Bitdeer Launches $330M Convertible Notes Offering
Singapore-based Bitcoin mining company Bitdeer Technologies Group has announced a $330 million convertible notes offering aimed at strengthening its mining operations, developing ASIC rigs, and scaling its AI infrastructure. The notes mature in 2031 and carry an annual interest rate of 4.875%. They are convertible into Bitdeer Class A shares at a 25% premium to the current stock price of $11.84, implying a conversion price of 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 purchase additional notes within 13 days, the total offering could reach $375 million.
Third Convertible Notes Raise with Detailed Use of Proceeds
This is Bitdeer's third convertible notes raise. Previously, the company secured $150 million in August 2024 and $360 million in November 2024. The current offering is expected to close on June 23, 2025. Net proceeds are estimated at approximately $319.6 million, of which about $129.6 million will go toward a zero-strike call option, $36.1 million for concurrent note exchanges, and the remainder for datacenter expansion, new ASIC rig development, and general corporate purposes. Concurrently, Bitdeer is 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 in exchange for $75.7 million in outstanding notes.
Operational Growth: 196 BTC Mined in May, Hashrate Reaches 13.6 EH/s
Bitdeer's recent operational performance highlights its growth trajectory. In May 2025, the company mined 196 Bitcoin (worth over $21 million) and expanded its self-mining hashrate to 13.6 EH/s. New SEALMINER rigs were deployed across sites in Texas (USA), Norway, and Bhutan. The deployment of these self-developed miners demonstrates Bitdeer's competitive edge in energy efficiency. Additionally, the company's AI cloud platform, powered by large language models, officially launched, marking its entry into AI computing services. Matt Kong, Chief Business Officer at Bitdeer, stated: '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.'
Capital Moves and Market Outlook
Beyond the latest notes, Bitdeer also raised capital from stablecoin issuer Tether in 2024 and secured $40 million from a debt facility with Matrix Finance in May 2025. Notably, both Bitdeer and Matrix Finance are led by Jihan Wu, co-founder of Bitmain. With its market capitalization now exceeding $2.3 billion, Bitdeer continues to invest in scaling its infrastructure and technology as competition in Bitcoin mining and AI computing intensifies. This latest funding round further solidifies its position as a comprehensive crypto mining and technology services provider.