Convertible Notes Overview: $330 Million Raise
Singapore-based Bitcoin mining firm Bitdeer Technologies Group has launched a $330 million convertible notes offering, aiming to strengthen its mining operations, develop ASIC rigs, and scale its AI infrastructure. The notes, due in 2031, carry an annual interest rate of 4.875% and may be converted into Bitdeer Class A shares at a 25% premium to the current stock price of $11.84, placing the conversion price at approximately $15.88 per share.
The offering is targeted at qualified institutional buyers under Rule 144A of the Securities Act. If investors exercise an option to buy more within 13 days, the offering could reach $375 million. This is Bitdeer's third convertible notes raise. Previously, the company secured $150 million in August and $360 million in November last year. According to Bitdeer, the offering is expected to close on June 23, 2025.
Use of Proceeds and Note Exchange
Net proceeds are expected to total roughly $319.6 million. Around $129.6 million will go toward a zero-strike call option, with $36.1 million allocated for concurrent note exchanges. The remaining funds will support datacenter expansion, new ASIC rig development, and general corporate needs. Bitdeer is also conducting a note exchange, offering cash and equity to holders of its 8.50% convertible notes due 2029. That transaction includes approximately $36.1 million in cash and 8.1 million shares, exchanged for $75.7 million in outstanding notes.
This capital injection will accelerate Bitdeer's research and development of proprietary ASIC miners and expand its global data center footprint as competition in Bitcoin mining and AI computing intensifies.
Hashrate Growth and AI Business Progress
Bitdeer has shown strong operational momentum. In May, the company mined 196 BTC (worth over $21 million) and expanded its self-mining hashrate to 13.6 EH/s. New SEALMINER rigs were deployed across sites in Texas, Norway, and Bhutan. Its AI cloud platform, powered by large language models, officially launched, offering cloud-based AI compute services.
“In May 2025, we continued to deploy our SEALMINER mining rigs to our sites in Texas, U.S., Norway, and Bhutan, bringing Bitdeer's self-mining hashrate to 13.6 EH/s,” said Matt Kong, Chief Business Officer at Bitdeer. The company has also raised capital from Tether in 2024 and secured $40 million from a debt facility with Matrix Finance in May. Both Bitdeer and Matrix are led by Jihan Wu, co-founder of Bitmain. With its market cap now exceeding $2.3 billion, Bitdeer continues to invest in scaling its infrastructure and technology as competition in Bitcoin mining and AI computing intensifies.