Bitdeer slips after hiking convertible bond sale to $330 mln

Bitdeer Technologies

18/06/2025 11:30

** Shares of bitcoin miner Bitdeer Technologies BTDR.O down 3.4% premarket to $12.27 after co raises more capital than targeted

** Singapore-based firm announces pricing offering of $330 mln 4.875% convertible bonds (CBs) due 2031

** Offering size boosted from $300 mln; initial conversion price of $15.88 represents 25% premium to stock's last sale

** Active bookrunners Barclays, BTIG and Cantor had marketed the CBs with 4.375%-4.875% coupon and 25%-30% conversion premium

** Co plans to use net proceeds for datacenter expansion, ASIC based mining rig development and manufacture, and for other purposes

** It also intends to use ~$129.6 mln of proceeds to pay cost of zero-strike calls, and $36.1 mln to pay for exchange transactions with one or more holders of its existing 8.50% CBs due 2029 for cash and Class A ordinary shares

** Through Tues, stock had gained 44% QTD but is still off 41% this year

** All 12 analysts covering BTDR are bullish and median PT is $20.65, LSEG data reflects

(Reporting by Lance Tupper and Chuck Mikolajczak)

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