Bitdeer Plans $330M Convertible Notes Offering to Fund Expansion

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Singapore-based Bitcoin mining firm Bitdeer Technologies Group has announced a $330 million senior convertible notes offering to finance key growth initiatives, including data center expansion and the advancement of its ASIC-based mining rigs.

The notes, set to mature in 2031, will allocate $130 million to a zero-strike call option transaction and $36 million to settle concurrent note exchange agreements. The remaining funds will support the company’s broader operational growth.

This move follows Bitdeer’s $150 million convertible debt raise in August 2024, underscoring its continued reliance on debt financing for expansion.

Convertible notes are a hybrid financing instrument that allows lenders to convert debt into equity at a later date. Senior convertible notes take precedence over other forms of debt in case of liquidation, offering investors added security.

Following the announcement, Bitdeer’s shares dropped 7.2% on the day and have declined 45.7% year-to-date, reflecting investor caution amid broader market challenges.