Rosenblatt 开始报道 Bitdeer，设定 10.5 美元目标价

Rosenblatt analyst Andrew Bond initiated coverage on Bitdeer Technologies Group BTDR with a Buy rating and a price target of $10.5.

Rosenblatt 分析师 Andrew Bond 首次对 Bitdeer Technologies Group BTDR 进行了报道，给予“买入”评级，目标价为 10.5 美元。

The analyst continues to be highly bullish on the Bitcoin ecosystem, of which mining will always be the backbone. 

这位分析师继续高度看好比特币生态系统，挖矿将永远是其支柱。

BTDR began formulating its data center strategy more than ten years ago and has since built more than 30 globally. 

BTDR 十多年前开始制定数据中心战略，至今已在全球建设了 30 多个数据中心。

It operates six sites in three countries, with nearly 900MW capacity and 21 EH/s. Bond noted that its blended energy costs will be among the lowest in the space this year, with the option to move even lower. 

它在三个国家运营六个站点，容量接近 900MW，速率为 21 EH/s。邦德指出，今年其混合能源成本将是该领域最低的之一，并且可以选择进一步降低。

Meanwhile, BTDR's ambitious growth strategy is supported by its container-style model and the ability to grow production on its sites, which limits its Capex per MW to about a quarter of the cost of peers. 

与此同时，BTDR 雄心勃勃的增长战略得到了其集装箱式模型和增加其站点产量的能力的支持，这将其每兆瓦资本支出限制在同行成本的四分之一左右。

Further, Street underappreciates BTDR's differentiated hosting model and proprietary cloud technology. 

此外，Street 低估了 BTDR 的差异化托管模式和专有云技术。

They provide a SaaS-like business model, which should drive a higher multiple as it expands, perhaps in the US.

他们提供了类似 SaaS 的商业模式，随着业务的扩张，该模式应该会带来更高的市盈率，也许是在美国。

However, mining is a problematic commodity-based business characterized by intense competition, a perpetual need for capital, limited barriers to entry, regulatory scrutiny, energy dependence, and a legacy supplier oligopoly, the analyst said. 

然而，分析师表示，采矿业是一个有问题的以商品为基础的行业，其特点是竞争激烈、对资本的永久需求、进入壁垒有限、监管审查、能源依赖以及传统的供应商寡头垄断。

Accordingly, Bond preferred miners with cheap power, revenue and geography diversification, operational efficiency, access to capital, and reputable management teams. 

因此，邦德更喜欢电力廉价、收入和地域多元化、运营效率高、获得资本以及管理团队信誉良好的矿商。

BTDR meets these criteria and trades at a discount on several metrics compared to peers who spend more on marketing than R&D. 

BTDR 满足这些标准，并且与营销支出高于研发支出的同行相比，在多个指标上的交易价格较低。

This focus on R&D has led to a differentiated cloud EH/s vertical, a true AI partnership with Nvidia Corp NVDA, and the development of its own ASICs rig. 

这种对研发的关注导致了差异化的云 EH/s 垂直领域、与 Nvidia Corp NVDA 的真正人工智能合作伙伴关系，以及自己的 ASIC 设备的开发。

Bond expects fewer public miners as the halving approaches amid record EH/s, network difficulty, and easier access to BTC via spot ETFs.

Bond 预计，随着 EH/s 创纪录、网络困难以及通过现货 ETF 更容易获取 BTC，减半临近，公共矿工将会减少。

At the same time, investor focus will shift to quality players like BTDR.

与此同时，投资者的注意力将转向 BTDR 等优质企业。

Bond projected first-quarter revenue of $118.3 million and EPS of $0.09.

Bond预计第一季度营收为1.183亿美元，每股收益为0.09美元。

Bitdeer stock lost 42% in value in the last 12 months. Investors can gain exposure to the stock via First Trust SkyBridge Crypto Industry And Digital Economy ETF CRPT.

过去 12 个月，Bitdeer 股票价值下跌 42%。投资者可以通过 First Trust SkyBridge Crypto Industry And Digital Economy ETF CRPT 获得该股票的投资。

Price Action: BTDR shares traded lower by 4.51% at $6.78 on the last check Tuesday.

价格走势：周二最后一次检查时，BTDR 股价下跌 4.51%，至 6.78 美元。

Also Read: MicroStrategy Positions To Capitalize On Upcoming Bitcoin Halving: Analyst

另请阅读：MicroStrategy 的立场是利用即将到来的比特币减半：分析师

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