Bitdeer Technologies Group shares fell more than 20% on Monday after the company disclosed a $1 billion shelf registration, a move that appeared to raise investor concerns about potential dilution. Benchmark analyst Mark Palmer, cited by The Block, said the reaction was excessive and reiterated a Buy rating with a $22 price target, implying 153% upside. He said Bitdeer indicated on its earnings call that it plans to use non-dilutive, project-level financing where contracted cash flows can support it. The selloff came even as Bitdeer reported stronger operating results. Q2 revenue rose 47% year over year to $228.8 million, while adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) jumped 575% to $31.1 million, helped by gains in Bitcoin mining efficiency. Needham also maintained a Buy rating but cut its price target to $20 from $22, according to Investing.com. The firm said Bitdeer's development pipeline looked weaker than previously expected, with 47 megawatts unoccupied at Tydal, Rockdale on hold, and Clarington remaining a mining site instead of shifting to AI use. Even so, it modestly increased its 2027 adjusted EBITDA estimate on stronger mining margins, while also raising its share count estimate and lowering its valuation multiple. Palmer argued Bitcoin mining remains central to Bitdeer's AI buildout because it generates all of the company's revenue, covers operating costs, and helped fund the infrastructure behind Bitdeer's biggest AI agreement so far: a $4.7 billion, 16-year deal with Volta Tydal AS, with a leading AI lab as the end customer. He said the site's prior use for Bitcoin mining meant power connections, land and equipment were already in place, allowing Bitdeer to move fast enough to secure the contract. On Tuesday, BTDR was flat at $8.70, leaving the stock down nearly 57% from its June peak of $20. The technical picture cited in the report showed resistance from all four EMAs (exponential moving averages) between $11.11 and $13.00, an RSI (relative strength index) of 34.78 nearing oversold territory, and $8 as the last meaningful support before a possible move lower.