Crypto Firms Repriced as AI and Infrastructure Platforms, Wall Street Analysts Say

Analysts Reframe Crypto Companies as Capital Markets and AI Infrastructure Assets

Wall Street analysts from Benchmark, TD Cowen, and Mizuho issued coordinated buy-equivalent ratings on Bitdeer, DeFi Technologies, Strive, and Gemini, arguing that investors are mispricing these firms by treating them as simple crypto trading businesses. Instead, they say the companies are evolving into infrastructure providers, AI compute operators, and capital markets platforms tied to digital assets and structured finance.

Bitdeer’s Power Capacity and AI Expansion Drive Infrastructure Thesis

Benchmark analyst Mark Palmer highlighted Bitdeer’s 3.0 gigawatt global energy footprint across multiple regions including the United States, Norway, Bhutan, and Canada. A key focus is its Tydal, Norway site, expected to deliver 180 megawatts for AI workloads aligned with Nvidia-based systems. Bitdeer’s AI cloud revenue rose from $10 million in January to $69 million by April, while GPU deployments surpassed 4,100 units with over 90% utilization.

DeFi Technologies, Strive, and Gemini Shift Business Models

DeFi Technologies reported $11.2 million in revenue and $4.9 million net income, with analysts noting its shift toward a “capital markets utility” model and expanding custody and OTC services. Strive’s preferred share structure is projected to support higher Bitcoin accumulation per share, with analysts raising 2026 BTC yield expectations to 26.1%. Gemini is also evolving beyond trading, with growing revenue from cards, prediction markets, and clearing infrastructure, as analysts project positive EBITDA by 2028.