BlockBeats News, May 19th. On Monday, multiple Wall Street institutions unanimously agreed that the market is still valuing crypto companies using traditional trading platform metrics, but these companies have actually been gradually transitioning into AI infrastructure, capital market tools, and digital financial platforms. Benchmark, TD Cowen, and Mizuho each maintained a "Buy" rating on Bitdeer, DeFi Technologies, Strive, and Gemini on Monday, despite some target price adjustments due to industry valuation compression.

Among them, Benchmark believes that Bitdeer's greatest value lies in its global power resource portfolio covering the United States, Norway, Bhutan, and other areas, with a total capacity of about 3GW. Analysts pointed out that as the demand for AI data centers surges, power is becoming a scarce resource. The company's Tydal project in Norway is expected to provide approximately 180MW of AI hash rate hosting capacity, and is currently in advanced-stage negotiations with potential large tenants. Meanwhile, Bitdeer's AI cloud business's annual recurring revenue has increased from around $10 million in January of this year to about $69 million by the end of April.

Benchmark also noted that DeFi Technologies is transitioning from an asset management company to a digital asset capital market infrastructure platform. Its CEO stated that future stablecoins, Real World Asset (RWA) tokenization, and digital security issuance all require custodial services, and the company plans to launch its proprietary custody system in the third quarter of this year. In addition, its institutional OTC trading business Stillman Digital saw a 38% year-on-year increase in first-quarter trading commissions. As of the end of the first quarter, the company held approximately $156 million in cash, stablecoins, and crypto assets, with a current market value of about $275 million.

On the other hand, TD Cowen raised Strive's target price to $30, citing that its innovative "daily dividend" perpetual preferred stock design is expected to enhance Bitcoin accumulation efficiency. Mizuho, on the other hand, believes that Gemini is transitioning from a single crypto brokerage platform to a diversified financial market platform. Despite a more than 50% decline in trading volume in the first quarter, Gemini's trading revenue remained relatively stable, indicating a shift in its revenue structure from high-volatility spot trading to more stable businesses like credit card, futures market, and clearing. Analysts believe these companies are moving closer to traditional financial infrastructure firms in the future, rather than just being cryptocurrency exchanges.