Bitdeer Shares Slide Following $330 Million Convertible Notes Offering

Bitdeer Technologies Group (NASDAQ:BTDR) saw its stock fall by 6.3% in premarket trading after the cryptocurrency mining firm announced the pricing of its expanded $330 million convertible senior notes offering.

The notes, carrying a 4.875% interest rate and maturing in 2031, are convertible into Class A shares at an initial price of $15.88—a 25% premium over the closing price on June 17. The offering includes a 13-day window during which initial buyers can purchase up to an additional $45 million in notes.

Bitdeer anticipates receiving approximately $319.6 million in net proceeds, or $363.3 million if the optional additional notes are fully exercised. The company intends to use the funds for a range of strategic financial and operational initiatives.

These include paying for a zero-strike call option—a derivative that gives Bitdeer the right to receive around 10.2 million shares for a premium of approximately $129.6 million. Additional proceeds will support a cash payout and share issuance to exchange existing 8.50% convertible senior notes due in 2029, totaling about $36.1 million in cash and approximately 8.1 million shares.

Remaining capital will be directed toward expanding Bitdeer’s data center infrastructure and the development of new mining hardware, as the company looks to scale its operations amid a rapidly evolving digital asset landscape.

The transaction is expected to close on June 23.

Bitdeer stock price


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