Bitdeer Announces $330M Convertible Notes Offering for Bitcoin Mining Expansion
Bitdeer Technologies Group, a Singapore-based leader in Bitcoin mining, plans to raise $330 million through senior convertible notes. The funds will support expanding data centers and developing ASIC-based mining rigs. These notes, maturing in 2031, include allocations for a zero-strike call option and note exchange transactions.
Financial Performance and Market Challenges
Bitdeer faces headwinds despite this capital raise. Shares dropped 7.2% on announcement day and have declined 45.7% year-to-date. First-quarter 2025 results showed a 41% revenue decrease year-over-year and a $3.2 million operating loss.
Industry Trends and Competitive Dynamics
The Bitcoin mining sector continues attracting significant investment. Riot Platforms, Auradine, and CleanSpark have all secured major funding recently. This activity reflects both institutional interest and intensifying competition as the Bitcoin hashrate climbs.
- Proceeds will fund infrastructure growth and mining hardware development
- Company reported $400 million net income, boosted by warrant and note gains
- Rising Bitcoin prices and adoption continue driving hashrate increases
