Bitdeer has filed a prospectus supplement that allows it to sell up to $1 billion of Class A shares under its existing at-the-market, or ATM (share-sales program), giving the Bitcoin miner a financing option that is roughly double the about $500 million it says it still needs to build its Tydal AI data center. The Aug. 10 filing sets no minimum sale amount and does not require the company to use the full authorization or direct all proceeds to Tydal, with management keeping broad discretion to allocate funds across data-center expansion, high-performance computing, AI cloud growth, ASIC mining-rig development and manufacturing, working capital, and other general corporate purposes. At the filing’s illustrative price of $10.88, a full use of the facility would mean about 91.9 million new shares, equal to 40.4% of the 227.4 million Class A shares outstanding on June 30; after issuance, those new shares would represent about 28.8% of the enlarged Class A share pool, a more direct measure of dilution for existing holders. Bitdeer has used the ATM before, with its annual report saying the January 2025 sales agreement had already produced about $160.7 million in net proceeds from 9.05 million Class A shares. The financing flexibility now sits alongside project deadlines for Tydal, where 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 anticipated 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 are expected to support the tenant’s obligations rather than provide cash already secured, and Bitdeer may terminate the agreement if Volta misses certain credit-backstop milestones. Volta also has a no-fee termination right after year 10 of the 16-year base term. The key issue for investors is how much of the ATM Bitdeer uses before Tydal’s target dates, at what prices, and whether the anticipated tenant credit support arrives on schedule.