Wall Street Shifts Focus Beyond Traditional Crypto Trading
Prominent Wall Street firms including Benchmark, TD Cowen, and Mizuho are shifting how they value crypto-adjacent companies. Analysts argue that the market mistakenly applies basic trading-business multiples to these firms. In reality, these platforms have successfully transitioned into AI infrastructure, advanced capital markets, and structured financial operations.
Bitdeer Emerges as a Global AI Infrastructure Contender
Benchmark reiterated a Buy rating and $27 price target for Bitdeer (BTDR), highlighting its massive 3.0-gigawatt global power portfolio. The company’s Tydal site in Norway is designed specifically for AI colocation workloads utilizing Nvidia architectures. Furthermore, Bitdeer’s AI cloud annual recurring revenue surged from $10 million in January to $69 million by April’s end.
DeFi Technologies Transforms into a Digital Asset Utility
Benchmark also maintained a Buy rating on DeFi Technologies (DEFT), highlighting its evolution into a vertically integrated capital markets utility. The firm is developing an in-house custody stack slated for a late Q3 release to anchor future tokenization products. Meanwhile, its institutional OTC trading arm, Stillman Digital, grew trading commissions 38% year over year.
Strive Introduces Capital Innovations to Boost Bitcoin Yields
TD Cowen raised its price target on Strive (ASST) to $30, applauding a unique daily dividend structure on its SATA perpetual preferred shares. This financial innovation is expected to smooth trading volume, reduce price dislocations, and expand the company’s institutional investor base. Consequently, analysts increased Strive’s 2026 BTC Yield estimate to an impressive 26.1%.
