10 Firms Mirror Dow Jones Decline on Monday

2. Bitdeer Technologies Group (NASDAQ:BTDR)

Shares of Bitdeer declined by 10.8 percent on Monday to end at $23.28 per share as investors pocketed early gains after its valuation rose to an all-time high of $26.99.

According to analysts, its intra-day high was bolstered by reports that it officially filed for a $1 billion fundraising program, but some investors are raising brows over a potential dilution in its valuations.

Bitdeer—a $4 billion heavyweight in Bitcoin mining and data center services—has signaled an aggressive growth plan over the next few years.

Analysts also posted a bullish outlook on Bitdeer, with Roth MKM maintaining a buy rating for the company and increasing its price target to $29 citing progress in high-performance computing and Artificial Intelligence, and rapid traction of its SEALMINER platform.

Benchmark also raised its target price to $29 from $16 while maintaining a “buy” rating, highlighting Bitdeer’s development and operation of data centers, increased hash rate, and efforts in designing and manufacturing next-generation ASIC chips and bitcoin mining rigs.