Bitdeer’s existing at-the-market share sale program could raise as much as $1 billion through Class A stock issuance, roughly double the about $500 million the Bitcoin miner says it still needs to build its Tydal AI data center. A prospectus supplement filed on Aug. 10 does not require any minimum sale amount and does not commit the company to use the full authorization or direct all proceeds to Tydal, leaving the program available to support more than one business line. At the filing’s illustrative price of $10.88, fully using the $1 billion capacity would mean issuing about 91.9 million new Class A shares. That would equal 40.4% of the 227.4 million Class A shares outstanding on June 30, and the newly issued stock would account for about 28.8% of the enlarged Class A share pool, a more direct measure of ownership dilution for existing holders. The company’s annual report says the sales agreement dates to January 2025 and had already produced about $160.7 million in net proceeds from 9.05 million Class A shares. Tydal adds urgency to that financing flexibility: Bitdeer’s Aug. 10 lease disclosure targets Dec. 31, 2026, for Phase 1 commencement and March 31, 2027, for Phase 2. Volta Tydal AS is expected to have its obligations backed by roughly $1.3 billion of letters of credit (bank payment guarantees) arranged by affiliates of JPMorgan and another top-tier global financial institution, subject to customary conditions. Those letters of credit are expected to provide support rather than cash already secured. Bitdeer can terminate the agreement if Volta misses certain credit-backstop milestones, while Volta has a no-fee termination right after year 10 of the 16-year base term. The near-term question for shareholders is how much of the ATM program Bitdeer uses before those Tydal deadlines, at what prices, and whether the expected tenant credit support arrives on schedule.