Bitdeer Technologies Group (NASDAQ:BTDR) crashed more than 20% Monday, yet Benchmark calls the selloff an overreaction and reiterated its Buy rating with a $22 price target implying 153% upside.
Why the Stock Crashed and Why Benchmark Disagrees?
Benchmark analyst Mark Palmer said in a note cited by The Block that the selloff came after Bitdeer disclosed a new $1 billion shelf registration, spooking investors worried about dilution.
Palmer pushed back directly, noting that Bitdeer confirmed during its earnings call it intends to use non-dilutive, project-level financing wherever contracted cash flows support it.
He called the decline “an overreaction” and argued the market missed the bigger picture.
