Benchmark sees 153% upside for Bitdeer after stock drop

Benchmark Equity Research maintained its Buy rating and $22 price target on Bitdeer Technologies Group, indicating a potential upside of approximately 153% from the current share price of 8.86 dollars. Bitdeer shares fell over 20% following the announcement of a $1 billion shelf registration, raising concerns about dilution. Analyst Mark Palmer described the selloff as an overreaction, emphasizing that Bitdeer's bitcoin mining operations are crucial for funding its AI initiatives. The company reported 228.8 million dollars in second-quarter revenue, a 47% increase year-over-year, with adjusted EBITDA rising 575% to 31.1 million dollars. Palmer highlighted a 4.7 billion dollar, 16-year agreement with Volta Tydal AS, which will utilize Bitdeer's mining infrastructure to support AI operations. He noted that the mining segment is currently generating all of Bitdeer's revenue and reducing the need for equity financing.

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