of over 60 EH/s, placing it among the leaders in that category for publicly traded miners.

Multiple firms currently carry Buy ratings on BTDR, with consensus price targets clustering around $22 to $23. This represents more than 100% upside from recent trading levels, although execution remains a key question for investors. The company needs to fill its capacity with paying customers and navigate GPU supply constraints.