Bitdeer Secures $400 Million in Convertible Senior Notes for Expansion
Timothy Morano Nov 13, 2025 13:17
Bitdeer Technologies Group announces a $400 million convertible senior notes offering, aiming to fund data center expansion, ASIC mining development, and AI cloud business growth.
Bitdeer Technologies Group, a leading technology company specializing in Bitcoin mining and AI cloud services, has announced the pricing of its $400 million principal amount of 4.00% Convertible Senior Notes due 2031. These notes will be offered in a private placement to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended, according to Bitdeer Technologies Group.
Details of the Convertible Notes Offering
The notes, which are set to mature on November 15, 2031, will accrue interest at a rate of 4.00% per annum, payable semiannually. Upon conversion, Bitdeer has the option to pay in cash, Class A ordinary shares, or a combination thereof. The initial conversion rate is set at 56.2635 Class A ordinary shares per $1,000 principal amount, equating to an initial conversion price of approximately $17.77 per share, reflecting a 27.5% premium over the offering price in Bitdeer's recent direct offering.
Bitdeer retains the right to redeem the notes for cash under certain conditions, starting November 20, 2028. Redemption is possible if the Class A ordinary shares' sale price reaches at least 140% of the conversion price over a specified period. Additionally, Bitdeer may redeem the notes if less than $50 million aggregate principal remains outstanding or in response to certain tax law changes.
Intended Use of Proceeds
The net proceeds from this offering, estimated at approximately $388 million, are earmarked for a variety of strategic purposes. Bitdeer plans to use these funds to expand data centers, develop ASIC-based mining rigs, and grow its high-performance computing (HPC) and AI cloud business. Additionally, a portion of the proceeds will be allocated to repurchasing $200 million of its 5.25% convertible senior notes due 2029, alongside covering costs for capped call transactions.
Capped Call Transactions and Market Impact
To mitigate potential dilution from note conversions, Bitdeer has engaged in capped call transactions, setting the cap price at $27.88 per share, which represents a 100% premium over the direct offering price. These transactions are designed to offset dilution and involve derivative transactions that could influence the market price of Bitdeer's Class A ordinary shares and the notes.
Concurrent Offerings
In a related development, Bitdeer is conducting a registered direct offering of 10,661,140 Class A ordinary shares at $13.94 each. The proceeds from this, along with those from the notes offering, will facilitate the repurchase of the November 2029 notes. The completion of these transactions is interdependent, with the notes offering acting as a prerequisite for the direct offering and note repurchase.
Bitdeer, headquartered in Singapore, continues to expand its global footprint with data centers in the United States, Norway, and Bhutan, reinforcing its position as a leader in Bitcoin mining and AI cloud services.
For more information, visit the official Bitdeer Technologies Group.
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