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Bitdeer Launches $300 Million Private Placement of Convertible Senior Notes

The Singapore-based Bitcoin mining company aims to utilize the funds for data center expansion and ASIC miner development, amidst a challenging market environment.

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Summary

Bitdeer Technologies Group has announced the offering of $330 million in senior convertible notes, aimed at supporting data center expansion and ASIC miner development. Of the total amount, $130 million is allocated for a zero-strike call option transaction, while $36 million will settle concurrent note exchange transactions. This follows a previous $150 million debt raise in August 2024. The company’s shares have fallen 7.2% on the announcement day and are down 45.7% year-to-date, reflecting ongoing challenges in the Bitcoin mining sector.

Terms & Concepts
  • Convertible Senior Notes: Debt securities that can be converted into a company's equity, typically at the discretion of the holder.
  • ASIC Miner: Application-Specific Integrated Circuit miner, a device designed specifically for mining cryptocurrencies, optimizing performance and efficiency.
  • Private Placement: A method of raising capital by selling securities to a small number of chosen investors, rather than through a public offering.