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Bitdeer has launched its second-ever convertible senior note offering, which has seen its shares tumble 29% so far this year.Shares in Bitdeer Technologies Group took a hit on Thursday after the Bitcoin mining and artificial intelligence infrastructure firm announced a $300 million convertible senior note offering.
that it intends to offer a “principal amount” of $300 million in convertible senior notes with an option for purchasers to buy an additional $45 million in a private placement.loans that investors can convert into shares of the issuing company’s common stock, and holders of these notes have priority over other debt holders in the event of the company’s bankruptcy. The new notes, due to settle in 2032, are senior unsecured obligations with semiannual interest payments and can be converted into cash, shares, or a combination of both. Bitdeer intends to use the proceeds for data center expansion, AI cloud growth, development of crypto mining rigs, and general corporate purposes.Company stock is currently down 29% since the beginning of the year and almost 70% since its January 2025 all-time high of around $26.Convertible debt often puts pressure on shares as investors factor in the risk of future dilution: if the stock rises, noteholders may convert their debt into equity, increasing the share count.Bitdeer is also running a concurrent registered direct share offering tied to a plan to repurchase a portion of its existing convertible notes due in 2029. Bitdeer plans to use “capped call transactions,” derivatives used when issuing convertible notes to offset dilution, but that did not prevent its stock from sliding.Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
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