BUZZ-Rosenblatt Securities initiates Bitdeer Technologies with 'buy'

Reuters04-09

** Rosenblatt Securities initiates coverage on bitcoin miner Bitdeer Technologies with "buy" rating and PT of $10.50, a ~47.9% upside on the stock's last close

** Brokerage says it prefers BTDR as it meets its criteria of miners with cheap power, reputable management teams, as well as diversification of revenue and geography

** As the bitcoin halving approaches, we expect fewer public miners, while investor focus will shift to "quality" players like BTDR - Rosenblatt

** BTDR trades at a discount to peers driven by its more complex business model - brokerage

** All six brokerages rate the stock "buy" or higher; their median PT is $13.50 - LSEG data

** BTDR shares down 28.5% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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