Bitdeer steadies after convertible, direct stock deals priced
20/02/2026 12:54
** Shares of bitcoin miner Bitdeer Technologies BTDR.O down three cents to $7.91 premarket after co secures capital raise ** Singapore-based BTDR announces pricing private offering of $325 mln 5% convertible bonds (CBs) due 2032 ** Also, it sells ~5.5 mln shares to certain holders of its 5.25% CBs due 2029 at $7.94 for about $43.7 mln gross proceeds ** Initial conversion price on 2032 CBs of $9.93 is 25% above the offering price of the direct stock deal ** BTDR shares on Thurs sank >17% to close at 10-month low of $7.94 after co unveiled $300 mln CBs and stock offerings ** Co to use combined net offering proceeds for datacenter expansion, high-performance computing and AI cloud business expansion, ASIC-based mining rig development, among other purposes ** It will also pay the approx $138 mln cost of repurchasing $135 mln principal of its 2029 CBs and approx $29 mln for capped calls ** Barclays is placement agent and ICR Capital is financial advisor for the stock offering ** Through Thurs, BTDR shares down 29% YTD and ~71% below record intraday high of $27.80 hit in Oct ** Median PT among 13 analysts is $22, avg rating is "buy", per LSEG (Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper@tr.com 1-646-279-6380))