Singapore-based Bitcoin miner Bitdeer announced plans to raise $330 million through a convertible notes offering, increasing from an initial $300 million. The company will also offer an option for up to an additional $45 million in principal notes. The 4.875% convertible notes will mature in 2031, with the sale expected to close by June 23.
Unlike other crypto firms that use such funds primarily to acquire Bitcoin, Bitdeer intends to allocate $129.6 million to pay zero-strike call options, $36.1 million for cash considerations, and the remainder for data center expansion, ASIC mining rig development, and general corporate purposes.
Bitdeer currently holds 1,351 Bitcoin, valued at approximately $140 million, marking a significant increase since December. The company also reported an 18% rise in Bitcoin mined from April to May.
Despite these developments, Bitdeer’s stock fell more than 7% to $11.80 on Wednesday, extending a monthly decline of 23%. The company’s shares have faced ongoing losses in 2023, with a challenging March noted by JP Morgan as the worst for publicly traded Bitcoin miners.