According to Benchmark, a derivative move on Nvidia is a buying opportunity that can more than double from current prices. Analyst Mark Palmer initiated coverage of Bitdeer Technologies with a buy rating in a report released Thursday. The Singapore-based cryptocurrency mining company only went public last year through a special purpose acquisition company, or SPAC, but Palmer said Bitdeer, which has six data centers in the United States, in Norway and in Bhutan, it has compelling growth prospects. This vision is driven in part by a key partnership with Nvidia that will help Bitdeer expand into the field of artificial intelligence. In November, Bitdeer announced that it will be the preferred cloud service provider for Nvidia’s partner network. “BTDR plans to expand into the AI/HPC space in the near future with the launch of its Bitdeer AI Cloud offering that will allow businesses to access high-powered computing resources in the cloud for tasks involving artificial intelligence or machine learning” , Palmer wrote in his report. . “We believe the company is well-positioned to capture market share in the AI/HPC space, where it will initially focus on serving smaller AI companies, thanks in part to its status as the preferred cloud provider in the partner network from Nvidia,” Palmer said. Furthermore, according to Palmer, Bitdeer has differentiated itself from its competitors with a scalable business and a diversified revenue stream. All of this should revive a stock that has severely underperformed this year. Bitdeer is down 36% so far in 2024. But Benchmark’s $13 price target implies the stock could nearly double from Wednesday’s closing price of $6.74 per share. “BTDR shares are attractive, in our view, given the wide gap between their discounted valuation and the company’s growth prospects,” Palmer wrote on Thursday, adding, “we expect their price to appreciate significantly as as management advances its growth plans.” Benchmark isn’t the only Wall Street firm to recently begin covering the crypto miner. On Wednesday, BTIG’s Gregory Lewis initiated coverage of the stock with a Buy rating and an even higher price target of $15, which would equate to a 122% upside. — CNBC’s Michael Bloom contributed to this report.