According to Bitdeer’s announcement, the notes, maturing in 2029, can be converted into Bitdeer’s Class A ordinary shares at an initial rate of 117.0207 shares per $1,000 principal amount. This translates to a conversion price of around $8.55 per share, which is a 35% premium over the last recorded sale price of $6.33 on Aug. 15, 2024.

Bitdeer has indicated that it plans to allocate approximately $144.5 million in net proceeds to expand data centers, develop application-specific integrated circuit (ASIC)-based mining rigs, and for other corporate uses. This announcement comes on the heels of a collective $2.1 billion raised by bitcoin miners, including MARA, Hive, Core, Terawulf, Cleanspark, Riot, Bitfarms, and Cipher, through stock offerings since Q2, as reported by theminermag.com.

The annual yield of 8.5% that Bitdeer is offering is notably different from what other mining firms have done, potentially drawing investors more swiftly. On the day of the announcement, Bitdeer’s shares (BTDR) nudged up by 2.05%, although they remain down 15.7% over the past five days. The offering is being managed by BTIG, with A.G.P./Alliance Global Partners, The Benchmark Company, Needham & Company, and Roth Capital Partners serving as co-managers.

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