Bitdeer slides after unveiling $300 mln convertible bond offering

Bitdeer Technologies

17/06/2025 21:33

** Shares of bitcoin miner Bitdeer Technologies BTDR.O down 8.5% post-market at $11.62 as it looks to raise capital

** Singapore-based firm offering privately $300 mln convertible bonds (CBs) due 2031

** It plans to use portion of net proceeds to pay cost of zero-strike calls, remainder for datacenter expansion, ASIC based mining rig development and manufacture, and for other purposes

** Concurrent with pricing, co says expects to enter into privately negotiated exchange transactions with one or more holders of its existing 8.50% CBs due 2029 for cash and Class A ordinary shares

** Barclays, BTIG and Cantor are active bookrunners for the proposed offering

** New CBs being marketed with 4.375%-4.875% coupon, and 25%-30% conversion premium, according to deal terms sheet viewed by Reuters

** BTDR shares on Tues ended down 6.3% at $12.70, giving co ~$2.5 bln market cap, per LSEG data

** Stock has gained ~44% QTD, but is still off 41% in 2025

(Reporting by Lance Tupper and Chuck Mikolajczak)

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