Bitdeer Raises $330M Through Convertible Notes to Boost ASIC Expansion

Bitdeer Technologies (NASDAQ: BTDR), a leading Bitcoin mining and ASIC hardware firm, has completed a $330 million private placement of convertible senior notes due July 1, 2031. The notes carry a 4.875% interest rate and feature a conversion price of $15.87 per share—around 44% above Bitdeer’s current trading price of $11.

With a conversion rate of 62.9921 Class A shares per $1,000 principal, full conversion could result in the issuance of roughly 20.8 million new shares. To mitigate shareholder dilution, Bitdeer prepaid $129.6 million to Barclays for a zero-strike call option covering more than 10.2 million shares, or approximately 49% of the total potential conversion. This structure allows Bitdeer to settle a portion of conversions using Barclays’ share inventory instead of issuing new stock.

The company is allocating the $330 million as follows: $129.6 million for the zero-strike option, $36.1 million to fund concurrent note exchange transactions, and the remainder toward data center expansion, ASIC chip development, and general working capital.

Bitdeer is currently developing next-generation ASIC chips, aiming to significantly improve mining efficiency. The capital injection supports these efforts as the company positions itself to stay competitive in the evolving Bitcoin mining sector.

BTDR shares were slightly lower in Wednesday trading, but the strategic funding round underscores investor confidence in Bitdeer’s growth trajectory and long-term vision.

This financial move strengthens Bitdeer’s balance sheet while enabling innovation in ASIC design, a crucial factor as Bitcoin mining becomes increasingly competitive. With enhanced capacity and cutting-edge chip technology on the horizon, Bitdeer aims to cement its role as a leader in sustainable crypto infrastructure.