Northern Data, a tech company based in Frankfurt, has shifted its focus from bitcoin mining to cloud solutions and data center infrastructure. Investment bank Berenberg recently initiated coverage of the company with a Buy rating and a price target of 39 euros per share, indicating a potential 53.2% upside from the current share price. Northern Data is listed on the Frankfurt Stock Exchange and operates three core divisions: Peak Mining for bitcoin mining, Taiga Cloud for cloud computing, and Ardent Data Centers for data center infrastructure.
The company, formerly known as Biosilu Healthcare, was a pharmaceutical broker for Asian markets before transitioning to crypto mining operations in 2018 under the name Northern Bitcoin. Northern Data has continued to evolve, recently acquiring a data center in Pittsburgh with plans to expand it significantly. The company is also expected to benefit from advancements in liquid-cooling technology in its crypto mining operations.
Berenberg analysts are particularly optimistic about Northern Data’s cloud solutions, with its Taiga Cloud division certified as an “Elite” partner of Nvidia. The investment bank forecasts significant revenues and profits from Taiga Cloud in the coming years. Additionally, Northern Data’s founder and CEO has shown confidence in the company by announcing plans to acquire shares worth up to 30 million euros this year.
Overall, Northern Data’s shift in business model and focus on cloud solutions and data center infrastructure has caught the attention of investors and analysts, with expectations of strong growth and profitability in the future.