Bitdeer Technologies, a Bitcoin mining company, has announced a $330 million offering of convertible notes to support its initiatives.
Announcement of Convertible Notes Offering
Bitdeer Technologies Group, based in Singapore, announced the offering of $330 million in convertible notes. These funds will support multiple initiatives, including data center expansion and further development of ASIC-based mining rigs.
Terms and Allocation of Funds
According to the announcement, the convertible notes will be due in 2031. Of the total, $130 million will be allocated to a zero-strike call option transaction, while $36 million will be used to settle concurrent note exchange transactions. The remaining proceeds will go to expand the company’s operations.
Financial Results and Competitive Landscape
At the time of this writing, Bitdeer’s shares have fallen 7.2% on the day of the announcement. Additionally, the company's shares are down 45.7% year-to-date. The May earnings report for Q1 2025 revealed a year-over-year revenue drop of 41%, alongside a $3.2 million operating loss for the quarter. The company reported a net income exceeding $400 million, partially due to gains on warrants and convertible notes issued to Tether.
As competition in the Bitcoin mining market grows, companies continue to secure capital. This initiative by Bitdeer may indicate a push for expansion and strength in their market position.
