Singapore-based Bitcoin mining agency Bitdeer Applied sciences Group has launched a $330 million convertible notes providing, aiming to strengthen its mining operations, develop ASIC rigs, and scale its AI infrastructure.
The notes, due in 2031, carry an annual rate of interest of 4.875% and could also be transformed into Bitdeer Class A shares at a 25% premium to the present inventory value of $11.84, inserting the conversion value at roughly $15.88 per share.
The providing is focused at certified institutional patrons below Rule 144A of the Securities Act. If buyers train an choice to purchase extra inside 13 days, the providing might attain $375 million.
That is Bitdeer’s third convertible notes elevate. Beforehand, the corporate secured $150 million in August and $360 million in November final yr. In response to Bitdeer, the providing is predicted to shut on June 23, 2025.
Internet proceeds are anticipated to complete roughly $319.6 million. Round $129.6 million will go towards a zero-strike name choice, with $36.1 million allotted for concurrent observe exchanges. The remaining funds will help datacenter enlargement, new ASIC rig improvement, and normal company wants.
Bitdeer can also be conducting a observe trade, providing money and fairness to holders of its 8.50% convertible notes due 2029. That transaction consists of roughly $36.1 million in money and eight.1 million shares, exchanged for $75.7 million in excellent notes.
This announcement follows Bitdeer’s latest development. As beforehand reported, the corporate mined 196 BTC in Could (price over $21 million) and expanded its self mining hashrate to 13.6 EH/s. New SEALMINER rigs had been deployed throughout websites in Texas, Norway, and Bhutan, and its AI cloud platform, powered by giant language fashions, formally launched.
“In Could 2025, we continued to deploy our SEALMINER mining rigs to our websites in Texas, U.S., Norway, and Bhutan, bringing Bitdeer’s self-mining hashrate to 13.6 EH/s,” mentioned Matt Kong, Chief Enterprise Officer at Bitdeer.
Bitdeer additionally raised capital from Tether in 2024 and secured $40 million from a debt facility with Matrix Finance in Could. Each Bitdeer and Matrix are led by Jihan Wu, co-founder of Bitmain.
With its market cap now exceeding $2.3 billion, Bitdeer continues to put money into scaling its infrastructure and know-how as competitors in Bitcoin mining and AI computing intensifies.
