Bitdeer Stock Slumps as $1B ATM Plan Floods Market

Bitdeer's stock took a hit on Monday after the Bitcoin miner and AI data center operator announced an at-the-market (ATM) stock program of up to $1 billion.

The shares fell as much as 14% to $9.35, with the stock opening 8.1% lower following the earnings release and extending its decline after a new prospectus for the ATM was submitted to the SEC.

Bitdeer's filing authorizes sales rather than requiring the company to issue the full amount of $1 billion, and there is no minimum offering size. The appointed sales agents will receive a commission of up to 3.0% of the gross sales price of shares sold.