Bitdeer (BTDR) news: Bitcoin miner tumbles 17% on debt raise and stock sale
Bitcoin miner Bitdeer's shares dropped 17% following plans to raise $300 million via convertible notes and a direct stock offering.Summary
Singapore-based Bitcoin miner and AI data center firm Bitdeer Technologies (BTDR) saw its shares plunge 17% after announcing plans to raise $300 million through a private sale of convertible senior notes due in 2032, along with a separate registered direct offering of Class A shares. The company also intends to sell shares directly to certain holders of its existing 2029 convertible notes. Proceeds from these offerings will be used to fund capped call transactions to limit potential dilution if the new notes convert, and to repurchase some of the 2029 notes. Any remaining funds will support data center expansion, growth in high-performance computing and AI cloud services, and ASIC mining rig development. The stock drop reflects investor fears over potential dilution, as convertible debt can increase the total share count if notes are converted into equity.
(Source：CoinDesk)