Crypto Miner Bitdeer Plans $150M Public Offering for Data Center Expansion
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Singapore-based cryptocurrency mining company Bitdeer Technologies Group has revealed plans to raise $150 million through a public offering of convertible notes set to mature in 2029.
The funds are earmarked for expanding its data centers and advancing the development of ASIC-based mining rigs, the firm said in a Thursday press release.
The proposed notes will be senior unsecured obligations of Bitdeer, meaning they will take precedence over other debts should the company face financial difficulties.
Investors in Bitdeer’s proposed notes will have the option to convert their holdings into equity in the form of Bitdeer’s Class A ordinary shares or receive a combination of cash and shares.
The company has set the annual interest rate on the notes at 8.5%, offering investors a steady return until the notes mature or are converted, redeemed, or repurchased.
Bitdeer's US$150 million convertible notes offer an 8.50% annual interest rate, payable semi-annually, and matures in 2029. Investors will have the flexibility to convert these notes into cash, Class A ordinary shares, or a combo of both before maturity. The initial conversion…
Bitdeer, currently ranked as the 11th largest crypto mining firm by market capitalization, is valued at approximately $870 million, according to data from CompaniesMarketCap.
The company outperforms competitors such as BitFufu and Bit Digital in market standing.
Despite this, news of the convertible notes offering had an immediate negative impact on Bitdeer’s stock price, which fell by over 18% following
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