Benchmark Dismisses Bitdeer's 20% Crash as 'Overreaction'

Bitdeer Technologies Group (NASDAQ:BTDR) stock plummeted more than 20% on Monday, but Benchmark analyst Mark Palmer calls this a 'overreaction'.

Benchmark reiterated its Buy rating with a $22 price target, implying 153% upside for the stock. According to Palmer, investors were spooked by Bitdeer's new $1 billion shelf registration, fearing dilution.

However, Palmer notes that during Bitdeer's earnings call, the company confirmed it would use non-dilutive project-level financing wherever possible, supported by contracted cash flows.

Bitdeer posted a 47% year-over-year increase in Q2 revenue to $228.8 million and a 575% jump in adjusted EBITDA to $31.1 million, driven by Bitcoin (BTC) mining efficiency gains.