Bitdeer plunges after direct stock, convertible bonds sale

Bitdeer Technologies

13/11/2025 14:21

** Shares of bitcoin miner Bitdeer Technologies BTDR.O down 22.5% at $10.80 premarket after capital raise

** Singapore-based BTDR announces pricing direct stock offering of ~10.7 mln shares to certain holders of its 5.25% convertible bonds (CBs) due 2029 at $13.94, matching stock's last close

** It also announces pricing private offering of $400 mln 4% CBs due 2031

** Initial conversion price of $17.77 represents 27.5% premium to offering price of the direct stock offering

** The 2031 CBs were marketed with 3.5%-4.0% coupon, and 27.5%-32.5% conversion premium

** BTDR plans to use net proceeds from the dual offerings to repurchase the 2029 CBs, datacenter expansion, ASIC based mining rig development and manufacture, and for other purposes

** Barclays is placement agent for the direct stock offering. Barclays, BTIG and Cantor Fitzgerald are active bookrunners for the new CBs

** Shares on Weds fell for third straight session, shedding ~37% this week

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))