Bitdeer Posts $169.7 Million Revenue in Q3 Amid AI Pivot
Bitdeer Technologies plans to raise $400 million through convertible notes to boost data center growth, ASIC R&D, AI infrastructure, and HPC cloud services.
Bitdeer Technologies announced it will raise $400 million via convertible senior notes, with an option for buyers to purchase an additional $60 million within 13 days of issuance. The Nasdaq-listed Bitcoin miner intends to use the proceeds to expand its data center operations, fund ASIC mining hardware research and development, accelerate AI and high-performance computing (HPC) cloud initiatives, and address general corporate requirements. This financing move comes as the company faces production delays for its SEAL04 ASIC chip and a widened Q3 net loss of $266.7 million, despite recording $169.7 million in revenue.
- Convertible senior notes: Debt securities that can be converted into a predetermined number of shares of the issuing company, typically ranking higher than common stock in case of liquidation.
- ASIC chip: Application-Specific Integrated Circuit; a specialized hardware device designed for the sole purpose of performing cryptocurrency mining operations efficiently.
- High-performance computing (HPC): The use of supercomputers and computer clusters to solve complex computational problems quickly and efficiently.