Bitdeer shares slip amid $300 million note offering to scale high-performance computing

Bitdeer Technologies (BTDR) on Thursday unveiled plans to raise $300 million through a private placement of convertible senior notes due 2032 as part of a broader financing strategy to fund datacenter expansion and accelerate the company’s pivot toward high-performance computing and AI infrastructure.

The Singapore-based miner is granting initial purchasers an option to buy an additional $45 million worth of notes, according to a statement. If exercised, the total offering would reach $345 million. Settlement for the additional notes would occur within 13 days of the issuance date.

Per the terms, Bitdeer retains the option to settle conversions using cash, Class A ordinary shares, or a combination of both. To mitigate potential equity dilution from these conversions, the company intends to enter into privately negotiated capped call transactions with certain financial institutions.

Separately, Bitdeer disclosed a registered direct offering of Class A ordinary shares to certain holders of its 5.25% convertible senior notes due 2029. Proceeds from the direct offering, combined with a portion of the note offering, are intended to fund repurchases of a portion of the 2029 notes and the associated capped call transactions. Completion of the direct offering and note repurchases is contingent on the notes offering, although the notes offering itself is not dependent on the other transactions, the company said.

Bitdeer recently posted $224.8 million in fourth-quarter revenue, up 226% from $69 million a year earlier, and swung to a net profit of $70.5 million from a $531.9 million loss in the prior-year quarter. The company mined 1,673 bitcoins in the quarter, up from 469 in the prior year, as total managed hashrate expanded to 71 EH/s, including 55.2 EH/s of self-mining capacity, surpassing rival MARA Holdings. 

As of Dec. 31, Bitdeer held approximately 2,000 BTC on its balance sheet, though recent BitcoinTreasuries data indicates that figure has since dropped to roughly 943 BTC as the company liquidated holdings earlier this year to fund expansion.

Bitdeer’s stock fell as much as 18% in the pre-market session following the announcement, dropping from the previous day’s close of $9.61 to as low as $7.88. The stock is down 37% over the last 30 days.

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