On August 20, Bitdeer Technologies Group rose 8.51% in regular trading, trading at $10.36/share, with turnover of $18.05 million.

On the news front, Barclays initiated coverage on Bitdeer Technologies Group with an Overweight rating. According to FactSet, the stock carries an average analyst rating of Buy with a consensus price target of $20.90, implying significant upside from current levels.

Adding to positive sentiment, Bitdeer AI disclosed the prior day that approximately 50% of capacity at A102, its Malaysian data center build-out, has been recently contracted ahead of energization. The company further stated it is actively negotiating additional contracts for the remaining capacity at A102 as well as available capacity at other sites, signaling strengthening commercial momentum.

These developments follow a series of positive catalysts in recent months, including a $4.7 billion 16-year colocation lease with Volta's Tydal unit for 121 IT megawatts in Norway, backed by a $1.3 billion credit facility arranged by JP Morgan affiliates. Cantor Fitzgerald also upgraded the stock to Overweight on August 5 with a $15 price target.

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