Bitdeer’s (BTDR) Subsidiary Signs AI Data Center Colocation Lease Agreement

Bitdeer Technologies Group (NASDAQ:BTDR) is one of the top 10 AI stocks that will skyrocket.

On June 29, Bitdeer Technologies Group (NASDAQ:BTDR) revealed that Tydal Data Center AS, its wholly-owned subsidiary, has signed a colocation lease agreement for its AI data center facility based in Norway. The agreement is not yet effective and is subject to the satisfaction of certain prerequisites beyond the company’s control. These include the execution of arrangements related to external suppliers and customers by the other party.

Bitdeer’s Chief Strategy Officer, Haris Basit, said that this development signifies an important milestone in Bitdeer’s implementation of its worldwide AI infrastructure strategy. He also stated that the company is eager to provide complete details of this agreement, including strategic context and terms, once the agreement becomes effective.

Earlier on June 24, Citizens initiated its coverage of Bitdeer Technologies Group (NASDAQ:BTDR) with a target price of $35, which leads to an upside potential of more than 120% at the current level. The firm assigned an Outperform rating to the stock, based on the company’s strategic shift towards HPC solutions for hyperscalers.

Citizens anticipates that this shift will prove highly beneficial, since it has enabled other players across the segment to outperform the S&P 500 over the last year.

Bitdeer Technologies Group (NASDAQ:BTDR) offers bitcoin mining capabilities across the entire lifecycle, including self-mining and services for external customers. For self-mining, the company has been effectively utilizing SEALMINER rigs to expand its hash rate. Apart from that, the company also designs chips and operates data centers.

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