Bitdeer tumbles after announcing direct stock, convertible debt deals
12/11/2025 22:25
Updates, includes price talk on the convertible bonds ** Shares of bitcoin miner Bitdeer Technologies BTDR.O down 16.8% post-market at $11.60 after planned capital raise news ** Singapore-based BTDR announces direct stock offering to certain holders of its 5.25% convertible bonds (CBs) due 2029 and private offering of $400 mln CBs due 2031 ** It 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 ** Co also to use portion of proceeds to pay for capped calls, derivative transactions to offset potential dilution ** Barclays is placement agent for the direct stock offering. Barclays, BTIG and Cantor Fitzgerald are active bookrunners for the new CBs ** The 2031 CBs being marketed with 3.5%-4.0% coupon, and 27.5%-32.5% conversion premium, according to deal termsheet viewed by Reuters ** BTDR has roughly $3 bln market cap, per LSEG data ** Shares on Weds fell for third straight session, closing down 7.2% at $13.94. Stock has shed ~37% this week (Reporting by Lance Tupper and Chuck Mikolajczak Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper@tr.com 1-646-279-6380))