Bitdeer Technologies Group (NASDAQ:BTDR) is among the 12 tech stocks with the biggest upside potential, but was downgraded from Buy to Hold by Keefe Bruyette analyst Stephen Glagola on January 26. The price target was also lowered from $26.50 to $14, reflecting a more cautious view on the company’s valuation outlook.

Circle Internet (CRCL) shares dropped 12% after earnings, as Bitdeer Technologies is positioned to become the leading publicly traded bitcoin miner by the end of 2026, according to analysts. Mining’s lower EBITDA multiple continues to weigh on the overall investment case.

Despite the downgrade, Needham analyst John Todaro maintains a Buy rating on Bitdeer Technologies with a price target of $30, offering a potential 130% upside from current levels. This aligns with the median Wall Street analyst upside estimate of 134.56% based on 12 analysts covering the stock.

Bitdeer Technologies Group (NASDAQ:BTDR) operates in the blockchain and high-performance computing (HPC) space, offering hash rate sharing solutions and mining-rig hosting solutions in the United States, Norway, Singapore, and Bhutan. The company also runs mining datacenters to generate hash rate.

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Read more at Yahoo Finance: Wall Street Remains Divided On Bitdeer Technologies (BTDR) Amidst Big Upside Potential