Three Wall Street firms converged Monday on a shared investment argument across four publicly traded crypto companies, suggesting that the market is applying trading-business multiples to platforms that have already shifted toward AI infrastructure, capital markets utilities, and structured financial operations.

Analysts at Benchmark, TD Cowen, and Mizuho each maintained buy-equivalent ratings on Bitdeer, DeFi Technologies, Strive, and Gemini — even as three of the four notes trimmed price targets to reflect compressed valuation multiples across the payments and crypto sectors.

Benchmark on Bitdeer

Benchmark analyst Mark Palmer made an expansive infrastructure case with Bitdeer (BTDR), reiterating his Buy rating and $27 price…