Shares of Bitcoin miner Bitdeer (NASDAQ: BTDR) tumbled Thursday morning after an announced $300 million private placement of convertible senior notes due 2032.
The debt offering includes an option for initial purchasers to buy an additional $45 million in notes within a 13-day window. Bitdeer intends to use the capital to fund capped call transactions and repurchase a portion of 5.25% convertible senior notes due 2029. Remaining funds will support data center expansion, AI/HPC cloud business growth, and ASIC mining rig manufacturing.
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Bitdeer will conduct a concurrent registered direct offering of Class A ordinary shares to help finance the debt repurchase. Hedged holders of the 2029 notes will likely unwind derivative positions or purchase Class A shares during the transaction. The new notes function as general, senior unsecured obligations with interest payable semi-annually.
This capital raise follows a shift toward AI/HPC infrastructure and colocation models. Bitdeer reached a total hashrate of 71 EH/s during the fourth quarter. The Singapore-based firm reported 225% top-line revenue growth in a recent quarterly update.
While upping its hashrate ownership over the last two years, Bitdeer has faced pressures on its other developments. The company currently faces legal challenges regarding a planned 570-megawatt site in Clarington, Ohio. An ongoing lawsuit with a neighboring tenant presents a variable for deployment timelines and capital expenditures.
The firm detailed a balance-sheet restructuring strategy during a third-quarter review in November to retire existing convertible debt and issue new notes ahead of large-scale AI/HPC builds.
