Bitdeer Targets $330M in Convertible Notes to Fuel Expansion Plans

The Nasdaq-listed company (ticker: BTDR) announced plans for its third convertible notes issuance, offering investors a 4.875% annual interest rate through 2031. The notes come with a conversion premium of 25% over Bitdeer's current stock price, currently sitting at $11.84. If additional notes are purchased within 13 days, the total raise could climb to $375 million.

Bitdeer expects to bring in between $320 million and $360 million, depending on investor participation. Roughly $160 million from the raise will go toward settling zero-strike call options and note exchanges. The remaining funds are earmarked for scaling operations, including ASIC mining rig upgrades, working capital, and other corporate purposes.

This marks Bitdeer’s third convertible debt raise in under a year. The company previously secured $150 million in August 2024 and another $360 million in November. Beyond convertible notes, Bitdeer recently drew $100 million in equity funding from Tether and unlocked a $200 million debt facility with Matrix Finance in May, from which it has already accessed $40 million.

Bitdeer is led by Jihan Wu, a familiar name in the crypto mining space and co-founder of Bitmain. Wu also oversees Matrix Finance. The company has a global presence, with mining operations in the United States, Norway, and Bhutan, and it maintains its corporate headquarters in Singapore.

While Bitdeer reported a 41% year-over-year drop in mining revenue for Q1 2025, total income surpassed $400 million, largely buoyed by non-cash derivative gains. The firm’s market capitalization currently exceeds $2.3 billion, according to Nasdaq data.