Benchmark Equity Research reiterated its Buy rating and $22 price target for Bitdeer Technologies Group (BTDR), implying approximately 153% upside from its recent closing price of $8.86. The firm believes the market's negative reaction to the company's $1 billion shelf registration, which led to a more than 20% stock drop, was an "overreaction." Benchmark highlights that Bitdeer's bitcoin mining operations are crucial for funding its $4.7 billion AI data center buildout, with mining currently generating all revenue and reducing the need for equity raises for its AI business.