Bitcoin miner Bitdeer seeks to raise $330 million in third convertible notes offering

The Nasdaq-listed Bitcoin mining firm Bitdeer Technologies Group aims to raise $330 million in its third convertible notes offering.

Bitdeer investors would get 4.875% annual interest on the purchased notes until 2031, with the ability to convert their notes 25% higher than the firm’s current stock price. Additionally, if investors purchase extra notes within 13 days, the deal could reach $375 million total, according to Wednesday’s release.

Bitdeer expects to raise between $320 million and $360 million from the deal, depending on whether investors purchase the offered notes in full. While the Bitcoin miner plans to use about $160 million to pay off zero-strike call options and cash consideration for note exchanges, the rest of this financing would go toward ASIC mining rig expansions, working capital, and general company purposes, the release continues.

Bitdeer’s prior convertible notes offering occurred last year, with a $150 million debt raise in August and another $360 million offering in November.

The convertible debt raise adds to Bitdeer’s prior fundraise efforts, including when the firm sold $100 million of its shares to the stablecoin issuer Tether in May 2024. The firm also opened a $200 million debt facility with Matrix Finance last month and secured about $40 million from the deal. Both Bitdeer and Matrix Finance are helmed by Jihan Wu, co-founder of the cryptocurrency mining rig manufacturer Bitmain, The Block previously reported.

Bitdeer shares are listed under the ticker BTDR and trade at $11.84 at the time of writing, with Bitdeer’s overall market cap surpassing $2.3 billion, Nasdaq data shows.

Bitdeer is headquartered in Singapore and maintains mining data centers in the United States, Norway, and Bhutan. The firm noted in the first fiscal quarter that its mining revenue dropped 41% year-over-year, though its overall income grew over $400 million, largely due to non-cash income from derivatives. 

The Block reached out to Bitdeer for comment.

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